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

50 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Performance Review Automotive Sector Your Company’s Automotive Sector posted total sales of 4,55,570 vehicles (4,35,086 Passenger vehicles, commercial vehicles and 20,484 three-wheelers) as against a total of 3,48,621 vehicles (3,31,384 four-wheelers and 17,237 three-wheelers) in the previous year, registering a growth of 30.7%. In the domestic market, your Company sold a total of 4,23,143 vehicles as compared to 3,30,271 vehicles in the previous year, resulting in a growth of 28.1%. In the Passenger Vehicle (PV) segment, your Company sold 2,25,895 vehicles [including 2,23,682 Utility Vehicles (UVs), 2,154 Vans and 59 Cars] registering a growth of 43.7%, as compared to the previous year’s volume of 1,57,215 vehicles [including 1,55,530 UVs, 1,676 Vans and 9 Cars]. In the Commercial Vehicle (CV) segment, your Company sold 1,77,117 vehicles [including 32,039 vehicles <2T GVW, 1,38,643 vehicles between 2-3.5T GVW, 1,891 Light Commercial Vehicles (LCVs) in the LCV > 3.5T segment, 1,135 vehicles in the 7.5-16.2T GVW segment and 3,409 Heavy Commercial Vehicles (HCVs)] registering a growth of 13.4% over the previous year’s volume of 1,56,159 vehicles [including 23,789 vehicles < 2T GVW, 1,28,100 vehicles between 2-3.5T GVW, 1,160 LCVs in the LCV > 3.5T segment, 684 vehicles in the 7.5-16.2T GVW segment and 2,426 HCVs]. In the three-wheeler segment, your Company sold 20,131 three-wheelers, registering a growth of 19.1% over the previous year’s volume of 16,897 three-wheelers. For the year under review, the Indian automotive industry (except 2W) grew by 15.7%, with the PV industry growth of 13.2% and CV industry growth of 26%. The UV segment showed growth by 40.4%. Within the CV industry, the LCV goods <3.5T segment grew by 15.8% while the MHCV goods segment grew by 49.2%. Your Company’s UV volumes stood at 2,23,682 units, a growth of 43.8%. The UV market share for your Company stood at 15%. For the year under review, the All New Mahindra-XUV700 launched in August 2021, performed well in the UV segment with a volume of 26,261 units for the Financial Year 2022. It garnered cumulative 50,000 bookings within a 3-hour booking window (spread over 2 days). Thar, Scorpio, XUV300 and Bolero continued to be strong brands for your Company in the UV segment. In the LCV<3.5T segment, your Company retained its No.1 position with 40.3% market share. Your Company sold a total of 1,70,682 vehicles in this segment. Your Company has a market share of 55% in the LCV 2-3.5T segment, which is the Pickup segment. In the Medium and Heavy Commercial Segment (MHCV), your Company sold 4,544 trucks as against 3,110 in the previous year. This is a growth of 46.1%. Your Company’s market share in the MHCV segment stands at 2%. Your Company is the pioneer for Electric Vehicles (EVs) in India, and for the year under review, sold (along with its subsidiary Mahindra Electric Mobility Limited) 17,006 EVs as against 5,418 EVs in the previous year. During the year under review, your Company posted an export volume of 32,427 vehicles as against the previous year’s exports of 18,350 vehicles. This is a growth of 76.7%. The spare parts sales for the year stood at Rs. 2,859.2 crores (including exports of Rs. 235.2 crores) as compared to Rs. 2,165.3 crores (including exports of Rs. 133.5 crores) in the previous year, registering a growth of 32%. Farm Equipment Sector Your Company’s Farm Equipment Sector recorded total sales of 3,54,698 tractors (domestic + export) as against 3,54,498 tractors sold in the previous year. These figures for the current year sales and previous year sales include tractors sold under the Trakstar brand, which is the third brand of your Company under the subsidiary Gromax Agri Equipment Limited. For the year under review, the tractor industry in India recorded sales of 8,42,266 tractors, a de-growth of 6.4%. Tractor Industry recorded de-growth in Financial Year 2022 from a high base of highest ever sales in Financial Year 2021. In the domestic market, your Company sold 3,37,052 tractors, as compared to 3,43,833 tractors in the previous year (these figures for the current year sales and previous year sales include tractors sold by Gromax Agri Equipment Limited), recording a de-growth of 2%. It is the second highest ever volume sold by your Company. With market share at 40%, a gain of 1.8% over previous year, the Company continues to be the market leader for the 39 th consecutive year. Your Company’s performance was supported by good performance of all products in the portfolio. Your Company continues to focus on growing the farm mechanisation space, by offering affordable mechanisation solutions. The portfolio comprises of