HOW TO READ THE REPORT Integrated Annual Report 2024-25 Scope of the Report The reporting period of Mahindra & Mahindra Limited apropos this Integrated Report is 1st April, 2024 to 31st March, 2025. The scope includes our core operations across the Automotive Sector, Farm Equipment Sector, Spares Business Unit, Mahindra Research Valley, Two-Wheeler Division, Construction Equipment Division, and Powertrain Business Division. We have also included performance highlights and strategy discussion from other Mahindra Group company businesses to present a more comprehensive view of the Group’s impact and reach. This Report aligns with the nine principles of the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, as articulated by the Ministry of Corporate Affairs. This Integrated Report offers a cohesive perspective on our performance and our capability to generate long-term value by design, spanning six interconnected capitals: Each section of the Report reflects how bold thinking, strategic design, and operational resilience power our journey and stakeholder value creation Integrated Report <IR> We believe value creation is not limited to financial performance but is about delivering sustained outcomes for all stakeholders. This Integrated Report outlines how we generate, preserve, and grow value by strategically managing financial and non-financial capital. We remain committed to the principles of integrated reporting, mapping the relationships between inputs, value-creating activities, outputs, and outcomes across six capitals: Financial, Manufactured, Intellectual, Human, Social and Relationship, and Natural. A visual value creation model, supported by key performance indicators (KPIs), illustrates these connections clearly. 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. This report draws reference from internationally recognised frameworks such as the Integrated Reporting <IR> Framework, GRI Standards, and BRSR guidelines. 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.’ are used interchangeably to refer to Mahindra & Mahindra Limited. Financial Manufactured Intellectual Human Social & Relationship Natural .
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