MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 280 To, The Board of Directors, Mahindra & Mahindra Limited. Mumbai, India Introduction DNV Business Assurance India Private Limited (‘DNV’), has been commissioned by Mahindra & Mahindra Limited (Corporate Identity Number L65990MH1945PLC004558, hereafter referred to as ‘M&M Ltd or ‘the Company’) to undertake an independent assurance of the Company’s disclosures in Business Responsibility and Sustainability Report (hereafter referred as ‘BRSR’). The disclosures include non-financial BRSR Core indicators as per Annexure I of SEBI circular dated 12 July 2023. Reporting standard/framework The disclosures have been prepared by the company. in reference to: • BRSR Core – Framework for assurance and ESG disclosures for value chain as per SEBI (Securities and Exchange Board of India) Circular No. SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023. • BRSR reporting guidelines (Annexure II) as per SEBI Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, and incorporated Master Circular No. SEBI/HO/CFD/ PoD2/CIR/P/2023/120 dated July 11, 2023. • Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard. • ISO 14064-1:2018 - Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals. Assurance Methodology/Standard This assurance engagement has been carried out in accordance with DNV’s VeriSustain protocol, V6.0, which is based on our professional experience and international assurance practice, and the international standard in Assurance Engagements, ISAE 3000 (revised) - Assurance Engagements other than Audits or Reviews of Historical Financial Information. DNV’s Verisustain Protocol has been developed in accordance with the most widely accepted reporting and assurance standards. Apart from DNV’s Verisustain protocol, DNV team has also followed ISO 14064-3 - Specification with guidance for the verification and validation of greenhouse gas statements; ISO 14046 - Environmental management - Water footprint - Principles, requirements, and guidelines to evaluate indicators with respect to Greenhouse gases and water disclosures respectively. Intended User The intended user of this assurance statement is the Management of the company (‘the Management’). Level of Assurance Reasonable Level of assurance for BRSR 9 Core Indicators (Ref: Annexure I of SEBI circular); and Responsibilities of the Management of M&M Ltd and of the Assurance Provider The Management of the company has the sole responsibility for the preparation of the BRSR Report and is responsible for all information disclosed in the BRSR Core and BRSR Report. The Company is responsible for maintaining processes and procedures for collecting, analyzing and reporting the information and also, ensuring the quality and consistency of the information presented in the Report. The Company is also responsible for ensuring the maintenance and integrity of its website and any referenced BRSR disclosures on their website. In performing this assurance work, DNV’s responsibility is to the Management of the Company; however, this statement represents our independent opinion and is intended to inform the outcome of the assurance to the stakeholders of the Company. Scope, Boundary and Limitations Scope The scope of our engagement includes independent reasonable level of assurance of ‘BRSR 9 Core indicators’ (Ref: Annexure I of SEBI Circular) for Financial Year (FY) 2023-24. Boundary of our assurance work: • Reasonable assurance of BRSR Core indicators: Boundary covers the performance of M&M Ltd operations that fall under the direct operational control of the Company’s Legal structure. Based on the agreed scope with the Company, the boundary of reasonable assurance covers the operations of M&M Ltd across all locations. INDEPENDENT ASSURANCE STATEMENT
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