MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

18 With what we have achieved over the last two years, we believe that we have laid a strong foundation to accelerate our growth momentum in a significant way. We will look at achieving significant EPS growth in our businesses going forward. The key drivers for the growth in Core businesses will be: Ÿ Regaining market leadership in passenger UV. Ÿ Strong EV play - leveraging early success in 3W/4W. Ÿ Scaling up in Farm Machinery - realising the untapped potential. Mahindra's market cap has almost tripled (2.95 times) in the two-year period from April 2020 to March 2022. F20 F21 F22 Consolidated ROE (in %) 0.3% 4.4% 14.8% We are making significant progress in our Growth Gems and Digital Platforms as well. While our Growth Gems arewell poised to achieve growth, our initiatives in Digital Platforms would be value accretive. We have already seen a couple of these getting valued higher by global investors in subsequent rounds of funding. Overall the actions initiated so far have started to reflect in shareholder returns over the last two years. 'Growth Gems' and 'Digital Platforms' Ÿ Margin improvement across all Core businesses. Ÿ Transformation initiatives at Mahindra & Mahindra Financial Services Ltd. 0 200 400 600 800 1000 1200 M&M Share Price Year 2002 to 2022 Aug 2018 Mar 2020 Mar 2022 COMPANY OVERVIEW REIGNITED VALUE CREATION OUTPERFORM FINANCIALLY FUTURE-READY ESG LEADERSHIP GLOBALLY INPUT-OUTPUT MODEL CORPORATE INFORMATION STATUTORY REPORTS FINANCIAL STATEMENTS SAFE HARBOR STATEMENT: “Certain statements in this section with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.” CAGR 72% CAGR -54% CAGR 31%