MANAGEMENT DISCUSSION AND ANALYSIS Mahindra & Mahindra Limited ('M&M' or 'Mahindra') is the flagship Company of the Mahindra Group, a globally renowned conglomerate with a wide spectrum of business interests spanning industries and geographies. As a pioneer in innovation and technology, Mahindra has consistently focused on creating solutions that deliver value and empower its customers, partners, and stakeholders to Rise. Guided by a vision to drive progress, Mahindra is committed to pushing boundaries to develop world-class products and technology-enabled services. By maintaining a sharp focus on customer-centricity, the Company strives to deliver accessible and impactful solutions tailored to meet evolving needs. Innovation lies at the heart of Mahindra, enabling it to adapt to challenges and seize opportunities in a fast-changing world. Enhancing people capabilities is another pillar of Mahindra's growth strategy, ensuring its talent remains future-ready to tackle global and domestic challenges. This approach has allowed Mahindra to strengthen its presence in the domestic market while pursuing ambitious global expansion plans. With a legacy built on excellence and a forward-looking mindset, Mahindra continues to drive sustainable growth, foster innovation, and empower individuals and communities worldwide, ensuring its commitment to creating a better future remains unwavering. In FY25, your Company sold 9,41,115 vehicles* (a growth of 14.1% over the previous year) and 4,24,641 tractors (includes domestic sales and exports of Mahindra, Swaraj and Trakstar brands), a growth of 12.2% over the previous year, the highest-ever tractor sales by Mahindra in a given financial year. This represents the highest combined sales of vehicles and tractors in any single year by the Company. The Automotive and Farm Sectors, along with their subsidiaries, associate companies and joint ventures, achieved global sales# of 1.37 million vehicles and tractors (9,40,181 vehicles and 4,33,471 tractors), a growth of 12.4% over the previous year. 9,41,115 Units (Includes domestic sales and exports) 14.1% YoY Increase in total automotive volume 4,24,641 Units (Includes domestic sales and exports) 12.2% YoY Increase in total tractor volume *Includes sales made by Mahindra Last Mile Mobility Limited (“MLMML”) & Mahindra Electric Automobile Limited (“MEAL”) #Includes Domestic sales and sales by subsidiaries Management Discussion and Analysis | 137 MAHINDRA & MAHINDRA LTD.
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