MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 Just a few weeks before he passed away, he actively participated in the Board Meeting of the Mahindra United World College. As late as 23 March, he chaired meetings of the Board of Trustees of the Mahindra Foundation and the KC Mahindra Education Trust. It is inspirational that despite the weight of his years, he never slowed down intellectually, never lost his involvement with the world around him. It makes me nostalgic when I recall how keen he always was to keep abreast of everything that was going on. The progress of the business was, of course, important to him. Not a week went by when he would not ask me for news about the Group's performance—and the share price! However, his concern for the business went hand in hand with his concern for people. He valued people and their talents. If he got news of a resignation his f irst question always was “But why did this happen? Why was he or she not happy working with us?” And his other major area of concern was technology. As technology became a driving force in business and our lives, he displayed an ever-deepening desire to understand and guide its impact. R&D particularly fascinated him, and he constantly questioned whether we were adequately prepared for a world without fossil fuels. His questioning was always incisive; yet he never came across as intimidating or controlling. Empowerment was very much his style. However, he had the gift of seeing two moves ahead, and his questions always made one think. Having been with M&M almost since inception, he saw plenty of the ups and downs of business. He took the rough with the smooth, with courage. His steady and clear-headed optimism and his fortitude in times of adversity was infectious and served as a beacon for those of us who had the privilege of working with him. Keshub Mahindra was an institution, and we will miss him immensely. I am sure that your Company's performance showcased in this Annual Report would have made him very happy. Our core businesses have had a very good year, despite many geopolitical and supply side challenges. We have declared the highest dividend in our history. M&M shares have outperformed the Nifty50 as well as the Nifty Auto Index. We are the best performing stock on Nifty since 2002. It has clearly been amemorable year. As for the future, our growth path is clearly set out. Our strategies for scaling up the core businesses and the growth gems are well def ined. The Indian economy has grown at 7% and we are in the right place at the right time. But there are also tectonic changes in the off ing. The rise of Generative AI is likely to be a major inflexion point which could fundamentally transform life and business as we know it. AI could literally become a co-pilot in almost everything that we do. In business, this may well call for totally reinventing the way we look at our work. There are exciting times ahead, full of challenges as well as opportunities. The example set by Keshub Mahindra will now, more than ever, be a guiding force on howwe tackle the future. I pray that all of us in the Mahindra Group will engage with life and its challenges wi th the same fores ight , opt imi sm, unflagging spirit, commitment, passion and compassion as he did. That is the best way to ensure that his spirit will live on. “As technology became a driving force in business and our lives, Keshub Mahindra displayed an ever-deepening desire to understand and guide its impact.”