Dear colleagues,

As I look back on 2021, I reflect on the year gone by with a sense of gratitude and optimism.

It has indeed been a difficult, yet rewarding year. As we navigated many challenges, I am deeply grateful for the resilience of our people that has helped achieve strong business outcomes. Our Auto and Farm businesses demonstrated robust operating and financial performance, despite headwinds on commodity prices and supply chain. With the XUV7OO, we are well-positioned to regain core SUV leadership. We have maintained our leadership position in tractors with 40%+ market share.

Mahindra Finance made a strong comeback with collections recovery, clocking 1,000 cr+ PAT in the second quarter of the fiscal year. Tech Mahindra continued its momentum with big partnerships and strong growth in PAT. Our listed growth gems (Logistics, Holidays and Lifespaces) have shown significant growth in key metrics, including a 2-3x increase in valuation. Our unlisted growth gems are well on track, and there is a surge of activity and renewed vigour with our New Age Digital Platforms.

We continue to live our purpose by leading sustainability efforts, enhancing women empowerment and taking various actions to support our communities in the time of need. At the peak of Covid-19 relief efforts, our businesses set up oxygen plants, donated oxygen concentrators and ambulances, provided free meals and transportation and took many other steps for the well-being of our communities. Your work this year has made me so proud of leading this Group.

In the new world, our success will be defined by our people’s attitude and behaviour. The challenges that we face in our business today will require a high degree of collaboration, agile mindset and bold decision-making.

We enter 2022 with optimism, confidence and enthusiasm.

We will continue to Rise with purpose as we strive to create an equal world while reducing our carbon footprint and maintaining the highest standards of ethical business conduct. Our objective is to lead ESG globally and demonstrate how purpose-led growth can reinvent the business.

We will continue to Rise by delighting our customers — technology-led customer experience will be our key differentiator. Brands are getting redefined by customer experience, and it is critical for us to build this armour as we compete with new-age brands.

We will continue to Rise by rewarding our investors — by driving growth with passion. This requires a sharp focus on execution. Collaboration, agility and a bold approach are key attributes that are essential to making this happen. My ask from each of you is to demonstrate these behavioural traits consistently.

I am optimistic about the future and confident that we are well positioned to take the Mahindra Group to the next level. With the increasing vaccination coverage across the country, there is hope that this New Year will be a harbinger of good times. We have a very strong and seasoned leadership team and a strong foundation of values. We are building businesses of tomorrow with a purpose and performance-driven culture. And most importantly, the trust we have built among customers, and our innovative product offerings position us very well across all our industries. We are ready to face the future with confidence and enthusiasm.

I would like to thank each of you and your families once again for all the support throughout the year. Here’s to new beginnings in 2022!

Warm regards,

Anish