MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 134 ii. The steps taken by the Company for utilising alternate sources of energy F or the year under review, your Company has sourced 85.14 MWp Solar power and 14.7 MW Wind power contributing to 33% of total power consumption which mitigates 1,00,179 tons of CO2. Y our Company has set a target to increase the share of renewable energy to around 50% by Financial Year 2025. iii. The capital investment on energy conservation equipments F or the year under review, your Company implemented various projects towards Energy Conservation, to the tune of Rs. 20.47 crores. These projects include Energy efficient motors, EC blower, BLDC air circulators, compressor heat recovery, energy efficient pumps, VFD’s and many more energy conservation initiatives. (B)Technology Absorption (i) The efforts made towards technology absorption: Your Company is committed towards technology driven innovation and inculcating an innovation driven culture within the organisation. D uring the year under review, your Company continued to work on advanced technologies, upgradation of existing technology and capability development in the critical areas for current and future growth. The Automotive Sector is committed to expand its vision on multiple emerging technologies, including born electric vehicles, battery technologies, motors for electric vehicles, active safety systems, advanced electronics, software defined vehicles, technologies for light-weighting, enhanced vehicle dynamics and connected vehicles. I n Farm Equipment Sector, technology areas such as best in class mileage, emission reduction technologies, reduced noise and vibration, high precision hydraulics, combine harvesters, transmission efficiency improvement, light weight tractors, CNG powered tractor, and electric tractor were given special emphasis. This would help in making the Company’s products retain their competitive edge in the market in the coming years. Y our Company continues to invest in technology development as well as protection through patents. For the year under review, your Company filed a total of 193 patent applications. Cumulatively, your Company has filed 2,212 patent applications so far. The Company’s total granted patent portfolio stands at 1,185 across multiple geographies and has significantly grown over last few years. 0 600 1200 Upto F18 F22 F24 F23 F21 F20 F19 85 99 152 232 511 1185 Number of Patents Granted - Cumula ve Fiscal Years Number of Granted Patents 329 Technical Capability Building: Your Company has been continuously investing in reskilling its engineers in emerging technology areas of electric, connected, software defined vehicle technologies, smart agricultural vehicles, precision farming, etc. The product design engineers are also trained in technologies like Data Science, AI, IoT, Mechatronics, Design Thinking, etc., and are encouraged to leverage the power of these technologies in new product development. (ii) The benefits derived like product improvement, cost reduction, product development or import substitution: The efforts taken by your Company towards technology development and absorption help deliver competitive advantage and market leadership through the launch of customer centric products and variants, introduction of new features and improvement of product performance. S ome examples of results delivered in the year 2023-24 are: Automotive Sector ● Showcased the new global Pik Up concept based on the Tough and Versatile New Gen Ladder Frame platform which is engineered to
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