Analyst Conference

May 30, 2014

V S Parthasarathy

Chief Financial Officer

1

Todays Theme

• Green shoots

• Hope…

• Performance amidst adversity

• Standalone Financials

• Consolidated Financials

• Zero Trauma in Turbulence

• Consistent Strong Financial Metrics

• Value Creation

• Milestone & Achievement

2

3

GDP Currency

2013 2012 2013 2012

Brazil 1.93 1.83 2.36 2.05

Russia 1.3 3.4 32.9 30.56

India 4.5 6.7 61.89 54.79

China 7.7 7.9 6.06 6.234

World economy outlook…

2014 2015

World Output 3.6 3.9

USA 2.8 3.0

Euro Area 1.2 1.5

Brazil 1.8 2.7

Russia 1.3 2.3

India 5.4 6.4

China 7.5 7.3

Source: IMF world economic outlook April 2014

Recovery Strengthens, Remains Uneven

5

• Stability in Indian environment

• Exports showing traction

• Rupee stable to strong

• Rural economy as a driver

6

Glimmer of Hopes…

• Policy actions on FDI / Investments / GST etc. will it be fast tracked?

• Financing Cost will reduce

• Thrust on Infrastructure Investments

• With emergence of stability, estimates of GDP (5.4%) may be bettered…

The Return of Optimism

7

8

Mahindra

Tower

9

Mahindra

Tower

...in 10 business sectors...

Mahindra Partners (Steel,

Retail, Trade, Logistics, Boats,

Energy, Media)Defence Systems

Automotive

Aftermarket

Financial Services

Hospitality

Systech

Information Technology

Real Estate

Farm Equipment

10

11

Life Insurance Corporation of India

First State Investments

Golboot Holdings Ltd (Goldman Sachs)

J P Morgan Group

Dodge & Cox

Capital Group

ICICI Prudential Life Insurance Ltd

Government of Singapore

Abu Dhabi Investment Authority

GIC, India

Top 10 Shareholders with > 1%

Shareholding Pattern… as on 31st March 2014

Promoter and

Promoter Group 25.3%

FII / NRI / GDR

45.6%

Insurance Cos.

14.3%

FI / MF / Banks1.5%

Individuals13.3%

12

Industry Growth

Auto Industry in downward spiral…

FY 14 FY 13 FY 12

Passenger Vehicle -6.1% 1.3% 4.7%

CV’s -20.2% -2.0% 18.2%

3 Wheelers -10.9% 4.9% -2.4%

Industry (Excl. 2 Wheelers) -9.5% 1.7% 6.2%

Sharpest fall

since 1976

13

To stand against all adversity is the most sacred moment

of existence

14

Strong Growth Trajectory

Gross Revenue & Other Income PAT

2,068

2,6872,997

3,6343,905

FY10 FY11 FY12 FY13 FY14

M&M + MVML (Standalone)

20,73526,201

35,005

43,655 43,256

FY10 FY11 FY12 FY13 FY14

EBITDA

2,965

3,6214,150

5,329 5,248

FY10 FY11 FY12 FY13 FY1414

15

Strong Growth Trajectory

Gross Revenue & Other IncomePAT after MI

2,479

3,080 3,127

4,099

4,667

FY10 FY11 FY12 FY13 FY14

Consolidated Accounts

33,79039,864

63,358

74,36178,736

FY10 FY11 FY12 FY13 FY14

EBITDA

5,0155,449

6,245

7,4497,843

FY10 FY11 FY12 FY13 FY14

16

Generating robust EPS growth

Note: Adjusted for Bonus & Stock-split

2.7 2.2 3.1 7.5

11.5

19.0 22.6 23.1

15.9

38.0

46.6 51.0

61.6 66.2

2001 2004 2007 2010 2014

17

Our businesses are leaders in

their industries

18

XUV 5OO Quanto Xylo Scorpio

Thar Bolero Verito

Rexton

In UV Segment, Q4

Market Share @ 43.3%

19

20

21

Mahindra Holidays &

Resorts India Limited

22

23

24

25

Financials Snapshots

26

Mahindra Trucks & Buses…(MTBL)

De-merger Rationale

Operational efficiency

Financial benefits

Quarterly Performance – M&M + MVML Snapshot

Total Income

EBIDTA

PAT 976

1,400

10,137

Q4 FY 14 Q4 FY 13

10,085

1,435

963 1.3%

2.4%

0.5%

Without MTBL Merger

OPM 13.98% 14.38

27

Quarterly Performance – M&M + MVML Snapshot

Total Income

EBIDTA

PAT 976

1,400

10,137

Q4 FY 14 Q4 FY 13

10,085

1,435

963 1.3%

2.4%

0.5%

0.5%

26.1%

2.4%

Without MTBL Merger

OPM 13.98% 14.38

968

1,060

10,322

Q4 FY 14

With MTBL

10.38%

28

Yearly Performance – M&M + MVML Snapshot

Total Income

EBIDTA

PAT 3,913

5,588

39,297

FY 14 FY 13

38,926

5,329

3,634 7.7%

4.9%

1.0%

Without MTBL Merger

OPM 14.47% 13.89%

29

Yearly Performance – M&M + MVML Snapshot

Total Income

EBIDTA

PAT 3,913

5,588

39,297

FY 14 FY 13

38,926

5,329

3,6347.4%

1.5%

1.4%

Without MTBL Merger

OPM 14.47% 13.89%

3,905

5,248

39,482

FY 14

With MTBL

13.52%

30

Performance Indicators

Particulars F – 2014 F – 2013

OPM (%) 13.52 13.89

ROCE 22.16 26.77

Interest Coverage Ratio 14.91 16.08

Debt / Service Ratio 5.67 6.63

EPS (Basic) (Rs.) 66.15 61.63

Book Value (Rs.) 293.26 254.85

31

32Copyright © 2013 Mahindra & Mahindra Ltd. All rights reserved. 32

F-2014

Consolidated Result

Rs. 5,154 crs

Rs. 4,129 crs

25%

Financial Highlights

Total income

Rs. 78,736 crs

Rs. 74,361 crs

6%

M&M Consolidated – FY 14 vs. FY 13

Rs. 7,843

Rs. 7,449

5%

EBIDTA PAT before MI

33

Rs crs

Subsidiary Company Results

# includes share in profits of Associates

F – 2014 F – 2013% Inc/

(Dec)

Net Revenue 40,249 35,813 9%

PAT before MI # 1,457 754 93%

PAT after MI # 972 596 63%

34

Listed companies continues to perform…

F14 – Rs.954 crs

F13 – Rs.927 crs

F14 – Rs 101 crs

F13 –Rs 141 crs

F14 – Rs.3,029 crs

F13 – Rs.1,956 crs

F14 – Rs.87 crs

F13 – Rs.91 crs

35

Other unlisted companies growing in strength..

Last 5 years PAT…. CAGR

Mahindra Rural Housing Finance 92%

Mahindra Insurance 40%

Mahindra South Africa 80%

Mahindra Engineering Service 11%

Mahindra World City Jaipur 32%

36

22812878 2934

3563

0

500

1000

1500

2000

2500

3000

3500

4000

2010 2011 2012 2013

Q1 CY 14 – Performance

• Revenue 14.5%

• Operating loss reduced by 95.5% and

a net current profit of 10.7 billion won

SYMC continues upward journey…

Revenue Billion won

37

Consolidated Segment Report

38

41798

44875

35000

37000

39000

41000

43000

45000

47000

2330 2358

1000

1500

2000

2500

13825

16884

10000

11000

12000

13000

14000

15000

16000

17000

18000

1828

2480

1000

1500

2000

2500

3000

Farm Equipment

4117

5306

3000

4000

5000

6000

1284

1461

500

1000

1500

2000

Segment Revenue

Segment Result

Automotive

FY13 FY14 FY13 FY14

Financial Service

FY13 FY14

FY13 FY14 FY13 FY14 FY13 FY14

7% 22% 29%

1% 36% 14%

39

727

817

500

1000

141

121

50

100

150

754722

200

500

800

243

161

100

200

300

IDS

1423

1298

500

1000

1500

88

95

50

70

90

110

Hospitality

FY13 FY14 FY13 FY14

Steel Trading

FY13 FY14

FY13 FY14 FY13 FY14 FY13 FY14

12% -4% -9%

-15% -34% 8%

Segment Revenue

Segment Result

40

2851

3208

2000

2500

3000

3500

-295

-502

100

200

300

400

500

600

Others

FY13 FY14

FY13 FY14

-70%

13%

Segment Revenue

Segment Result

41

Segment Revenue

Segment Result

42

-44

-27

10

40

70

100

4994

3812

2000

3000

4000

5000

6000

Systech

FY13 FY14

FY13 FY14

-24%

40%

222

30

-50

0

50

100

150

200

250

FY13 FY14

1494

292

200

500

800

1100

1400

IT Services

FY13 FY14

-80%

-86%

Segment Revenue

Segment Result

43

-50

0

50

100

150

200

250

-44

-27

10

40

70

100

1494

292

200

500

800

1100

14004994

3812

2000

3000

4000

5000

6000

Systech

FY14

FY14

IT Services

FY13

FY13

FY14FY13

FY13 FY14

-24% -80%

40% -86%

14608

19123

12000

14000

16000

18000

20000

49945169

3000

3500

4000

4500

5000

5500

FY14

-44-34

10

110

Systech

FY13

FY13 FY14

2702

3692

2300

2800

3300

3800

IT Services

FY13 FY14

FY13 FY14

4%

23% 37%

31%

• Zero Trauma in Turbulence

Achieving Zero Trauma

44

30.9 28.1

23.324.7 23.6

25.5

20.3

15.717.6

17.2

10

15

20

25

30

35

40

2010 2011 2012 2013 2014

M&M + MVML M&M Consolidated

Healthy ROE

45

0.28 0.32

0.37 0.30 0.45

0.01

0.09 0.17

0.19

0.09

0.41 0.43

0.51 0.51

0.70

(0.25)

(0.05)

0.15

0.35

0.55

0.75

20142013201220112010

M&M + MVML M&M + MVML (Net) M&M Consolidated

…minimal leverage despite huge investments

46Debt Equity Ratio

India Ratings& ResearchA Fitch Group Company

Top notch Credit Rating….

48

0.45

0.32 0.37

0.30 0.28

F 2010 F 2011 F 2012 F 2013 F 2014

DE Ratio

M&M + MVML

1.12

0.82 0.98

0.760.83

F 2010 F 2011 F 2012 F 2013 F 2014

Gearing Multiple

M&M + MVML

Robust Financial Risk Profile

49

50

Unlocking Shareholders Value – Since 2005

Corporate Actions

Bonus Issue – FY 2005 –1:1

Stock Split – FY 2011 – 1:2

Original Investment Cost Vs. CMP

31st March 2014 31st March 2013

Cost Market Value CostMarket

Value

Listed Companies

Subsidiaries 2,735 15,029 2,994 11,090

Associates 651 11,178 649 6,592

Total 3,386 26,207 3,644 17,683

Rs crs

51

Recent

Value

Unlocking

52

• Merger of MES with Tech Mahindra @ swap Ratio of 12:5

• M&M’s investment value of Rs. 60 crs in MES is valued at Rs. 633 crs

Mahindra Engineering

Services (MES)

53

Mahindra Logistic

(MLL)

• Divestment in MLL : Stake sale + PE Infusion

• M&M’s invested Rs. 58 crs in MLL, PE investment valuation ~ at Rs. 750 crs

54

Mahindra CIE Deal

• Mahindra CIE Deal

Per Share CMP

• Investment in Mahindra CIE Rs. 81 Rs. 106.7

• Investment in CIE Spain € 6 € 9.19

55

3.8

9.8

46.7

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00

Gold

Sensex

M&M

Last 5 years

5.1

2.3

1.4

Note: Adjusted for Bonus & Stock-split

Ex Dividend price

Last 11 years

39.5

7.3

3.8

Last 21 years

As at 31st March 2014

Delivering consistent, long term value

$/Oz

56

IT 6x

40x

7x

4x

No.1 in Auto

Enhancing shareholders value … best among allLast 11 years…

Banking

36x

Mfg. 27xPharma

45x

57

Global Leadership Framework

Leadership

Global Presence

Financial Returns

Innovation

58

Global Leadership Framework

Leadership

Global Presence

Financial Returns

Innovation

59

Finance and Accounts Milestones

50 Years Unsecured

NCD with bullet

payment

CIE

Strategic

Alliance

60

Clean sweep for M&M Group with Eight awards at the Fourth Annual CFO 100 Awards 2014

Finance and Accounts Awards

61

"No stars gleam as brightly as those which

glisten in the polar sky. No water tastes so

sweet as that which springs amid the desert

sand. And no faith is so precious as that which

lives and triumphs through adversity“

- Charles H Spurgeon

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