Integrated Annual Report 2024-25 106 v. Industry outlook for the future years, vi. Inflation rate, and vii. Changes in the Government policies, industry specific rulings & regulatory provisions. Apart from the above, the Board also considers past dividend history and sense of shareholders’ expectations while determining the rate of dividend. The Board may additionally recommend special dividend in special circumstances. The Board may consider not declaring dividend or may recommend a lower payout for a given financial year, after analyzing the prospective opportunities and threats or in the event of challenging circumstances such as regulatory and financial environment. In such event, the Board will provide rationale in the Annual Report. The retained earnings of the Company may be used in any of the following ways: i. Capital expenditure for working capital, ii. Organic and/or inorganic growth, iii. Investment in new business(es) and/or additional investment in existing business(es), iv. Declaration of dividend, v. Capitalisation of shares, vi. Buy back of shares, vii. General corporate purposes, including contingencies, viii. Correcting the capital structure, ix. Any other permitted usage as per the Companies Act, 2013. Information on dividends paid in the last 10 years is provided in the Annual Report. This policy may be reviewed periodically by the Board. Any changes or revisions to the policy will be communicated to shareholders in a timely manner. The policy will be available on the Company’s website and the link to the policy is: https://www.mahindra.com/sites/default/files/ resources/investor-reports/FY17/Governance/MM-Dividend-Distribution-Policy-29-9-2016-Final.pdf The policy will also be disclosed in the Company’s annual report.
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