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

55 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS Earnings Per Share (EPS) The Standalone basic EPS of the Company stood at Rs. 54.70 for the Financial Year ended 31 st March, 2023 as against Rs. 40.73 for the Financial Year ended 31 st March, 2022 and Diluted EPS stood at Rs. 54.49 as against Rs. 40.58 in the previous year. Details of Material Changes from the end of the Financial Year till the date of this Report No material changes and commitments have occurred after the closure of the Financial Year 2022-23 till the date of this Report, which would affect the financial position of your Company. Performance Review Automotive Sector Your Company’s Automotive Sector posted total sales of 6,98,456 vehicles (6,39,374 Passenger vehicles, commercial vehicles and 59,082 three-wheelers) as against a total of 4,65,601 vehicles (4,35,086 four-wheelers and 30,515 three- wheelers) in the previous year, registering a growth of 50%. In the domestic market, your Company sold a total of 6,66,349 vehicles as compared to 4,33,091 vehicles in the previous year, resulting in a growth of 53.9%. In the Passenger Vehicle (PV) segment, your Company sold 3,59,253 vehicles [including 3,56,961 Utility Vehicles (UVs), 2,078 Vans and 214 Cars] as compared to the previous year’s volume of 2,25,895 vehicles [including 2,23,682 Utility Vehicles (UVs), 2,154 Vans and 59 Cars] registering a growth of 59%. In the Commercial Vehicle (CV) segment, your Company sold 2,48,576 vehicles [including 40,419 vehicles <2T GVW, 1,98,121 vehicles between 2-3.5T GVW, 1,959 Light Commercial Vehicles (LCVs) in the LCV > 3.5T segment, 1,657 vehicles in the 7.5- 16.2T GVW segment, 4,742 Heavy Commercial Vehicles (HCVs) and 1,678 LCV Passenger] registering a growth of 40.3% over the previous year’s volume of 1,77,117 vehicles [including 32,039 vehicles < 2T GVW, 1,38,643 vehicles between 2-3.5T GVW, 1,891 Light Commercial Vehicles (LCVs) in the LCV > 3.5T segment, 1,135 vehicles in the 7.5-16.2T GVW segment and 3,409 Heavy Commercial Vehicles (HCVs)]. In the three-wheeler segment, your Company sold 58,520 three-wheelers, registering a growth of 94.6% over the previous year’s volume of 30,079 three-wheelers. For the year under review, the Indian automotive industry (except 2W) grew by 32%, with the PV industry growth of 26.7% and CV industry growth of 34.3%. The UV segment showed growth of 34.5%. Within the CV industry, the LCV goods <3.5T segment grew by 23.9% while the Medium and Heavy Commercial Vehicles (MHCV) Segment grew by 40.1%. Your Company’s UV volumes stood at 3,56,961 units, a growth of 59.6%. The UV market share for your Company stood at 17.8%. For the year under review, the Scorpio-N launched in June 2022, performed well in the UV segment with a volume of 35,112 units for the Financial Year 2023. It garnered 1 lakh bookings within 30 minutes of opening of booking window. XUV700, Thar, Scorpio, XUV300 and Bolero continued to be strong brands for your Company in the UV segment. In the LCV<3.5T segment, your Company retained its No. 1 position with 45.5% market share. Your Company sold a total of 2,38,540 vehicles in this segment. Your Company has a market share of 59.8% in the LCV 2-3.5T segment, which is the Pickup segment. In the MHCV Segment, your Company sold 6,399 trucks as against 4,544 trucks in the previous year. This is a growth of 40.8%. Your Company’s market share in the MHCV segment stands at 2%. Your Company is the pioneer for Electric Vehicles (EVs) in India, and for the year under review, sold 46,109 EVs as against 17,006 EVs in the previous year. During the year under review, your Company posted an export volume of 32,107 vehicles as against the previous year’s exports of 32,510 vehicles representing a de-growth of 1.2%. The sales of spare parts for the year stood at Rs. 3,824.26 crores (including exports of Rs. 396.51 crores) as compared to Rs. 2,859.2 crores (including exports of Rs. 235.2 crores) in the previous year, registering a growth of 33.8%. Farm Equipment Sector Your Company’s Farm Equipment Sector recorded total sales of 4,07,545 tractors (domestic + export) as against 3,54,698 tractors sold in the previous year. These figures for the current year sales and previous year sales include tractors sold under the Trakstar brand, which is the third brand of your Company under the subsidiary Gromax Agri Equipment Limited. For the year under review, the tractor industry in India recorded sales of 9,45,311 tractors, a growth of 12.2%. Tractor Industry recorded growth in Financial Year 2023 on account of record crop output, Government support (MSP), increase in wages and shift of Navratri in Q4 F23.