Integrated Annual Report 2024-25 82 Dividend Distribution Policy The Dividend Distribution Policy containing the requirements mentioned in Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) is attached as Annexure I and forms part of this Annual Report. The Dividend Distribution Policy of the Company is also uploaded on the Company’s website at the Web-link: https://www.mahindra.com/sites/default/files/resources/ investor-reports/FY17/Governance/MM-DividendDistribution-Policy-29-9-2016-Final.pdf B. CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Financial Statements of the Company, its subsidiaries, associates and joint ventures prepared in accordance with the Companies Act, 2013 and applicable Indian Accounting Standards along with all relevant documents and the Auditors’ Report forms part of this Annual Report. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies, associates and joint ventures. The Consolidated Income from operations is Rs. 1,59,211 crores in the current year as compared to Rs. 1,39,078 crores in the previous year, registering an increase of 14.5%. The Consolidated Profit before share of profit of associates and joint ventures and tax for the current year is Rs. 17,542 crores as compared to Rs. 14,856 crores in the previous year, registering an increase of 18.1%. The consolidated profit after tax after non-controlling interest for the year is Rs. 12,929 crores as compared to Rs. 11,269 crores in the previous year, registering an increase of 14.7%. The Financial Statements as stated above are also available on the website of the Company and can be accessed at the Web-link: https://www.mahindra.com/resources/FY25/ AnnualReport.zip. Subsidiary, Joint Venture and Associate Companies The Mahindra Group entities continue to play a pivotal role in driving the overall revenue growth and performance of your Company. Tech Mahindra Limited, Flagship Company in the IT Sector, reported a consolidated operating revenue of Rs. 52,988 crores in the current year as compared to Rs. 51,996 crores in the previous year, registering an increase of 1.9% (not consolidated in M&M revenue). Its consolidated profit after tax after non-controlling interests is Rs. 4,252 crores as compared to Rs. 2,358 crores in the previous year, registering an increase of 80.3%. The Group’s finance company, Mahindra & Mahindra Financial Services Limited, a listed subsidiary of the Company (Mahindra Finance), reported a consolidated operating revenue of Rs. 18,463 crores during the current year as compared to Rs. 15,797 crores in the previous year, registering an increase of 16.9%. The consolidated profit after tax after non-controlling interests for the year is Rs. 2,262 crores as compared to Rs. 1,933 crores in the previous year, registering an increase of 17.0%. The customer base of Mahindra Finance has crossed 11.0 million customers and currently has a network of over 1,365 offices. Mahindra Finance reported closing business AUM of Rs. 1,19,673 crores as of 31st March, 2025, a growth of 16.6%. Mahindra Lifespace Developers Limited, a listed subsidiary in the business of real estate, reported a consolidated operating revenue of Rs. 372 crores as compared to Rs. 212 crores in the previous year, registering an increase of 75.5%. The consolidated profit after tax after non-controlling interest for the year is Rs. 61 crores as compared to Rs. 98 crores in the previous year, registering a decrease of 37.8%. Residential pre-sales of Rs. 2,804 crores in FY25, reported a growth of 20.4%. Mahindra Holidays & Resorts India Limited, a listed subsidiary in the business of vacation timeshare, registered a consolidated operating revenue of Rs. 2,781 crores as compared to Rs. 2,705 crores in the previous year, registering an increase of 2.8%. The consolidated profit after tax after non-controlling interests for the year is Rs. 128 crores as compared to Rs. 116 crores in the previous year, registering an increase of 10.3%. Mahindra Logistics Limited, a listed subsidiary in the logistics business, reported a consolidated operating revenue of Rs. 6,105 crores as compared to Rs. 5,506 crores in the previous year registering an increase of 10.9%. The consolidated loss after tax after non-controlling interests for the year is Rs. 36 crores as compared to Rs. 55 crores in the previous year, registering a decrease of loss of 34.5%. Swaraj Engines Limited, a listed subsidiary in the business of manufacturing of Diesel Engines and its components, reported operating revenue of Rs. 1,682 crores as compared to Rs. 1,419 crores in the previous year registering an
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