The past fiscal year has been a testament to the Mahindra Group's unwavering commitment to innovation, growth, and societal impact. As the company continues to align its strategies with emerging market trends, it has achieved significant milestones that set the stage for an even brighter future, Anand Mahindra, Chairman, Mahindra Group, has said.
Sales, Market Leadership
Addressing the 78th Annnual General Meeting, Mahindra said that in FY 2024, the Group recorded its highest-ever combined sales of vehicles and tractors, selling nearly 825,000 vehicles and 380,000 tractors. This achievement reflects an 18% growth in vehicle sales. Despite a challenging market environment, the Group maintained its leadership in the tractor market, achieving this feat for the 41st consecutive year, even as the overall market declined by more than 7%.
The automotive division has been a cornerstone of Mahindra's success. The launch of the Scorpio-N and the Scorpio Classic, customised for the Indian Army, underscored the company's commitment to serving both civilian and national needs.
The unveiling of the 'Mahindra Futurescape' vision, featuring the Thar.e and Global Pik Up vehicle concepts, marked an exciting new chapter in Mahindra's global journey. In the burgeoning Electric Vehicles (EV) space, Mahindra introduced the XUV 400 EL Pro variant and garnered three prestigious Electric Car of the Year awards, resulting in a 51% surge in EV sales, he mentioned.
Resilience
Despite a slowdown in domestic and global tractor markets, Mahindra's Farm Equipment Sector showcased resilience by selling nearly 380,000 tractors under the Mahindra, Swaraj, and Trakstar brands. The company celebrated a significant milestone by crossing the sale of four million tractors, highlighted by the launch of the Mahindra Yuvo Tech Plus. Internationally, the rapid growth of the OJA tractor family positions Mahindra to tap into 25% of the global tractor industry, with expansion plans targeting Europe and ASEAN markets.
Finance
At the group level, Mahindra Finance's loan book surpassed one trillion rupees, a 24% increase over the previous year. The company's 'Growth Gems' valuation has increased fourfold in the past four years, contributing significantly to Mahindra's net cash generation. The services businesses alone contributed nearly seven thousand crore from FY22 to FY24.
CSR
Mahindra said that through Project Nanhi Kali, the company supported the education of over 230,000 underprivileged girls. The Group's efforts in regenerative agriculture benefited over 25,000 women farmers, improving their incomes and ensuring food security. The company's environmental conservation initiatives, including planting nearly 1.8 million trees and creating water harvesting structures, positively impacted over 44,000 farmers.
Looking Ahead
Mahindra plans to invest 3.7 billion rupees over the next three years to support its growth and innovation efforts. The group recognises the critical role of the private sector in job creation, particularly in light of India's reorientation of global supply chains post-pandemic. The government's recent initiatives to support employers in creating jobs, especially for first-time employment and manufacturing, align with its focus on increasing employment opportunities.
The Group is actively working on skill-building programmes, reaching over 220,000 women through various interventions, including employability-focused training and domain-specific skill development. Mahindra's focus on increasing technical skills and female workforce participation reflects its efforts to support growth and inclusivity. As the company continues to harness opportunities and overcome challenges, it will focus on a future of sustainable growth and shared prosperity, Mahindra concluded.
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