MAHINDRA & MAHINDRA LTD. Consolidated Accounts 361 (C) Other reserves Rupees crores Particulars Capital Redemption Reserve Capital Reserve Debenture Redemption Reserve General Reserve Statutory Reserve Total As at 1st April, 2024...................................................... 73.69 23.52 73.79 3,154.13 1,707.67 5,032.80 Transfer from retained earnings............................................... — — — — 245.84 245.84 Transfer to retained earnings..................................................... (4.97) — (23.15) — — (28.12) On account of employee stock options lapsed.............. — — — 3.26 — 3.26 As at 31st March, 2025................................................. 68.72 23.52 50.64 3,157.39 1,953.51 5,253.78 As at 1st April, 2023...................................................... 73.69 23.52 73.79 3,150.40 1,523.47 4,844.87 Transfer from retained earnings............................................... — — — — 184.20 184.20 On account of employee stock options lapsed.............. — — — 3.73 — 3.73 As at 31st March, 2024................................................. 73.69 23.52 73.79 3,154.13 1,707.67 5,032.80 (D) Notes a) The Company has reduced the Share capital by Rs. 10.69 crores (2024: Rs. 11.08 crores) and Securities premium by Rs. 182.94 crores (2024: Rs. 182.94 crores) for the 2,13,72,521 shares of Rs. 5 each (2024: 2,21,41,316 shares of Rs. 5 each) held by the M&M ESOP Trust pending transfer to the eligible employees. b) The Company has also reduced the Share capital by Rs. 21.12 crores (2024: Rs. 21.12 crores) and Retained earnings by Rs. 1,168.20 crores (2024: Rs. 1,168.20 crores) for 4,22,35,214 shares of Rs. 5 each (2024: 4,22,35,214 shares of Rs. 5 each) held by M&M Benefit Trust. c) The share capital of the Company has also been reduced and the Securities premium increased by Rs. 31.80 crores (2024: Rs. 32.19 crores) for 2,13,72,521 bonus shares of Rs. 5 each (2024: 2,21,41,315 bonus shares of Rs. 5 each) issued by the Company to M&M ESOP Trust and for 4,22,35,214 bonus shares of Rs. 5 each (2024: 4,22,35,214 bonus shares of Rs. 5 each) issued by the Company to M&M Benefit Trust in December, 2017. (E) Description of the nature and purpose of reserves (i) Capital reserve Capital reserve represents receipt of Government grants from a package of incentive given by Government for setting up / extension of plants in specified areas. (ii) Capital reserve on consolidation Gain on bargain purchase, i.e., excess of fair value of net assets acquired over the fair value of consideration in a business combination or on acquisition of interest in associate is recognised as capital reserve on consolidation. (iii) Securities premium Securities premium is used to record the premium on issue of shares. The fair value of employee stock options is recognised in securities premium once the shares have been allotted on exercise of the options. (iv) General reserve The general reserve comprises of transfer of profits from retained earnings for appropriation purposes. The reserve can be distributed / utilised by the Company in accordance with the Companies Act, 2013. (v) Retained earnings Retained earnings comprises of accumulated balance of profits / (losses) of current and prior years including transfers made to / from other reserves from time to time. The reserve can be utilised or distributed by the Company in accordance with the provisions of the Companies Act, 2013 (vi) Debenture redemption reserve Debenture redemption reserve is a statutory reserve (as per Companies Act, 2013) created out of profits of the company available for payment of dividend for the purpose of redemption of debentures issued by the Company. On completion of redemption, the reserve is transferred to retained earnings. (vii) Share option outstanding account The share option outstanding account represents reserve in respect of equity settled share options granted to the Company’s employees in pursuance of the employee stock option plan. (viii) Statutory reserve Statutory reserve has been created pursuant to section 45- IC of the RBI Act, 1934 and section 29C of the National Housing Act, 1987. (ix) Capital redemption reserve Capital redemption reserve was created against redemption of preference shares. The accompanying notes 1 to 49 are an integral part of the Consolidated Financial Statements. Consolidated Statement of Changes in Equity | for the year ended 31st March, 2025 (Continued) Directors: T. N. Manoharan Shikha Sharma Nisaba Godrej Muthiah Murugappan Padmasree Warrior Ranjan Pant Sat Pal Bhanoo (DIN - 01186248) (DIN - 00043265) (DIN - 00591503) (DIN - 07858587) (DIN - 10387032) (DIN - 00005410) (DIN - 10482731) In terms of our report attached. For B S R & Co. LLP Chartered Accountants Firm’s Registration No. : 101248W/W-100022 Venkataramanan Vishwanath Partner Membership No. : 113156 Mumbai, 5th May, 2025 Anand G. Mahindra Chairman (DIN - 00004695) Anish Shah Group CEO and Managing Director (DIN - 02719429) Rajesh Jejurikar Executive Director and CEO (Auto and Farm Sector) (DIN - 00046823) Amarjyoti Barua Group Chief Financial Officer Divya Mascarenhas Interim Company Secretary (FCS No.10249) Mumbai, 5th May, 2025 For Mahindra & Mahindra Limited
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