Mumbai, July 31, 2024 – In a momentous 78th Annual General Meeting, Anand Gopal Mahindra, Chairman of the Mahindra Group, delivered a powerful speech reflecting on a year of exceptional achievements and setting the stage for future aspirations.
A Farewell and a Welcome
The AGM began with heartfelt farewells to outgoing directors CP Gurnani, Vijay Kumar Sharma, Dr. Vishakha Desai, and Vikram Singh Mehta, acknowledging their significant contributions to the Board. Simultaneously, the Group extended a warm welcome to the incoming directors, Padmasree Warrior, Ranjan Pant, and Satpal Bhanoo, who bring extensive expertise from various industries.
Record Sales and Innovations
Highlighting the Group’s remarkable performance in FY 2024, Mahindra announced the highest combined sales of vehicles and tractors in its history, with nearly 825,000 vehicles and 380,000 tractors sold. This achievement marks an 18% growth in vehicle sales and reaffirms Mahindra’s leadership in the tractor market, despite a 7% decline in the overall sector.
The automotive division’s innovation was a key driver of success. The Scorpio-N and the Scorpio Classic, customized for the Indian Army, stood out as symbols of Mahindra’s commitment to excellence and national service. The “Mahindra Futurescape” vision, showcasing the Thar.e and the Global Pik Up vehicle concepts, expanded the company’s global footprint. In the electric vehicle sector, the new XUV 400 EL Pro variant and multiple awards propelled a 51% surge in EV sales.
Agricultural Achievements
Despite challenges in the domestic and global tractor markets, Mahindra sold almost 380,000 tractors under the Mahindra, Swaraj, and Trakstar brands, maintaining industry leadership for the 41st consecutive year. The company celebrated the milestone of 4 million tractors sold with the launch of the Mahindra Yuvo Tech Plus, a next-generation model built at the Zaheerabad facility. The OJA tractor family’s rapid growth positions Mahindra to capture 25% of the global tractor industry, exploring new markets in Europe and ASEAN.
Financial Growth and CSR Initiatives
Mahindra Finance’s loan book crossed one trillion rupees, marking a 24% increase over the previous year. The Group’s Growth Gems’ valuation quadrupled over four years, and the ‘Services businesses’ contributed significantly to M&M’s net cash generation.
Mahindra’s CSR efforts made substantial impacts, supporting the education of over 230,000 underprivileged girls through Project Nanhi Kali and enhancing the income and food security of 25,000 women farmers through regenerative agriculture initiatives. Environmental conservation efforts included planting 1.8 million trees and creating water harvesting structures, benefiting over 44,000 farmers.
Future Investments and Employment Initiatives
Looking ahead, Mahindra announced an ambitious investment plan of 370 billion rupees over the next three years, emphasizing growth, innovation, and job creation. The Group is actively involved in skill-building programs, aiming to increase technical know-how and female workforce participation. In FY 2024, Mahindra reached over 220,000 women through various skilling interventions.
Closing Remarks
Anand Mahindra concluded the AGM by expressing gratitude for the unwavering support and belief in the Group’s vision. “Together, we have harnessed the tides of opportunity and turned challenges into triumphs,” he said. “As a group, our resilience is unquestionable, our imaginations are unfettered, and our aspirations are unconstrained. We are truly Mahindra – Unlimited.”
The 78th AGM marked a year of record-breaking achievements and set a promising path for Mahindra’s future, reinforcing its commitment to innovation, growth, and societal impact.
