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

54 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Subsidiary, Joint Venture and Associate Companies The Mahindra Group Companies continue to contribute to the overall growth in revenues and overall performance of your Company. Tech Mahindra Limited, Flagship Company in the IT Sector, has reported a consolidated operating revenue of Rs. 44,646 crores in the current year as compared to Rs. 37,855 crores in the previous year, an increase of 17.9%. Its consolidated profit after tax after non-controlling interests is Rs. 5,566 crores as compared to Rs. 4,428 crores in the previous year, registering an increase of 25.7%. The Group’s finance company, Mahindra & Mahindra Financial Services Limited, a listed subsidiary of the Company (Mahindra Finance), reported a consolidated operating income of Rs. 11,318 crores during the current year as compared to Rs. 12,111 crores in the previous year, registering a decrease of 6.5%. The consolidated profit after tax after non-controlling interests for the year is Rs. 1,137 crores as compared to Rs. 773 crores in the previous year, registering an increase of 47.1%. Mahindra Lifespace Developers Limited, the listed subsidiary in the business of real estate and infrastructure, registered a consolidated operating income of Rs. 394 crores as compared to Rs. 166 crores in the previous year, registering an increase of 137.3%. The consolidated profit after tax after non-controlling interest for the year is Rs. 154 crores as compared to a loss of Rs. 72 crores in the previous year, registering an increase of 313.9%. Mahindra Holidays & Resorts India Limited, the listed subsidiary in the business of timeshare, registered a consolidated operating income of Rs. 2,013 crores as compared to Rs. 1,730 crores in the previous year i.e. an increase of 16.4%. The consolidated profit after tax after non-controlling interests for the year is Rs. 68 crores as compared to a loss of Rs. 13 crores in the previous year, registering an increase of 623.1%. Mahindra Logistics Limited, a listed subsidiary in the logistics business, has registered a consolidated operating income of Rs. 4,083 crores as compared to Rs. 3,264 crores in the previous year i.e. an increase of 25.1%. The consolidated profit after tax after non- controlling interests for the year is Rs. 37 crores as compared to Rs. 30 crores in the previous year, registering an increase of 23.3%. Ssangyong Motor Company, the Korean subsidiary of the Company (under the Companies Act, 2013), treated as discontinued operation for the purpose of consolidation in previous year, has reported consolidated operating revenues of Rs. 15,499 crores in the current fiscal year* as compared to Rs. 18,763 crores in the previous fiscal year*. The consolidated loss after tax after non-controlling interests for the current fiscal year* is Rs. 1,646 crores as compared to a consolidated loss of Rs. 3,208 crores in the previous fiscal year*. SsangYong Motor (Shanghai) Company Limited (as informed by Receiver of SsangYong Motor Company) ceased to be a Subsidiary of the Company. * Fiscal year-January to December During the year under review, Carnot Technologies Private Limited ceased to be an Associate and became a Subsidiary of your Company. Further, Mahindra Solarize Private Limited, Mahindra Ideal Finance Limited and Bristlecone Internacional Costa Rica Limited became Subsidiaries of your Company. During the year under review, Mahindra Vehicle Manufacturers Limited, Hisarlar Makina Sanayi ve Ticaret Anonim Ş irketi, Hisarlar İ thalat İ hracat Pazarlama Anonim Ş irketi, Mahindra Publications Limited, MSPE Urja S.R.L., Mahindra Susten Bangladesh Private Limited and Suomen Vapaa-aikakiinteistöt Oy LKV ceased to be Subsidiaries of your Company. ReNew Sunlight Energy Private Limited became an Associate of your Company. During the year, Mahindra CIE Automotive Limited became an Associate of the Company pursuant to the Scheme of Merger by Absorption of Mahindra Vehicle Manufacturers Limited with the Company becoming effective. During the year under review, Mahindra Greenyard Private Limited changed its name to Mahindra Fruits Private Limited, Ideal Finance Limited changed its name to Mahindra Ideal Finance Limited and Mahindra Telecom Energy Management Services Limited converted itself into private company and accordingly, its name was changed to Mahindra Telecom Energy Management Services Private Limited. Subsequent to the year end, Kiinteistö Oy Rauhan Ranta 1, Kiinteistö Oy Rauhan Ranta 2, Kiinteistö Oy Kylpyläntorni 1, Kiinteistö Oy Spa Lofts 2, Kiinteistö Oy Spa Lofts 3, Kiinteistö Oy Tiurunniemi, Kiinteistö Oy Vanha Ykköstii, Kiinteistö Oy Katinnurkka, Kiinteistö Oy Tenetinlahti, Kiinteistö Oy Himos Gardens, Kiinteistö Oy Kuusamon Pulkkajärvi 1, Kiinteistö Oy Mällösniemi, Kiinteistö Oy Rauhan Liikekiinteistöt 1, OFD Holding B.V., Origin Direct Asia Limited, Origin Direct Asia (Shanghai) Trading Co. Limited, Origin Fruit Direct B.V., Origin Fruit