MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 84 Dear Shareholders Your Directors present their Report together with the Audited Financial Statements of your Company for the year ended 31st March, 2024. A. FINANCIAL AND OPERATIONAL HIGHLIGHTS (Rs. in crores) Standalone Consolidated Particulars 2024 2023 2024 2023 Revenue from Operations............ 98,763.42 84,960.26 1,38,279.30 1,21,268.55 Income from investment related to subsidiaries, associates and joint ventures... 2,456.00 1,684.37 798.97 93.41 Other income........................................ 1,938.43 923.71 2,176.42 1,166.95 Profit before Depreciation, Finance Costs, Exceptional items, Share of profit of associates and joint ventures and Taxation.......................................... 17,060.59 12,987.56 27,068.35 21,491.78 Less: Depreciation, Amortisation and Impairment Expenses........... 3,438.85 3,154.46 4,723.78 4,356.81 Profit before Finance Costs, Exceptional items, Share of profit of associates and joint ventures and Taxation.................... 13,621.74 9,833.10 22,344.57 17,134.97 Less: Finance Costs........................... 138.77 272.78 7,488.21 5,829.70 Profit before Exceptional items, Share of profit of associates and joint ventures and Taxation 13,482.97 9,560.32 14,856.36 11,305.27 Add: Share of profit of associates and joint ventures... – – 1,121.43 1,505.44 Profit before Exceptional items and Taxation.......................................... 13,482.97 9,560.32 15,977.79 12,810.71 Add: Exceptional items................... – (1,429.54) – 1,249.52 Profit before Taxation..................... 13,482.97 8,130.78 15,977.79 14,060.23 Less: Tax Expense.............................. 2,765.17 1,582.14 3,707.97 2,685.75 Profit for the year............................. 10,717.80 6,548.64 12,269.82 11,374.48 Profit/(Loss) for the year attributable to : Owners of the Company............... 10,717.80 6,548.64 11,268.64 10,281.50 Non-controlling interest .............. – – 1,001.18 1,092.98 Balance of profit for earlier years........................................................... 37,478.03 32,450.64 48,187.61 39,174.21 Profits available for appropriation......................................... 48,195.83 38,999.28 59,456.25 49,455.71 Less: Dividend Paid on Equity Shares........................................................ 2,020.73 1,435.89 1,810.14 1,284.77 Add: Other adjustment to retained earnings$............................. 134.03 (85.36) 71.75 16.67 Balance carried forward............... 46,309.13 37,478.03 57,717.86 48,187.61 $ For details refer to ‘Statement of Changes in Equity’ in the Standalone Financial Statements and ‘Consolidated Statement of Changes in Equity’ in the Consolidated Financial Statements respectively forming part of the Annual Report. Financial Year 2024 witnessed demand resilience regardless of tightening financial conditions, simmering geo-political risks and adverse weather patterns. For instance, the US Federal Reserve increased policy rates to the highest level in over two decades, but elevated Government spending supported tight labour market conditions. Hot wars near the Black Sea, the Red Sea and the Gaza strip pushed up trading costs, however this came against a backdrop of low input cost pressures brought about by improving supply chain conditions and expectations of weak global growth. Finally, El Nino conditions led to deficient rains in India impacting rural incomes which were partly offset by stronger construction activity. In this midst, aggressive output curbs announced by OPEC pushed up crude oil prices close to USD 100/bbl during the year; fortunately, higher supply from the Americas brought temporary respite to fuel costs. As a result of countervailing factors, demand momentum and consumer sentiment were stronger than expected resulting in central banks tightening financing conditions even further and pushing policy rate cut expectations deeper into Financial Year 2025. In India, the growth push came from stronger services exports, leveraged consumption from wealthier households and public infrastructure capex. India’s real GDP grew at over 8% during the last three quarters of Calendar Year 2023. The ongoing revival in private sector project announcements portends sustained momentum in job creation going into Financial Year 2025. The Profit for the year before Depreciation, Finance Costs, Exceptional items and Taxation recorded an increase of 31.36% at Rs. 17,060.59 crores as against Rs. 12,987.56 crores in the previous year. Profit after tax increased by 63.66% at Rs. 10,717.80 crores as against Rs. 6,548.64 crores in the previous year. Your Company remains committed to its extensive cost restructuring initiatives and efficiency enhancements, yielding substantial savings. By maintaining a sharp focus on cost controls, streamlining processes, and introducing innovative products that consistently surpass customer expectations, your Company sustains profitable growth despite the current economic conditions. BOARD’S REPORT
RkJQdWJsaXNoZXIy NTE5NzY=