BOARD’S REPORT 85 Earnings Per Share (EPS) The Standalone basic EPS of the Company stood at Rs. 89.42 for the Financial Year ended 31st March, 2024 as against Rs. 54.70 for the Financial Year ended 31st March, 2023 and Diluted EPS stood at Rs. 89.08 as against Rs. 54.49 in the previous year. Details of Material Changes from the end of the Financial Year till the date of this Report No material changes and commitments have occurred after the closure of the Financial Year 2023-24 till the date of this Report, which would affect the financial position of your Company. Performance Review Automotive Sector* Your Company’s Automotive Sector posted total sales of 8,24,939 vehicles (7,46,833 four-wheelers and 78,106 threewheelers) as against a total of 6,98,456 vehicles (6,39,374 four-wheelers and 59,082 three-wheelers) in the previous year, registering a growth of 18.1%. In the domestic market, your Company sold a total of 8,00,276 vehicles as compared to 6,66,349 vehicles in the previous year, resulting in a growth of 20.1%. In the Passenger Vehicle (PV) segment, your Company sold 4,59,877 vehicles [including 4,59,864 Utility Vehicles (UVs) and 13 Vans] as compared to the previous year’s volume of 3,59,253 vehicles [including 3,56,961 Utility Vehicles (UVs), 2,078 Vans and 214 Cars] registering a growth of 28%. In the Commercial Vehicle (CV) segment, your Company sold 2,62,810 vehicles [including 44,093 vehicles <2T GVW, 1,91,603 vehicles between 2-3.5T GVW, 15,809 Light Commercial Vehicles (LCVs) in the 3.5T-7.5T segment, 1,818 vehicles in the 7.5T-12T GVW segment, 6,146 Heavy Commercial Vehicles (HCVs) and 3,341 LCV Passenger] registering a growth of 5.7% over the previous year’s volumes of 2,48,576 vehicles [including 40,419 vehicles <2T GVW, 1,98,121 vehicles between 2-3.5T GVW, 1,959 LCVs in the 3.5T-7.5T segment, 1,657 vehicles in the 7.5‑12T GVW segment, 4,742 HCVs and 1,678 LCV Passenger]. In the three-wheeler segment, your Company sold 77,589 three-wheelers in the domestic market, registering a growth of 32.6% over the previous year’s volume of 58,520 three-wheelers. For the year under review, the Indian automotive industry (except 2W) grew by 10.1%, with the PV industry growth of 8.4% and CV industry growth of 0.6%. The UV segment showed growth of 25.8%. Within the CV industry, the LCV goods <7.5T segment de-grew by 2.9% while the Medium and Heavy Commercial Vehicles (MHCV) Goods Segment de-grew by 0.2%. Your Company’s UV volumes stood at 4,59,864 units, a growth of 28.8%. The UV market share for your Company stood at 18.2%. Scorpio, Thar, XUV700 and Bolero continued to be strong brands for your Company in the UV segment. In the LCV<7.5T segment, your Company retained its No. 1 position with 46.3% Market Share. Your Company sold a total of 2,51,505 vehicles in this segment, which is a growth of 4.6% over the previous year. In the MHCV Goods Segment, your Company sold 7,964 trucks as against 6,399 trucks in the previous year. This is a growth of 24.5%. Your Company’s market share in the MHCV segment stands at 2.5%. Your Company is the pioneer for Electric Vehicles (EVs) in India, and for the year under review, in the electric three-wheeler segment, your Company sold 66,190 vehicles as against 43,693 vehicles in the previous year, with a growth of 51.5%. In the electric four-wheeler segment, your Company sold 8,025 vehicles as against 2,416 vehicles in the previous year. During the year under review, your Company posted an export volume of 24,663 vehicles as against the previous year’s exports of 32,107 vehicles representing a de-growth of 23.2%. The sales of spare parts for the year stood at Rs. 4,288.40 crores (including exports of Rs. 310.3 crores) as compared to Rs. 3,824.26 crores (including exports of Rs. 396.51 crores) in the previous year, registering a growth of 12.1%. * The figures include sales made by subsidiary Mahindra Last Mile Mobility Limited with effect from 1st September, 2023. Farm Equipment Sector Your Company’s Farm Equipment Sector recorded total sales of 3,78,386 tractors (domestic + export) as against 4,07,545 tractors sold in the previous year. These figures for the current year sales and previous year sales include tractors sold under the Trakstar brand, which is the third brand of your Company under the subsidiary Gromax Agri Equipment Limited. For the year under review, the tractor industry in India recorded sales of 8,75,724 tractors, a de-growth of 7.4%. Tractor Industry recorded de-growth in Financial Year 2024 on account of erratic monsoon due to El Nino, lesser water availability and high base of FY23. Southern and Western states continue to face severe stress. Shift of Chaitra Navratri from March to April has also contributed in significant industry drop.
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