MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 88 (“CARE”) for its Banking facilities. All have re-affirmed the highest credit rating for your Company’s Short-Term facilities. For Long Term facilities and Non-Convertible Debentures, CRISIL, ICRA, CARE and India Ratings have re-affirmed their credit ratings of CRISIL AAA/Stable, [ICRA]AAA (stable), CARE AAA; Stable, and IND AAA/Stable for the respective facilities rated by them. With the above rating affirmations, your Company continues to enjoy the highest level of rating from all Major Rating Agencies at the same time. The AAA rating indicates the highest degree of safety regarding timely servicing of financial obligations and is also a vote of confidence reposed in your Company’s Management by the rating agencies. It is an acknowledgement of the strong credit profile of your Company over the years, resilience in earnings despite cyclical upturns/downturns, robust financial flexibility arising from the significant market value of its holdings and prudent management. Your Company is a “Large Corporate” as per the criteria specified under Securities and Exchange Board of India (“SEBI”) Operational Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated 10th August, 2021, as amended from time to time. The Company has complied with the provisions of the said Circular and has made required disclosures in this regard. Redemption of Non-Convertible Debentures As mentioned in the previous Annual Report, during the year under review, your Company has fully redeemed the following Unsecured Listed, Rated Redeemable Non-Convertible Debentures (“NCDs”) issued on private placement basis on the due dates or as per the respective terms of issue: Particulars of NCDs ISIN Amount (in Rs.) Issue date Date of Redemption M&M 6.65% - 10,000 Debentures of Rs. 10,00,000 each INE101A08096 1,000 crores 20th April, 2020 20th April, 2023 (Redeemed upon Maturity as per the terms of the issue) M&M 6.78% - 10,000 Debentures of Rs. 10,00,000 each INE101A08104 1,000 crores 24th April, 2020 24th April, 2023 (Redeemed upon Maturity as per the terms of the issue) M&M 6.19% - 500 Debentures of Rs. 10,00,000 each INE101A08112 500 crores 8th June, 2020 8th June, 2023 (redeemed prior to Maturity pursuant to Put Option exercised by all the Debenture holders to redeem the NCDs as per the terms of the issue.) Investor Relations (IR) Your Company always believes in striving hard to achieve excellence and leading from the front with adhering to best practices in IR while maintaining a relationship of trust with investors and analysts. In the Financial Year 2024, your Company increased its interaction with investors through various conferences and conducted inperson individual, group, video and audio conference calls. The leadership, including the Managing Director and Chief Executive Officer, ED & CEO - Auto & Farm Sector, Group CFO and Head Group Strategy spent significant time interacting with investors to communicate the strategic direction for the business, capital allocation policy, plan for scaling up growth gems, various ESG activities undertaken by the Group and addressing investor/ analyst queries and concerns. During the year, your Company interacted with more than 1,000 Indian and Foreign investors and analysts (excluding quarterly earnings calls, analyst meets and specific event related meets). All events hosted in the Financial Year 2024 including quarterly earnings calls, analyst meets, product launch events, etc. were well attended by investors and analysts. Your Company ensures that critical information about the Company is available to all the investors by uploading all such information on the Company’s website. Dividend As per the Dividend Distribution Policy, dividend payout would have to be determined based on available financial resources, investment requirements and taking into account optimal shareholder return. Within these parameters, the Company would endeavour to maintain a total dividend pay-out ratio in the range of 20% to 35% of the annual standalone Profits after Tax (PAT) of the Company. Your Directors, considering the good performance and a strong cash flow, decided to recommend a Dividend of Rs. 21.10 (422%) per Ordinary (Equity) Share of the face value of Rs. 5 each out of the Profits for the Financial Year ended 31st March, 2024. The Equity Dividend Outgo for the Financial Year 2023-24 would absorb a sum of Rs. 2,623.85 crores resulting in a payout of 24.48% of the standalone net profit of the Company for the Financial Year 2023-24 [as against Rs. 2,020.73 crores comprising the dividend of Rs. 16.25 per Ordinary (Equity) Share of the face value of Rs. 5 each resulting in a payout of 25.33% for the previous year]. Dividend will be payable subject to approval of Members at the ensuing Annual General Meeting and deduction of tax at source to those Shareholders whose names appear in the Register of Members as on the Book Closure Date. The Board of your Company decided not to transfer any amount to the General Reserve for the year under review.
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