Mahindra & Mahindra Limited ('M&M') is the flagship company of the Mahindra Group, which consists of diverse business interests across the globe. At Mahindra, we constantly strive to create products and technology-led services that enable our customers and stakeholders to Rise. By focussing on customer requirement, delivering accessible technology, innovating and enhancing people capabilities, we continue to drive growth in the domestic market while pursuing global expansion. In the Financial Year 2023-24, your Company sold 8,24,939 vehicles (a growth of 18.1% over the previous year) and 3,78,386 tractors (includes domestic sales and exports of Mahindra, Swaraj and Trakstar Brands, a de-growth of 7.2% over the previous year). This represents the highest combined sales of vehicles and tractors in any single year by the Company. INDUSTRY STRUCTURE, OVERVIEW AND TRENDS AUTOMOTIVE INDUSTRY In Calendar Year (CY) 2023, worldwide sales of Passenger Cars and Commercial Vehicles increased to 92.7 million, a growth of 11.9% over the CY2022 sales of 82.9 million. Global Passenger Car sales and Commercial Vehicles sales reported a growth of 11.3% and rd 13.3% respectively. India has achieved 3 rank in passenger vehicle segment by volume after China and United States of America. The fastest growing segment worldwide was that of Electric Vehicles (EVs) which grew at 51% CAGR over the last five years. Annual global EV sales stand at 1 billion which is 15.5% of total PV sales for CY 2023. MANAGEMENT DISCUSSION AND ANALYSIS The Automotive and Farm Sectors, along with their subsidiaries, associate companies and joint ventures, achieved global sales of 1.22 million vehicles and tractors (8,27,720 vehicles and 3,94,537 tractors), a growth of 9% over the previous year. 8,24,939 VEHICLES 3,78,386 TRACTORS 8,27,720 VEHICLES 3,94,537 TRACTORS GLOBAL SALES* (Source: OICA - Organisation Internationale des Constructeurs d 'Automobiles) The long-term growth outlook for the Indian Auto Industry is positive, driven by robust economic growth outlook, focused Government policies with vision for 2047, Government's focus on road and infrastructure development, increasing income levels, current low levels of vehicle penetration, rapid urbanisation and a large, young and aspiring population. While the long-term outlook for the Indian Auto Industry is promising, when compared with FY 2018-19-Pre Covid levels, the industry has reached 96% in commercial vehicles and 99% in three wheelers while two wheeler industry is still down by 12%. Passenger Vehicles industry which had already recovered to pre-COVID levels last year, crossed 4.2 million vehicles in FY24. DOMESTIC SALES & EXPORTS 18.1% MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 148 Globally the Indian passenger rd vehicle market has climbed to 3 position in 2023 behind China and the USA. *Includes Domestic Sales, Exports along with subsidiaries 18.7%
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