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

Our esteemed Cha i rman Emer i tus , Mr. Keshub Mahindra, bid us farewell in April of this year. As a visionary leader, he played a pivotal role in transforming the Mahindra Group into the diversi f ied powerhouse it is today. His legacy endures in the high standard of Governance he establ ished, setting a precedent for companies worldwide. He was truly a remarkable leader. On a personal note, I will miss his mentorship and guidance, his insights on leadership and his perspectives on business. He cared about people and their well-being. He placed values above everything else, the importance of keeping our word and building trust in all our actions. We are custodians of these values. On 8 November, 1945, the Mahindra Group, then ba re l y a mon t h o l d , pub l i shed an advertisement in India's largest circulating English daily. It mentioned no product or service. Instead, it listed fundamental principles with which the company would operate. Mr Keshub Mahindra lived these values. And, our philosophy will remain steadfast a commitment to drive positive - change in the lives of our communities, enabling them to Rise. The refreshed Rise philosophy is a contemporary expression of the time-tested values that were written more than 78 years ago. Our belief in our Purpose drives our actions. We continue to play a leadership role in protecting the Environment by staying on a bold path to be Planet Positive by 2040 and innovating to decarbonise our industries. Our Soc i a l act i v i t i es have made a meaningful difference in education and women's empowerment. And, we strive hard to maintain the gold standard in Governance. We also believe that Purpose will drive Prof its, and have delivered outstanding results in the face of several unforeseen challenges. Over the past year, while the MD & CEO’S MESSAGE Dear Shareholders, “We have seen a significant acceleration in the last two years, as our revenue has grown 1.6 times, and our profits have tripled, outpacing our own ambitious targets. This financial performance underscores the robust underlying performance across our diverse businesses.” “Mr. Keshub Mahindra’s legacy endures in the high standard of Governance he established, setting a precedent for companies worldwide. He was truly a remarkable leader.” Dr. Anish Shah MD & CEO