MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2023-24

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 Mahindra & Mahindra un Ltd.

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CHAIRMAN’S MESSAGE Dear Shareholders, An oft-quoted line from Shakespeare says, “There is a tide in the affairs of men / which when taken at the flood, / leads on to fortune.” There are tides in the affairs of nations and companies as well. It is undoubtedly a good time to be an Indian company. The interplay of geopolitics and economic linkages in the post-COVID era has seen India's position strengthen. A new multi-polar manufacturing world is emerging, as nations and companies rush to reconfigure their supply chains to be more resilient and diversified. India has emerged as a key beneficiary. India's emerging role as one of the vital nodes in future-proofed supply chains across industries opens the door for growth within India and expansion beyond. Clearly, the tides of opportunity are rising. For private industry, particularly manufacturing, this confluence of factors translates into an excellent chance to be a serious player in this new, multi-polar world. To continue the opening quote, “…On such a full sea are we now afloat / and we must take the current when it serves.” The question is, are we ready to take this current? Do we have the will, the grit, and the gumption to take the tide at its flood? Domestically, the stars are in alignment. India has been heavily investing in infrastructure and logistics. India is the cheapest manufacturing destination in the world. There is a good supply of labour. The need for jobs for young people, our demographic dividend, is high. Externally too, conditions are working in our favour. It's time to seize the day.

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 How can we, in private industry, ensure that we ride this upsurging tide? In the spirit of “ask not what your country can do for you; ask what you can do for your country”, I would argue that the most important thing industry can do at this critical juncture is to increase private investment. Private capital investment is the key to capitalising on this opportunity. It's a key driver of growth, jobs, and demand. After the economic reforms of the 1990s, it rose from around 10% to around 27% of GDP. However, from 2011-12 onwards, private investment as a percentage of GDP has been falling to a worrisome level. We need to remedy that situation. The problem is not one of resources—rather, it is one of mindset. Particularly after COVID, Indian companies have become increasingly risk averse, sticking to the tried and true rather than blazing new trails. To some extent, this is understandable. But when opportunity beckons, when private industry can make a significant difference, it is time to set aside our fear of failure and take a leap of faith and self-belief. We, in the Mahindra Group, are ready to take the current when it serves, but we also believe in making our own favourable tides and currents. The Mahindra Group has had an extremely successful few years on the back of a slew of strong product launches across our Auto Division and Farm Division complimented by a turnaround in Mahindra Finance and successful value creation within our Growth Gems. The XUV 3XO has broken barriers and created a new segment. The Scorpio-N has proved to be a blockbuster. The Oja tractor is a path-breaking product in the global tractor industry and promises to make its own tidal waves. On the back of this rising tide, we are stepping up our investments. We have already announced an investment of INR 37,000 Crores across our Auto, Farm and Services businesses (excluding Tech Mahindra) in F25, F26 and F27. These investments will, to a large extent, go towards building capacity, with a pipeline of 26 new models/facelifts in the next 5 years. Mahindra Finance's loan book crossed the threshold of one lakh crores, increasing by 24% over the previous year. The valuation of our Growth Gems increased over 4x in the last 4 years. The contribution of our Services businesses (Mahindra Finance, Tech Mahindra and growth gems) to M&M's net cash generation was almost seven thousand crores over the F22-F24 period. The future is pregnant with potential. So, I find it somewhat ironic that the law requires businesses to use the suffix 'Ltd” (to convey limited liability, of course). That is a correct description of our legal position, but we in M&M do not see ourselves as limited in any other fashion. We know that there will always be challenges; there will always be ups and downs. But we also know that our resilience is unquestionable, our imagination is unfettered, and our aspirations are unconstrained. We are truly Mahindra – Unlimited. Sincerely, Anand G. Mahindra Chairman We are truly Mahindra – Unlimited.

MD & CEO’S MESSAGE Dear Shareholders, Former President Dr. APJ Abdul Kalam, affectionately referred to as the Missile Man of India, left an enduring legacy on the world with his profound wisdom. His memorable quote, "If you want to shine like a sun, first burn like a sun," encapsulates the essence of perseverance. Just as the sun persists through clouded skies, India has stood resilient amidst tumult, global conflicts, and economic adversities. Mirroring the sun's resilience, India has achieved an impressive growth rate of over 8% in the past fiscal year. Much like India's achievements, at the Mahindra Group, we have consistently pursued innovation to unlock new opportunities, represented by the “infinity loop” on the cover of our annual report. In F24, the Group achieved its highest-ever profit with our businesses firing on all cylinders. Reflecting on F24, the automotive business sustained its growth trajectory and retained its position as the #1 SUV player by revenue. Our Farm business showed resilience in a year marked by a monsoon shortfall, gaining 40bps market share in a declining industry. Mahindra Finance made significant progress in its turnaround plan, reducing delinquencies to under 4%, increasing assets by 24% to over INR 1,00,000 Crores and revamping processes leveraging technology and data. The turnaround at Tech Mahindra has commenced, with a sharp focus on growth and margins. Our Growth Gems have enhanced valuation by 4x over the past 4 years to $4.2 billion.

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 Warm regards, Dr. Anish Shah Managing Director and CEO We are grateful for our shareholders' trust in our journey, a crucial part of our 'infinity loop' of growth. Looking ahead, the horizon holds promising opportunities. The Group is currently engaged in 7 out of 10 high-potential sectors that are propelling India's economic growth. We are excited about shaping the electric SUV category with sustainable and sophisticated products that are designed to delight customers. Our Farm business is positioned well for international growth. Both Mahindra Finance and Tech Mahindra will unlock their full potential. And, our growth gems are targeting an additional 5x growth over the next 5-7 years. We recognise that private capital investment plays a crucial role in maximising the opportunities in India. By outlining a capex plan of INR 37,000 Crores for the next three years, we remain committed to our proven strategy of prudent capital allocation. The Group draws confidence from the cash generation across our businesses, our low debt levels, and a robust balance sheet. Simultaneously, we are committed to investing in 'Tech and Talent,' … these are essential for innovation and nurturing a talented workforce, positioning us as an employer of choice. We remain steadfast in our commitment to our North Star, 'RISE'. Our credo of driving positive change in our communities ensures that sustainability is integral to our business operations, steering us towards a planetpositive future. We have achieved substantial progress to make our operations greener across energy, water, and waste. M&M's share of renewable energy increased to 33% in F24. We have doubled the energy efficiency of our operations since F09, and now use half the energy to manufacture each vehicle. M&M maintained its water positivity status and now has over 85% 'zero waste to landfill' locations. Our tree plantation program, Hariyali, has enriched the landscape with nearly 25 million trees to date. Recognising the immense potential of women in India, we have taken significant steps towards inclusivity and empowerment. A significant step that has set a new industry benchmark is the introduction of a visionary 5 year maternity policy aimed at creating a more equitable and supportive work environment for women. Furthermore, since inception through Nanhi Kali, we have educated around 7,00,000 young girls from disadvantaged homes and skilled around 7,70,000 women to enable them to become job ready through our women's empowerment program. Our actions are governed by robust corporate governance standards that uphold integrity in all facets of our operations, ensuring transparency and accountability. We are grateful for our shareholders' trust in our journey, a crucial part of our 'infinity loop' of growth. We recently surpassed the INR 3 trillion M-Cap level on the bourses. M&M shares soared by over 66% outpacing the nearly 25% appreciation seen in broader market indices. Your belief in our vision and active contribution to our progress are key in this continuous cycle of success. Together, we can unlock infinite possibilities, each one a precious gem waiting to be discovered.

We embarked on our journey of Integrated Reporting in F17 in keeping with our commitment towards transparency and the highest standards of corporate governance. The following year, to present our shareholders with a more holistic view of how we create and sustain long-term value, we included key elements of the Integrated Report (IR) along with the Annual Report. While staying true to the principles of the International Integrated Reporting Council's framework that was incorporated in the past, our Integrated Report structure has also evolved to create a more readerfriendly experience. An Integrated Report takes corporate reporting beyond just discussing the financial resources, since any value creation activity requires other resources like people, natural resources and business relationships. This report will discuss how Mahindra & Mahindra Ltd. (M&M Ltd.) creates value by leveraging the interlinkages between these interdependent resources. Where necessary, we have explained the concept using charts and infographics. Some IR related data might be management estimates and could be updated in subsequent publications, like the Mahindra Sustainability Report. ANNOUNCEMENT For any other information please visit CONTENTS COMPANY OVERVIEW RISE TO CREATE VALUE RISE TO BE FUTURE READY RISE FOR A MORE EQUAL WORLD CORPORATE INFORMATION STATUTORY REPORTS FINANCIAL STATEMENTS 01 18 37 51 81 82 287

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 HOW TO READ THE REPORT Businesses exist to create value - not only for the shareholders, but also for their diverse stakeholders. A business's ability to sustain value over the long-term depends on how it manages, leverages, and integrates its tangible and intangible resources - from financial capital, plant & machinery, employees, communities, government licenses and natural resources; to corporate governance practices, intellectual knowhow and the social license to operate. We use an easy-to-understand diagram to depict inputs, outputs, and the resulting outcomes, with respect to capital, that are measured by KPIs. The structure of this report remains true to the principles of integrated reporting and seeks to create a more lucid flow of information for a crisp and coherent disclosure. The detailed Statutory Statements and Financial Reports are also part of this document and are in line with the requirements of the Companies Act, 2013 (including the Rules made thereunder), Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable Secretarial Standards. Please note that certain statements in this report with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Throughout the report, the terms 'Mahindra', 'Mahindra & Mahindra', 'M&M', and 'M&M Ltd.' have been used interchangeably to refer to Mahindra & Mahindra Limited. Integrated Report <IR> The reporting period of Mahindra & Mahindra Limited apropos this Integrated Report is 1 April, 2023 to 31 March, 2024. This Integrated Report provides an overview of the operations and business development activities of the Company. It is also aligned to the nine principles of the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business released by the Ministry of Corporate Affairs. The scope of this Report is related to Mahindra & Mahindra Limited, consisting of the Automotive Sector, Farm Equipment Sector, Spares Business Unit, Mahindra Research Valley, Two-Wheeler Division, Construction Equipment Division and Powertrain Business Division. We have represented data related to other group businesses and Companies, wherever required, to provide a holistic view of the Company's performance and presence. Scope of the Report This Integrated Report provides a cohesive view of our performance and ability to create value consistently through six capitals – Financial, Manufactured, Intellectual, Human, Social & Relationship, and Natural.

PERFORMANCE HIGHLIGHTS FINANCIAL – F24 M&M STANDALONE INCOME FROM OPERATIONS J Crore 1,01,219 17% increase compared to F23 INCOME FROM OPERATIONS J Crore 1,39,078 15% increase compared to F23 M&M CONSOLIDATED 10,718 PAT 64% increase compared to F23 J Crore 11,269 PAT 10% increase compared to F23 J Crore 18.1% increase in total automotive volume 8,24,939 units (Includes domestic sales and exports)* AUTOMOTIVE NON-FINANCIAL – F24 VOLUMES 3,78,386 units TRACTOR * Includes LMM (Includes domestic sales and exports; includes Mahindra, Swaraj & Trakstar Brands) -7.2% decrease in total tractor volume

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 20.4% SUV Revenue market share 130 bps 49% LCVS (<3.5T*) market share 350 bps 41.6% FARM EQUIPMENT 40 bps 58.7% ELECTRIC 3 WHEELERS market share market share -890 bps * With Bolero Max Pickup 2T classified under LCV 2-3.5T MARKET SHARE MAHINDRA LIFESPACES A total development footprint of over 37 million sq. . MAHINDRA SUSTEN Co-sponsor of India’s largest RE Invit MAHINDRA TRACTORS 40 Lakh Tractor Milestone XUV700 Fastest Mahindra vehicle to achieve 1.5L+ vehicles within 30 months of launch

COMPANY OVERVIEW The Mahindra Group began its journey eight decades ago in steel trading. Today, it is a large multi-industry conglomerate with a leading position in many sectors in India. The Company is broadly organised into three major segments: Auto, Farm and Services. As a leading player in India's auto industry, Mahindra is known for its authentic SUVs and rugged light commercial vehicles. The Group is rapidly moving towards an electrified future with its leadership in EV three-wheelers and upcoming EV SUV launches. In the Farm segment, Mahindra is the leader in tractors and is quickly emerging as a significant force in farm machinery. What is remarkable is the rapid growth of the Services segment, which includes a diverse range of businesses such as financial services, hospitality, information technology, and residential and commercial real estate. The Group has a strong focus on purpose, believing in its crucial role in leading ESG initiatives globally, promoting diversity, and setting benchmarks in governance. The Mahindra Group has been a pioneer in all these areas. Central to this focus is the Group's philosophy of RISE, which is about positively impacting the communities it touches. The future of the Mahindra Group will be driven by its focus on delivering scale in each of its businesses. The Group believes this is a pivotal moment in the nation's history, and it is well-positioned to be a brand of choice both in India and globally. THE MAHINDRA GROUP 01 COMPANY OVERVIEW

Mahindra & Mahindra Ltd. is the flagship Company of the Mahindra Group. Our core business is mobility products and farm solutions. Since assembling our first vehicle in 1947, we have grown rapidly. Today, we offer a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles and tractors, to electric vehicles, two-wheelers, gensets and construction equipment. MAHINDRA & MAHINDRA LTD. Starting this year, Mahindra Electric Automobile Limited will roll out its first set of Born EV automobiles. MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 02

03 COMPANY OVERVIEW years of excellence GROUP SNAPSHOT 79 countries 100+ no. of employees 260k+ tractor Company by volume World's Largest SUV Company by Revenue Market Share India's No.1 all-electric hyper car – Pininfarina Battista st World's 1 electric 3-wheeler Company India's No.1 sub 3.5T Light Commercial Vehicles Company India's Largest financial services provider in rural and semi-urban markets India's No.1 global IT services provider Leading Group turnover $23B+

20+ INDUSTRIES Mahindra Group's operations are in the key industries that form the foundation of every modern economy. The industries, where we are transforming lives and shaping the modern world through our presence have been outlined below: PURPOSE Drive positive change in the lives of our communities. Only when we enable others to rise will we rise. #TogetherWeRise RISE FOR A MORE EQUAL WORLD RISE TO BE FUTURE-READY RISE TO CREATE VALUE Climate Change Inclusion Ethics Customer Focused Technology Innovation Entrepreneurship Scale Impact CORE VALUES Professionalism | Good Corporate Citizenship | Customer First | Quality Focus | Dignity of the Individual For more information about our Core Values, please refer to our corporate website: about-mahindra-company MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 04 Farm Tractors & Agri Services Farm Machinery Auto SUVs & LCVs Last Mile Mobility Iconic Motorcycles Trucks & Buses Logistics Renewable Energy Technology Real Estate Auto Components Auto Recycling Pre-Owned Cars Aerospace & Defence Services Financial Hospitality

05 COMPANY OVERVIEW AWARDS AND ACCOLADES CORPORATE AWARDS Auto Sector Ÿ Named Manufacturer of the Year by Autocar India, Motorscribe, Jagran Hi-tech, Car India Magazine and Motorbeam. Ÿ Mahindra Thar RWD was also awarded Editor's Choice Lifestyle Vehicle of the Year at the Top Gear India Awards and Variant of the Year at the APB Live Auto Awards. Ÿ The XUV400 was declared the Mid-Size Electric SUV of the Year by Car India, EV Car of the Year by ACKO Drive and Electric Car of the Year by car&bike. Ÿ Mahindra Bolero MaXX Pik-Up HD won the Pick Up of the Year and CV of the Year at the Apollo CV Awards. Ÿ Mahindra Supro Profit Truck CNG Duo won SCV of the Year at Apollo CV Awards. Ÿ Mahindra CRUZIO was named School Bus of the Year by the Apollo CV Award. Ÿ Mahindra Truck and Bus Division won the Aegis Graham Bell Award – iMAXX – Technology innovation award by Aegis Graham Bell Award (Supported by Ministry of IT & Innovation). Ÿ Treo Plus was named EV Of the Year – 3 Wheeler by the Apollo CV Award. Recognised as the Fastest Growing Brand Globally by Brand Finance. Featured in the 'Leadership' category for the third consecutive year and ranked amongst the top six for Leadership in Corporate Governance by the Institutional Investor Advisory Services India Limited (IiAS). Mahindra & Mahindra

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 06 Energy Sector Ÿ Mahindra Susten's CoE Training featured in the United Nations Global Compact Report. Tech Mahindra Ÿ Recognised under the Rising Star category at the BRICS Industry Innovation Contest 2023. Ÿ Recognised amongst the Best Organisations for Women 2024 by ET NOW. Ÿ Named amongst the Iconic Brands at ET Iconic Brands 2023 Event. Mahindra Lifespace Developers Ÿ Only Indian company to receive a Double A rating by CDP for Climate Change and Water Security (2023). Ÿ Conferred Global Sector Leader in Development Benchmark category by GRESB. Ÿ Received the Green Champion Award by Indian Green Building Council and identified as the 'Organisation leading the Net Zero Building Movement in India'. Ÿ Mahindra World City Chennai (O&M) won the award for Best Maintained Structures / Retrofitting and Rehabilitation. Mahindra Logistics Ÿ Received CII Scale Awards 2023 Overall Excellence Award in Logistics & Supply Chain. Mahindra Finance Ÿ Recognised as the Best NBFC in Talent & Workforce by Business Today, a first for a NBFS. Ÿ Won CRIF Data Excellence Award in the Commercial (NBFC) category. Ÿ Recognised amongst India's 100 Best Companies To Work and India's Best Workplace for Millennials by Great Place to Work, India. Farm Sector Ÿ Mahindra Tractors Tough Hardum won the Tractor Manufacturer of the Year Award at the ITOTY Awards 2023. Ÿ NOVO – 605 won the Best Tractor Between 51-60 HP at the ITOTY Awards 2023. Ÿ Swaraj Target 630 won the Indian Tractor of the Year in 21-30 HP category.

07 COMPANY OVERVIEW SUSTAINABILITY AWARDS Ÿ Swaraj 744XT received the Most Sustainable Tractor of the Year at the ITOTY Awards. Ÿ Mahindra Auto Division received KPMG's ESG Excellence Awards. Ÿ Four Club Mahindra resorts in Ooty; Udaipur; Kumbalgarh and Madikeri received the Platinum Certified Green Resorts by CII Indian Green Building Certification. Ÿ Club Mahindra Assonora, Goa ranked among the Top 4 for Socially Responsible Hotel of the Year by Hotelier's India. CSR AWARDS Ÿ Swaraj Tractors' Project Pani initiative received the National Awards for Excellence in CSR & Sustainability under the category Best CSR Impact Initiative by the Ministry of Corporate Affairs. Ÿ Mahindra Logistics Limited won the Best Skill Development Programme Initiative of the Year - 2023 (Corporate) at the Indian CSR Awards 2023. Ÿ Received Brandon Hall Group Gold Award in the Best Initiative for Philanthropy and Corporate Giving category. Ÿ Best CSR Initiative at ITOTY Awards for Project Hunnar. Ÿ 10 CSR Times Award by Ministry of State Health & Family Welfare Govt of India for Project Prerna. Ÿ Women Empowerment Award at the Global CSR Leadership Awards

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 08 THE BOARD OF DIRECTORS MR. VIKRAM SINGH MEHTA Lead Independent Director MR. T. N. MANOHARAN Independent Director MS. SHIKHA SHARMA Independent Director MR. ANAND G. MAHINDRA Chairman DR. ANISH SHAH Managing Director and CEO MR. RAJESH JEJURIKAR Executive Director and CEO (Auto & Farm Sector) MR. HAIGREVE KHAITAN Independent Director MS. NISABA GODREJ Independent Director MR. MUTHIAH MURUGAPPAN Independent Director MR. RANJAN PANT Non-Executive and Non-Independent Director MR. SAT PAL BHANOO Non-Executive and Non-Independent Director MS. PADMASREE WARRIOR Independent Director Additions to the Board of Directors with e ect from 17 May, 2024 As on 16 May, 2024.

COMPANY OVERVIEW 09 GROUP EXECUTIVE BOARD MR. ANAND G. MAHINDRA Chairman MR. AMIT KUMAR SINHA MD & CEO, Mahindra Lifespaces DR. ANISH SHAH Managing Director and CEO MS. ASHA KHARGA EVP, Group Customer & Brand MR. RAJESH JEJURIKAR Executive Director and CEO (Auto & Farm Sector) MR. HEMANT SIKKA President, Farm Sector MS. ABANTI SANKARANARAYANAN EVP, Group Public A airs MR. LAKSHMANAN CHIDAMBARAM President - Tech Mahindra Americas MR. AMARJYOTI BARUA Group Strategy MR. MANOJ BHAT Group CFO Group CFO MD & CEO, Mahindra Holidays From 17 May, 2024 From 17 ay, 0

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 10 MR. MOHIT JOSHI MD & CEO, Tech Mahindra MR. RAMPRAVEEN SWAMINATHAN MD & CEO, Mahindra Logistics MR. MOHIT KAPOOR EVP, Group Technology MR. RAUL REBELLO MD & CEO, Mahindra Finance MR. NAVEEN RAJU EVP, Group Legal MR. RUZBEH IRANI President, Group HR MR. PUNEET RENJHEN EVP, Group Partnerships & Alliances MR. VEEJAY RAM NAKRA President, Auto sector MR. R. VELUSAMY President, Automotive Technology & Product Development MR. VINOD SAHAY President, Aerospace & Defence; Chief Purchase O cer, Auto & Farm Sectors

USA UK Automotive & EV Technologies with MRV, Detroit Global Design Centre with M.A.D.E., Electric Racing Technology with Mahindra Racing & Two-Wheeler Technology with BSA COMPANY OVERVIEW 11 THE GROUP HAS BUSINESS PRESENCE IN 100+ COUNTRIES 69MANUFACTURING FACILITIES AROUND THE WORLD INDIA ALGERIA AUSTRALIA BENIN BRAZIL FINLAND INDONESIA JAPAN KENYA MALI NIGERIA SOUTH AFRICA SRI LANKA TUNISIA TURKEY UAE USA 47 02 01 01 01 01 01 01 01 01 01 01 01 01 02 02 04 MRV - Mahindra Research Valley, Chennai & Detroit MSPT - Mahindra SUV Proving Track, Chennai MIDS - Mahindra India Design Studio, Mumbai M.A.D.E. - Mahindra Advanced Design Europe SDVC - So ware Defined Vehicle Centre, Coimbatore Business presence Business presence and R&D facilities Tractors & Farm Machinery Automotive Others Two-wheelers GLOBAL FOOTPRINT

Map not to scale. For illustrative purposes only. INDIA Automotive, Farm, Two-Wheeler Engineering & Design, Connected Cars & Electric Vehicle Technology, Genset & Agri, Digitisation, AI, IOT with MRV-led R&D centres, 4X4 COE with MSPT, Design studio MIDS & SDVC. FINLAND Harvester Technology with Sampo-Rosenlew ITALY Advanced EV Technologies with Pininfarina JAPAN Rice Value Chain & Tractor Technologies with Mitsubishi TURKEY Farm Mechanisation Technology with Erkunt MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 12 OUR R&D FACILITIES ARE SET UP IN 21 CENTRES ACROSS 7 COUNTRIES India, Finland, Italy, Japan, Turkey, UK, USA

COMPANY OVERVIEW 13 MANUFACTURING PLANTS IN INDIA As on 31 March 2024, property, plant and equipment (including capital work-in-progress) at M&M Ltd. stood at INR 15,586 crore. We incurred a net capital expenditure of INR 4,833 crore in F24, and the major focus was on new product development. MANUFACTURING PLANTS ACROSS THE COUNTRY 47 8,24,939 AUTOMOTIVE SECTOR SALES VOLUME (UNITS) 3,78,386 FARM EQUIPMENT SECTOR SALES VOLUME (UNITS) PITHAMPUR NAGPUR 1 RUDRAPUR 1 HARIDWAR Gromax VADODARA 1 MOHALI, CHAPPERCHIRI, SIALBA MAJRI 3 IGATPURI 1 KANDIVALI 1 1 NASHIK 2 BENGALURU 1 CHAKAN 2 JAIPUR 1 ZAHEERABAD 1 1 Swaraj Divison 1 1 1 Manufacturing plants include M&M Ltd., Mahindra Agri Solutions Limited, Mahindra EPC Irrigation Limited, Mahindra HZPC Pvt. Ltd., Mahindra Defence Systems Limited, Mahindra Aerostructures Pvt. Ltd., Mahindra Accelo (Mahindra Accelo Ltd., Mahindra Steel Service Centre Ltd., Mahindra Auto Steel Pvt. Ltd., Mahindra MSTC Recycling Pvt. Ltd.), Gromax Agri Equipment Ltd. - Map not to scale. For illustrative purposes only. 1 (of which 23 are of AS & FES) ANKLESHWAR 1 TELANGANA 1 MAHARASHTRA 1 PUNJAB 1 DELHI NCR 1 1 1 1 PUNE 1 1 SUPA 1 3 BHOPAL 1 GREATER NOIDA 2 CHENNAI 2 INDORE 1 AHMEDABAD 1 HYDERABAD 1 GUWAHATI 1 1 M&M Manufacturing Plants TwoWheelers Automotive Tractors & Farm Machinery Farm Machinery Electric Vehicles Aero & Defence Accelo Agri 1 RAJKOT 1

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 14 MANUFACTURING CAPABILITIES Integrating Industry 4.0 principles and technologies deeper into manufacturing operations is crucial for scaling up operations even more efficiently and effectively. It empowers us to optimise processes and improve quality, enabling us to adapt quickly to changing market conditions. As leaders in the Industry 4.0 revolution, we are steadfast in our pursuit of digital transformation. Automotive Sector Mahindra is committed to innovate in the EV space and scale up operations significantly. We have implemented what we envisaged as the capabilities on our Born Electric (BE) facilities and built up a factory to propel the BE range of vehicles. A stateof-the-art battery manufacturing facility is also getting ready comprising the latest technology in manufacturing domain for battery manufacturing. Digital Manufacturing Ÿ The creation of the Intershop conveyor DES model and what-if scenarios analysis for Nashik helped optimise the efficiency of hanger utilisation on the production line, achieving a significant reduction of 10% in number of hangers and associated cost savings. Ÿ Created 3D model for designing the production line layout and validating equipment placement and functionality before actual implementation or construction. This approach allows for potential issues to be identified and addressed early in the process, minimising risks and optimising efficiency during the implementation phase. We leverage advanced digital tech like Artificial Intelligence and Machine Learning to optimise processes, ensuring quality and agility to meet the market demands and bring new products that exceed our customer expectations. Sustainable Technologies AI-Augmented Digital Twin Project The project aims to enhance productivity within the Chakan plant, expedite risk assessment processes, and enable real-time monitoring of operations, among other advantages. These improvements will lead to increased efficiency, reduced downtime, and provide better decision-making capabilities.

COMPANY OVERVIEW 15 TTAT Project – Improving Efficiency through Enhanced Truck Management The TTAT (Total Turnaround Time) project involves the deployment of an advanced application in the production environment to alleviate congestion within the plant and streamline the management of inbound trucks, leading to improved operational efficiency. TTAT is capable of handling up to 5,000 trucks daily at the Chakan plant in the future. Gen AI-Based Why-Why Sheet Gen AI-Based project aims to streamline troubleshooting and problem-solving activities by using the chatbot to generate why-why sheets and assist with maintenance processes at EPT, Chakan. This ultimately reduces the time required to address maintenance issues. Machine Learning Based Real-Time Inline Spot-Welding Monitoring The project involves the use of machine learning techniques to monitor spot-welding processes in real-time to reduce the cost associated with quality issues. This includes reducing defects, rework, scrap, or other quality-related expenses by identifying and addressing issues promptly during the manufacturing process. Manufacturing Milestones – Auto Chakan Plant Crossed highest ever Chakan Plant 3.73 Lakh Vehicles in F24, 45% increment over F23 Cumulative vehicle production crossed 2 million since inception Crossed Highest ever Production - Nashik Plant 2.05 Lakh Vehicles in F24, 12% increment over F23 Crossed Vehicles milestone since inception Haridwar Plant 14 Lakh

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 16 Farm Equipment Sector Mahindra's aim is to enhance farm productivity and thereby rural prosperity. In F24, FES production saw decrease this year. Domestic tractor sales stood at 3,64,526 and the tractor exports stood at 13,860. The forecast of a normal South-West monsoon this year is expected to further boost tractor demand in the coming months, while the government's announcement of increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. th 40 Lakh Tractor Milestone Mahindra Tractors Mahindra Tractors has achieved a milestone by selling the brand’s 40 Lakh tractor inclusive of exports in March 2024. The Mahindra Yuvo Tech Plus, based on Mahindra's next-generation Yuvo tractor platform, marks this milestone, having rolled-out from Mahindra's Zaheerabad facility, the youngest tractor facility and a global production hub for Mahindra Tractors. Celebrating 50 Years of Swaraj Swaraj Tractors Swaraj Tractors, a part of the Mahindra group unveiled limited-edition tractors, to mark the brand's Golden Jubilee. Limited-edition variants of the Swaraj 855 FE and Swaraj 744 FE tractors were showcased at a ceremony commemorating Swaraj Tractors' 50 anniversary. Driving Positive Change In the Society During Swaraj Tractors' golden jubilee celebrations, a CSR program 'Skilling 5000' was also announced to empower women and specially-abled individuals through vocational training in agriculture and other trades. The skilling program is aligned with Mahindra Group's ethos of 'Together We Rise' and FES's mission to 'transform farming and enrich lives'.

COMPANY OVERVIEW 17 Other Key Initiatives Ÿ AI-based Analytics for Decision Making Leveraging machine data for informed decision-making. Ÿ Cobot/Robot Applications Integrating collaborative robots and robotic applications for enhanced efficiency. Ÿ Automation & No Fault Forward Increasing automation and implementing measures for defect-free product manufacturing. Ÿ Components Genealogy/Traceability Doubling the traceability of critical components across all factories, connecting 50+ vendor parts. Ÿ QR Code on Components Ensuring the right part fitments in the factory through QR codes on components. Ÿ Digital Platform for APQP Utilising digital platforms for Advanced Product Quality Planning to expedite product lifecycle management. Ÿ Supply Chain Control Tower Implementing a control tower for the supply chain to optimise operations and improve productivity. Ÿ Digital Tractor Stockyard Management Managing a diverse inventory of 500+ tractor varieties across multiple locations in India. OJA Production Ramp-Up OJA is a specialised tractor family having applications in horticulture and also in paddy cultivation. Achieving rapid production ramp-up of OJA tractors empowers Mahindra to address 25% of the global tractor industry, while opening new markets like Europe and Asean. Tractor Production Milestones Rajkot 1.3 million Rudrapur 900,000 Nagpur 200,000 Awards Ÿ Platinum Award of Industry 4.0 to Rudrapur team by CII Ÿ Tractor Manufacturer of the Year by CEAT Tyres Ÿ National Awards for Manufacturing Competitiveness to Nagpur team by IRIM Ÿ Excellence Award to Zaheerabad team by FTCCI (Ministry of Commerce) Ÿ Operation Excellence Award to Nagpur team by Imexi Manufacturing Milestones – FES

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 18 RISE TO CREATE VALUE GROUP STRATEGIC OVERVIEW As one of India's most trusted brands over past 80 years, the Mahindra Group has consistently outperformed expectations, earning its place as the best-performing stock in India's NIFTY 50 Index over the last 20 years. In the last four years alone, market capitalisation across the group companies has increased sevenfold, driven by a sharp focus on both fiscal discipline and strong growth. We maintain our steadfast commitment to delivering 15%-20% EPS growth and ROE. 18% st 1 in last 21 years Company TSR% Ranking Mahindra & Mahindra Limited Sun Pharmaceutical Industries Limited Bajaj Holdings & Investment Limited Britannia Industries Limited ABB India Limited 29% 27% 26% 26% 26% 1 2 3 4 5 Note: Govt. undertakings have been excluded from the ranking. Base year is 31 March, 2003, same as considered for last year rankings.

Sectors mapped to macrotrends CONSUMER LIFESTYLE AND E-COMMERCE AGRICULTURE SOLUTIONS MANUFACTURING AND CAPITAL GOODS FINANCIAL SERVICES LOGISTICS AND MOBILITY GREEN ENERGY TECHNOLOGY SOLUTIONS HEALTH AND WELLNESS INFRASTRUCTURE DEVELOPMENT OTHERS (Information & Communication, Education, etc.) (Construction, Utilities, etc.) RISE TO CREATE VALUE 19 As India progresses towards achieving its goal of becoming a $7 trillion economy by 2030, Mahindra Group finds itself favourably positioned. We have meticulously built our portfolio to be in sectors that will contribute to over 70% of India's growth over the next decade. We believe we have a clear right to win in these sectors and we are well positioned with companies that are either leaders in their segments or are positioned well for exponential growth. Note: Others (2030 incremental) include Education ($105 Bn), Extraction ($28 Bn), Telecommunications ($21 Bn), Publishing and Broadcasting Activities ($6 Bn) | Source: Oxford Economics, S&P Global

Sector contribution to GDP growth ($ Bn) 800 1,020 1,820 610 310 920 420 390 810 200 250 450 160 150 310 110 100 210 60 90 150 120 110 230 1,050 920 1,970 170 160 330 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 20 We play in 70% of Indian GDP growth Existing presence of Mahindra Group 2023 2030 (Incremental)

RISE TO CREATE VALUE 21 MAHINDRA GROUP STRATEGY F24-26: DELIVERING SCALE As we step into the future, the group believes that our presence in these sectors must be at scale. We have embarked on a journey to "Deliver Scale" in each of our businesses. We look at the group companies in 3 buckets on this journey to Deliver Scale: Capitalise on Market Leadership Unlock Full Potential 5X Challenge for Growth Gems SUVs LCVs CAPITALISING ON MARKET LEADERSHIP AUTO Our core businesses in the Automotive and Farm sectors are already well established and scaled players. In the coming years we will focus on expanding on our market leadership by creating customer obsessed brands through pioneering technology leadership and global reach. The focus in these two businesses is to build on the solid foundation to drive further growth and scalability. Indian auto industry is experiencing robust growth, with vehicle penetration increasing steadily. In F24, passenger vehicles reached new highest ever mark of 4.2 million sales annually. The SUV segment is expanding at an even faster pace than the overall passenger vehicle market. Mahindra's core strength lies in creating authentic SUVs that resonate with consumers' evolving preference has been at the forefront of our progress in the sector. We have established ourselves as a leader in the segment, with vehicle launches over the past 3 years underscoring our product and technological leadership. The positive long-term growth outlook for the Indian auto industry, favourable government policies, infrastructure development, increasing income levels, and a young, aspiring population, further strengthens Mahindra's position in the Auto business. SUV share in the segment increased from 21% in F12 to 60%in F24. 1

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 22 Strategic Imperatives The Auto segment aims to deliver significant scale through actions focused on: ICE SUV Leadership Continue to fortify leadership in ICE SUV segment with robust brands like Scorpio, Bolero, XUV700, XUV 3XO and Thar. Product Launches Committed to 23 product launches by 2030 across ICE, BEVs and LCVs. E-SUVs Based on our in-house developed INGLO platform create a new category of e-SUV. Maintain LCV Leadership With continuous innovation and product enhancements. Scaling International Operations Scale international operations multi fold. Strengthening Brand and Customer Obsession Build a legacy of SUV leadership and customercentric innovations. Key Highlights Ÿ Revenue CAGR of 43.1% since F21 Ÿ Scaling up of international operations 1 MS - 6.2% in South Africa, 5% in Australia. Ÿ Top of brand affinity and CSAT – SUV Brand Power #1 in F23 and F24. Ÿ RoCE at 42% for F24 Achievements in F24 Ÿ Achieved highest ever annual sales volume of 825K units, 18% YoY growth Ÿ Continues to dominate the SUV segment being #1 by revenue market share in SUVs, with revenue market of 20.4% (130 bps YoY growth) Ÿ LCV < 3.5T market share stood at 49% an increase of 350 bps YoY despite the industry being flat through the year. This was made possible by launch of new range of Pickups. Ÿ Open Bookings of SUVs at 220K as on 1 May, 2024* indicated a significant reduction from previous year levels, demonstrating improved production capacity and deliveries Ÿ SUV capacity augmentation to 49K per month FARM Indian tractor industry with annual sales volume of 876K units witnessed a YoY decline of 7.4%. However, the long-term growth outlook for the domestic industry remains positive. The key growth drivers include improved affordability, demand for farm mechanisation, newer technologies in farm sector and continued focus of government spend in the sector. Mahindra, with its core brands Mahindra and Swaraj, continues to lead the industry, maintaining its market leadership. New product launches combined with other initiatives like financing, digitisation, service quality, dealer penetration, supply chain ramp up and thoughtful pricing have helped maintain our market position. Farm machinery continues to be a high potential segment owing to concerns on farm productivity and labour shortage. The segment is ramping up with launch of rotary tillers and harvesters for domestic market and various tractor driven implements for export market. The Company also plans to leverage the Centers of Excellence (CoE) in Turkey, Finland and Japan to launch implements and farm machinery in the country. Q4 MS in addressable market Our commitment to pioneering technology and leveraging global partnerships ensures that we remain at the forefront of agricultural advancements. th * Includes 3XO as on 15 May, 2024, 11:00 am

RISE TO CREATE VALUE 23 Strategic Imperatives The Farm segment at Mahindra aims to deliver substantial scale through focused strategic actions: Product Launches and Channel Expansion The farm division plans to launch new products and expand its distribution channels to strengthen its market position. Scaling Farm Machinery Exponentially Recognising the high potential of the farm machinery segment, the Farm Division intends to scale this segment manifold by F26 (versus F22). Growing International Business 1.6X by F26, focusing on key markets and leveraging Centers of Excellence in Turkey, Finland, and Japan. Pioneering Technology Leadership By investing in cutting-edge technologies and fostering strategic partnerships, we seek to maintain our leadership in farm technology and introduce innovative solutions to the market. Key Highlights Ÿ Revenue CAGR of 10.5% since F21. Ÿ Successful launch of OJA, Target and Naya Swaraj tractors; 3.4% MS gain in last 3 years. Ÿ Scaling up of IO operations: OJA US launch, SEA regional office, Europe entry in CY25. Ÿ Launched India's first intelligent harvester & >50K tractors with telematic kits deployed. Ÿ RoCE at 47% for F24. Achievements in F24 Ÿ Farm has been resilient in a declining industry and has gained market share of 40 bps to 41.6%. We have been able to retain the position of market leader for the 41 consecutive year. Ÿ Farm machinery has grown by 32% despite rural slowdown. The growth was driven by record performance in rotary tillers where we are #2 from being non existent just 3 years back. With pick up in rural economy the segment is expected to cross 30%+ growth rate. UNLOCKING FULL POTENTIAL Mahindra Finance and Tech Mahindra represent sizeable businesses with significant potential to unlock value. Both of these businesses have unique strengths which should allow them to be leaders in the segments they operate in. In the past couple of years, both businesses have underperformed versus peers due to various operational reasons. We have been executing a plan to achieve leadership position in these businesses which should unlock significant value. For Mahindra Finance, growth has been robust, however, asset quality had been uneven especially during the COVID years. The endeavour in the business is to lead in Stable and High Asset quality even as it achieves diversification into attractive segments of the financial services landscape. Mahindra Finance is also cultivating strategic partnerships to gain share in fee based products and services. The business is investing heavily in digitising its customer facing as well as internal processes as it continues to serve the increasingly tech savvy emerging India. Tech Mahindra has underperformed versus peers on margins even as the industry has been faced with headwinds from global slowdown. With Industry expected to see some recovery in the coming year, Tech Mahindra will focus on accelerating new age offerings and augment deep tech. As it works to strengthen its revenue streams, it has already embarked on a large scale transformation of its organisation and processes to significantly enhance its ability to deliver world class margins. 2 MAHINDRA FINANCE Mahindra Finance (MMFSL) has been making steady progress in its strategy, witnessing 40% increase in Market Cap since F21. The company's focus on asset quality has paid dividends. In F24, Mahindra Finance achieved steady improvement in its Gross Stage 3 assets achieving a record low 3.4% by year end even as it crossed 1 lakh Crore Assets Under Management. With the positive outlook for the Indian financial sector, driven by economic growth, increasing financial inclusion, and digital transformation, MMFSL is well-poised to unlock its full potential. st th Movement from 31 March, 2021 to 28 March, 2024

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 24 Strategic Imperatives MMFSL has laid down a comprehensive Mission: Ÿ Stable asset quality GS-3 < 6% Ÿ 2x AUM Growth Ÿ Achieve 15% contribution from new business lines Ÿ Maintain NIMS at around 7.5% Ÿ Targeting operating Leverage cost to assets of c.2.5% Ÿ Achieve ROA of c.2.5% on a sustained basis Key Highlights Ÿ Asset quality improved sharply across Stage 2 and Stage 3 (GS2+GS3 combined) from 21.9% in F22 to 8.4% in F24. Ÿ The business continues to enhance digital capabilities to improve customer experience and employee productivity. Various end-to-end customer digital journeys are progressing well. Ÿ Partnerships forged with SBI, Bank of Baroda, India Post are expected to drive volumes in overall disbursements. Achievements in F24 Ÿ MMFSL crossed the INR 1,00,000 crore mark in AUM, closing the year with an AUM of INR 1,02,597 crore, reflecting a 24% YoY growth and a 3-year CAGR of 17%. Ÿ Disbursements stood at INR 56,208 crore, representing a 13% YoY growth and a 3-year CAGR of 44%. This growth was driven by healthy diversification across passenger vehicles, commercial vehicles, used vehicles and three-wheeler businesses. Ÿ Significant improvement in asset quality, with GS-3 at an all-time low of 3.4% TECH MAHINDRA Tech Mahindra is a leading provider of digital transformation, consulting and business reengineering services and solutions. As an Associate of the Mahindra Group, it leverages cutting-edge technology to drive innovation and enhance customer experiences across diverse industries globally. With a new leadership team, Tech Mahindra has embarked on a multi year transformation. The overarching goal is to achieve leadership in the segments it operates in with well-defined growth and operational strategy. The positive long-term growth outlook for the technology sector, driven by digital transformation, increasing adoption of new-age technologies, and expanding global markets, supports Tech Mahindra's strategic focus. Strategic Imperatives Tech Mahindra has outlined a clear vision for F27, focusing on three main strategic imperatives to achieve its stated objective of 'Scale At Speed': Revenue sales improvement The sales organisation has been simplified to 6 sales SBUs from 12. The structure has been delayered for better synergy and accountability. Time and investment allocation across accounts has been reviewed to bring more attention and investment to top accounts and revamping engagement efforts with small accounts. Margin improvement The company is working on centralising the delivery structure to enable innovation and domain expertise and implement focused programs towards cost reduction and margin expansion. This step is expected to enhance client service while also increasing innovation, profitability and scalability. Organisation The internal policies are being reworked to strike a right balance between robust processes and frameworks along with freedom and creativity. Idea is to promote the entrepreneurial model with a unifying vision and supporting frameworks. The company also undertook and external cultural assessment and is working on the inputs received.

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

MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 26 Key Highlights Significant Portfolio Manages an IPP portfolio exceeding 1.5 GWp, with an annual generation capacity of over 2.6 billion units. Strategic Partnerships Enhanced financial robustness and strategic advisory by onboarding Ontario Teachers' Pension Plan (OTPP) as a strategic investor with a 39.99% stake. Achievements in F24 New Order Wins Secured new orders totalling approximately 2 GWp, which significantly contributes to the planned growth and expansion targets. Record InvIT Listing Achieved the largest InvIT listing in India, marking a significant milestone in the financial landscape. MAHINDRA ACCELO Mahindra Accelo Ltd. is a leading player in the manufacturing of automotive components, EV components, and automotive recycling. In the energy sector, it is a key supplier of power components, electrical stampings, and purlins. Accelo utilises advanced technology to provide high-end Body-in-White (BiW) components using blanking lines and India's first high-speed progressive stampings. Products are supplied to major automotive OEMs from four locations across India. Accelo has been preparing for the upcoming EV penetration in India. It has established capability to provide critical components to the EV industry in India and globally with world class presses which have some of the highest level of automation seen in the global component industry. With strategic advancements in automation and sustainability practices, Accelo is set to enhance operational efficiencies and expand its service offerings, aligning with the Group's goals of sustainability and innovation. Accelo also operates CERO, India's first and largest Governmentauthorised recycler of motor vehicles, promoting zero tolerance towards pollution and unsafe practices in vehicle recycling. Strategic Imperatives Aim to become the largest supplier of auto components in India by enhancing manufacturing capabilities and leveraging technological advancements. Additionally, become the largest player in organised vehicle recycling by F28. Key Highlights Industry Leadership Recognised as a leading mobility and energy components company and a market leader in high-end transformer components. Pioneering Recycling Established as India's largest vehicle recycling company, CERO operates with 32 collection centers and 9 Registered Vehicle Scrapping Facilities across 41 cities in India. Achievements in F24 Ÿ Achieved highest ever revenue of approximately INR 4,600 Crores in F24 through volume growth and addition of new customers. Ÿ Successfully augmented capabilities with EV component lines now fully operational.