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

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2022-23 FARM EQUIPMENT SECTOR Our constant endeavour is to serve our farmers, revolutionise farming, and in the process, enrich the lives of farmers. We continued to remain the world's largest tractor manufacturer by volume in F23. We see an aggressive growth strategy for the farm sector fuelled by growth in domestic tractor market share, in farm machinery, technology and quantum jump in global farm businesses. With 3,89,531 tractors sold in domestic market, F23 marks our highest ever tractor volumes sales achieved. Build a domestic fortress through by consistently growing the market share and ensuring industry-best prof itability. Significantly grow international business with a focus on product launches and new market entry. Pioneering technology leadership like electrif ication, automation, IoT devices. Scale Farm Machinery exponentially in India by building the product portfolio and channel expansion. Leverage partnerships for FM and global growth, and for technology solutions. Our two core brands, Mahindra and Swaraj are well-positioned to strengthen our leadership in the domestic market. Besides rolling out new products and other enablers like f inancing, digitisation and service quality, we are also focussing on better dealer penetration, supply chain ramp up, ensuring aggressive pricing of our products, and working with partners to strengthen our offerings in the space. Core Domestic With market share at 41.2% in F23, we continued to be the domestic market leader for the 40 consecutive year. We have aggressive plans to grow our Farm Machinery business, through launch of 'Made in India' farm machinery products. These include rotary tillers, harvesters, and rice transplanters amongst others. During the year, Mahindra Farm Machinery clocked highest ever revenue with YoY 40% growth. This growth was driven by record performance in rotary tillers, threshers and Super Seeders. The launch of the new Growth in Farm Mechanisation Heavy Rotavator and Supervator also helped the volumes grow. CODE, the multi- purpose horticulture farm mechanisation solution by Swaraj Tractors also grew significantly in F23. We will continue to launch new implements and farm machinery in the country through our Centres of Excellence (CoEs) in Turkey, Finland and Japan. In F23, we achieved a record of the highest ever volume and revenue by exporting 18,014 Tractors. This growth can be attributed to higher retails in several markets where we have distribution operations including the USA, Brazil, Bangladesh, Australia and various African markets like Mali, Tanzania. We also made signif icant growth in business through tenders and bulk orders from markets like Benin, Kenya, Guyana, etc. Quantum Jump in Global Farm Businesses Includes Mahindra, Swaraj & Gromax brands 18