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

Additionally, during the year, your Company completed acquisition of MITRA Agro Equipments Private Limited (M.I.T.R.A) by increasing its shareholding from the existing 47.33% to 100%, making it a wholly owned subsidiary of the Company. This acquisition will strengthen our FarmMachinery product portfolio with spraying solutions. The Company has set up a dedicated new plant at Pithampur spread over 23 acres with a capacity to manufacture 1,200 combine harvesters and 3,300 rice transplanters per year. Going forward, Mahindra will continue to launch new implements and farm machinery in the country through our Centres of Expertise (CoEs) in Turkey, Finland and Japan (where your Company, over the years, has created footprints through strategic stakes and acquisitions). The objective is to bring all those products, engineered and further developed for Indian conditions and Indian prices for the Indian farmer. Besides rolling out new products, your Company is also focussing on: 123 Dealer Penetration, Ensuring Supply Chain Ramp Up, Ensuring Aggressive Pricing of our products, Working with partners to strengthen our offerings in the space, Other enablers like Financing, Digitisation and Service Quality. This growth can be attributed to higher retails in several markets where your Company has distribution operations including the USA, Brazil, Bangladesh, Australia and various African markets like Mali, Tanzania. The Company has also made signif icant growth in business through tenders and bulk orders from markets like Benin, Kenya, Guyana, etc. EXPORT FROM INDIA - FARM EQUIPMENT SECTOR For the year under review, your Company achieved a record of the highest ever volume and revenue by exporting 18,014 Tractors. ALLIED BUSINESSES MAHINDRA POWEROL Under the Powerol brand, your Company has been a leader in providing power back-up solutions to the telecom industry for more than 15+ years. Your Company continues to consolidate its presence in the tele-infra management space. Alongside Telecom, Powerol has been increasing the retail market share, especially with the extension in HkVA range. With the introduction of CPCB 4+ for gensets, Powerol is gearing up for the transition. Powerol stands at No. 2 brand by volume in the overall Diesel Genset power back-up segment. Powerol's move towards sustainability has led to the introduction of the gas-powered gensets with introduction of 5 nodes between 15kVA to 315kVA. They offer lower operating costs and low emissions complying to the new emission norms. Powerol has also initiated EV Charger business for Home Charger Installations. The rising demand of electricity will be a boom for the energy sector in near future. This is an opportunity for the Company to grow its offerings into energy solution business. CONSTRUCTION EQUIPMENT During the year under review, your Company (under the Mahindra EarthMaster brand) sold 989 Backhoe Loaders (BHLs), a 36% increase from 729 sold in F22. Your Company also has a presence in the road construction equipment business through motor graders (under the Mahindra RoadMaster brand). For the year under review, your Company sold 188 motor graders, a 61% increase from the 117 sold in F22.