RISE TO CREATE VALUE 25 Key Highlights This vision is to be driven by growth, organisation, and operations strategy. F27 goals include: Ÿ Revenue growth – Topline growth > peer average. Ÿ EBIT margin of 15%. Ÿ ROCE% > 30%. Ÿ Capital return > 85% of FCF. Achievements in F24 Ÿ In a tough year, delivered $676Mn of Free Cash flow (+36% YOY increase) and improvement in DSO days of 4 days. Ÿ Strong growth of 7%+ in Manufacturing Vertical. Ÿ New Organisation structure operationalised in 3 Quarter of F24. Ÿ Launched the Indus Project – India's own Large Language Model (LLM) to celebrate India's rich language heritage and preserve our languages and dialects. 5X CHALLENGE OF GROWTH GEMS This third group of companies are expected to be the future value creators for the group. These are the businesses that possess the right mix of opportunity that aligns with the India growth story and a definitive right to win within the sector. Our aim is to achieve a fivefold increase in their scale and Value. By nurturing these 'Growth Gems,' we are setting the stage to transform these “Gems” into major growth drivers of the Groups' future. Within the ambit of the Group's strategic objective to "Deliver Scale," the 5X Challenge of Growth Gems is particularly pivotal. These Growth Gems are 10 businesses identified for their exceptional potential and strategic fit within the Mahindra Group's broader vision. This year, we are pleased to provide a detailed overview of seven of these ten group companies. 3 MAHINDRA SUSTEN Mahindra Susten was founded in 2010 as one of the pioneers in India's renewable sector, and has significantly contributed to the country's renewable energy (RE) targets. Susten has successfully executed over 4.2 GWp of renewable projects worldwide as an Engineering, Procurement, and Construction (EPC) contractor, also demonstrating its global capabilities and expertise. As it transforms itself into a leading developer of power solutions in India, it has already developed 1.5 GWp of solar projects as an Independent Power Producer and is aiming to develop 7.0 GWp by F27. Mahindra Susten's strategic imperative focuses on scaling up renewable energy contributions significantly. Susten underscores our commitment to leveraging existing capabilities in high-growth sectors, while contributing significantly to the groups ESG Commitment. Strategic Imperatives Ÿ Target to scale up from 1.5 GW to 7.0 GW by F27
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