Mahindra & Mahindra Ltd.

Mahindra Towers,
mahindraRise Dr. G. M. Bhosale Marg,
Worli, Mumbai 400 018 India

Tel: +91 22 2490 1441

Fax: +91 22 2490 0833
www.mahindra.com
REF:NS:SEC:
21st June, 2024
National Stock Exchange of India Limited BSE Limited
"Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers,
Plot No. C/1, G Block Dalal Street, Fort,
Bandra-Kurla Complex Mumbai 400001.
Bandra (East), Mumbai 400051.
Bourse de Luxembourg London Stock Exchange Plc
Societe de la Bourse de Luxembourg 10 Paternoster Square
Societe Anonyme/R.C.B. 6222, London EC4M 7LS.
B.P. 165, L-2011 Luxembourg.
Dear Sirs,

Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - CRISIL
Ratings Limited reaffirms its ratings on the bank facilities and debt instruments of the Company

CRISIL Ratings Limited reaffirms its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the bank facilities and debt instruments of the
Company as under:-

Total Bank Loan Facilities Rated Rs. 787.5 Crore

Short Term Rating CRISIL A1+ (Reaffirmed)

Rs. 475 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)

Rs. 500 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)

Rs. 500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)

Please find enclosed a Press Release issued by CRISIL Ratings Limited in this regard which was received by the Company on 21st
June, 2024 at 6.41 p.m.

Further, as per Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI
Master Circular bearing reference No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/48 dated 21st May, 2024, please find below
details in respect of Credit Rating obtained for Non-Convertible Debentures (“NCD”) issued by the Company from CRISIL Ratings
Limited:

Details of credit rating

Current rating details

Sr. ISIN Name of Credit Rating Outlook Rating Specify Date of Verification Date of
Action
No. the Credit Assigned (Stable/ other Credit status of Verification
(New/
Rating Positive/ Upgrade/ rating rating Credit
Agency Negative/ Downgrade/ action Rating
No Re-Affirm/ Agencies
Other)
Outlook)
1 INE101A08070 CRISIL CRISIL Stable Re-Affirm - 21-06-2024 Verified 21-06-2024
(Rs.500 Crore Ratings AAA/Stable
NCD) Ltd.
2 INE101A08088 CRISIL CRISIL Stable Re-Affirm - 21-06-2024 Verified 21-06-2024
(Rs.475 Crore Ratings AAA/Stable
NCD) Ltd.

Kindly take the above on record.

Yours faithfully,
For MAHINDRA & MAHINDRA LIMITED

NARAYAN Digitally signed by NARAYAN

SHANKAR

SHANKAR Date: 2024.06.21 19:09:32

+05'30'

NARAYAN SHANKAR
COMPANY SECRETARY

Encl: as above

Regd. Office: Gateway Building, Apollo Bunder, Mumbai 400 001, India | Tel: +91 22 68975500 | Fax:
+91 22 22875485 | Email: group.communications@mahindra.com | mahindra.com |
CIN No. L65990MH1945PLC004558
 CRISIL
Ratings

Rating Rationale
June 21, 2024 | Mumbai

Mahindra and Mahindra Limited

Ratings Reaffirmed

Rating Action
Total Bank Loan Facilities Rated Rs.787.5 Crore
Short Term Rating CRISIL A1+ (Reaffirmed)

Rs.475 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)

Rs.500 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any
ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
CRISIL Ratings has reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the bank facilities and debt instruments of
Mahindra and Mahindra Limited (M&M).

The ratings continue to reflect the leadership position of M&M in the tractor industry in India, its strong presence in the light
commercial vehicles (LCVs) segment and the benefits of a diversified business portfolio. The ratings also factor in the strong
financial risk profile, supported by a robust balance sheet with low leverage and high financial flexibility.

These strengths are partially offset by challenges involved in maintaining the market share in the highly competitive utility
vehicles (UVs) subsegment, exposure to cyclicality inherent in the farm equipment (tractor) and automotive (auto) segments
and risks pertaining to acquisitions and investments in subsidiaries/joint ventures (JVs).

In fiscal 2024, the company’s standalone operating income rose by 16% year-on-year to Rs 98,763 crore with strong growth
in the UV segment. The earnings before interest, tax, depreciation, and amortisation (Ebitda) grew to Rs 12,919 crore in
fiscal 2024 from Rs 10,442 crore in fiscal 2023. Overall earnings before interest and taxes (Ebit) margin improved to 13.8%
in fiscal 2024 (fiscal 2023: 9.9%). Given the continued price hikes, structured cost reduction programs and better operating
leverage, Ebit margin for the auto segment improved to ~8.4% in fiscal 2024 from ~6% in fiscal 2023. Meanwhile, for the
tractor segment, the Ebit margin remained stable at ~16.2% over fiscals 2023 and 2024.

M&M’s tractor volumes de-grew by ~7% year-on-year in fiscal 2024 (compared to volume de-growth of ~9% in the overall
tractor industry) due to uneven monsoon and high base of fiscal 2023. However, the company continued to be the market
leader in tractors with 41.6% market share. In LCV subsegments that M&M is present in, its market share progressively
improved to 46% in fiscal 2024 (fiscal 2023: 43%, fiscal 2022: 38%), as M&M regained its market share from competitors.
Domestic UV volumes grew by around 29% in fiscal 2024, on the back of new models/enhancements. The market share of
M&M in the UV segment improved to 17.2% in fiscal 2024 (fiscal 2022: 14%, fiscal 2019: 22%).

The auto segment should continue to report healthy volume, given the strong order book of the launched models, including
Scorpio-N, Thar, XUV3XO (launched in April 2024) and XUV700. Furthermore, M&M is expected to add 23 new models,
including three midcycle vehicle enhancements by 2030. Tractor volume growth is expected to recover in fiscal 2025, aided
by normal monsoon prediction, introduction of new line of OJA tractors and revival in demand from US, Europe, and Asia.
The operating margin should be supported by structured cost reduction measures and multiple price hikes taken by the
company.

The financial risk profile remained robust, marked by its strong debt protection metrics and capital expenditure (capex)
being funded through cash accrual. During fiscal 2024, M&M along with its EV units - Mahindra Electric Automobile Limited
(MEAL) & Last Mile Mobility (LMM) - incurred capex of around Rs 7,930 crore. This was majorly funded through cash
accrual, and around Rs 1,600 crore coming from external investors for EVs. Further, the company downsized its standalone
debt to Rs 1,585 crore in fiscal 2024 from Rs 4,644 crore in fiscal 2023, repaid from cash accrual. With reduced debt and
improved margin in fiscal 2024, adjusted net gearing and interest service coverage ratio, further improved to 0.13 time and
93 times, respectively, in fiscal 2024 (from 0.16 time and 38 times in the previous period).

Going ahead, the company has capex of around Rs 31,000 crore planned during fiscals 2025-2027 for its core businesses
(including EV). Along with cash accrual, M&M has access to funds from strategic external investors. Given the company’s
strong cash generating ability, low long-term debt and modest investments, capex requirement in the near term is largely
expected to be funded through cash accrual and equity. The extent of debt that will be raised to fund the aforementioned
capex will be a key monitorable.
Analytical Approach
CRISIL Ratings has combined the business and financial risk profiles of M&M and its ventures in the UV, CV, and tractor
segments, which are considered its core businesses. The company also has investments in group entities in the agriculture,
financial services, hospitality, aerospace, consulting services, defence, information technology, energy, industrial equipment,
logistics, real estate, components, and steel industries. These group entities should receive support from M&M depending
on their strategic importance to the latter and the extent of its shareholding and investments in them.

CRISIL Ratings has made financial adjustments to factor in this support. For the financing business undertaken by Mahindra
and Mahindra Financial Services Ltd (‘CRISIL AAA/Stable/CRISIL A1+’), CRISIL Ratings has adjusted its assets and
liabilities as per its capital allocation approach.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.
Key Rating Drivers & Detailed Description
Strengths:
• Leadership position in the tractor industry in India, healthy market position of LCVs and improving volumes in
UVs
The company enjoys a leadership position in the domestic tractor industry in all major regions and has maintained a
market share of over 40% over the last decade, aided by its superior channel reach and strong understanding of market
dynamics.

M&M also has a strong presence in LCVs. The market share in goods LCV (lower than 7.5 metric tonne [MT] gross
vehicle weight division [GVW] division) improved to 46% in fiscal 2024 (fiscal 2023: 43%, fiscal 2022: 38%), as M&M
regained its market share from competitors. M&M continued to be the largest player in pickup sub-segment (2 to 3.5 MT
GVW) of LCV with around 60% market share over last 2 fiscals, and the second largest player in <1 MT GVW with
market share of 25% in fiscal 2024 (fiscal 2023: 21%). Established presence in these segments has ensured healthy
cash flow and resilient profitability over the years.

M&M’s performance in the UV segment has also progressively improved with market share increasing to 17.2% in fiscal
2024 (fiscal 2023: 16.7%, fiscal 2022: 14%, fiscal 2021: 13%) given the strong order book from successful launches.

Good product development capabilities, proficient channel management and sufficient production capacity should help
the company maintain its strong market position over the medium term. This, along with product and geographic
diversity, should ensure a stable business risk profile despite the impact of increasing competition and inherent
cyclicality.

• Robust financial risk profile, supported by a conservative capital structure and significant market value of
investments
The financial risk profile is robust, as reflected in sizeable networth, conservative gearing and surplus liquidity. The
company has articulated a capex and investment plan of Rs 37,000 crore over the next three years (fiscals 2025 to
2027), with majority of the outlays being earmarked for its UV business (including EVs). Healthy free cash flow should
support the financial risk profile, especially given the prudent capex plans, moderate debt obligation and investments in
the near term. Moreover, financial flexibility is significant because of investments in listed subsidiaries and associates,
which are currently valued much higher than their book value. The strong financial risk profile provides cushion to
counter the impact of cyclicality and competitive intensity in the domestic auto and tractor segments.

Weaknesses:
• High competition in the UV segment
With its new launches in fiscal 2022, M&M’s market share in the UV segment has shown recovery with 17.2% and 16.7%
market share in fiscal 2024 and fiscal 2023 respectively (fiscal 2022: 14%, fiscal 2019: 22%). The company’s recent
launches have garnered strong response from the market, as reflected by outstanding bookings of over 2.2 lakh units
(including 50,000 units of XUV 3XO launched in April 2024) as of May 2024. Nevertheless, entry of new players and
number of launches in the UV segment will continue to exert competitive pressure.

• Exposure to cyclicality in the auto and tractors segments

Demand for tractors remains vulnerable to monsoons. A bad monsoon can result in high intra-cycle volatility in the
demand for tractors. Moreover, availability of finance and other factors affecting rural income, such as crop prices and
non-farm income, also constrain demand. Nevertheless, profitability has demonstrated resilience to downturns in industry
volume in the past, given the company’s pricing power and cost efficiency.
 The domestic auto industry has also displayed a degree of cyclicality, in line with industrial growth. Also, susceptibility to
regulatory changes, especially pertaining to diesel vehicles, persists.

• Exposure to risks pertaining to acquisitions and investments in subsidiaries and JVs

Given its growth aspirations and acquisitive strategy, M&M may seek opportunities in strategic acquisitions in key
products and markets. Most of these acquisitions are likely to be in line with the key line of business and should
strengthen the overall business risk profile. Some of the investments in segments such as EVs and medium and heavy
CV segments are in early stages. However, the company is likely to follow a conservative approach towards capital
allocation, with focus on generation of return on capital employed.

In line with its capital allocation strategy, M&M has successfully exited/turned around most of its loss-making investee
companies. Going forward, the nature and quantum of company’s investment in subsidiaries/JVs will be monitorable.
Liquidity: Superior
Annual cash accrual of Rs 10,000-12,000 crore expected over fiscals 2025-2027, along with large cash and liquid surplus of
about Rs 15,710 crore as on March 31, 2024 (standalone), supports liquidity. This should be sufficient to fund incremental
capex/investment plans, working capital and long-term and short-term debt obligations for fiscals 2025 and 2026. Financial
flexibility is further enhanced by access to capital markets and significant investments in listed subsidiaries/associates,
which can be liquidated, if required.

Environment, social, and governance profile

The environment, social and governance (ESG) profile of M&M supports its already strong credit risk profile. The auto sector
has a significant impact on the environment because of the high greenhouse gas (GHG) emissions of its core operations as
well as products. The sector also has a significant social impact because of its large workforce across its own operations
and value chain partners and focus on innovation and product development. M&M has continuously focused on mitigating
its environmental and social risks.

Key ESG highlights

S M&M aims to become a carbon neutral company by 2040, whereby it envisages to reduce scope 1 and scope 2 GHG
emissions by 47% per equivalent product unit by 2033 from a 2018 base year. It also plans to reduce scope 3 GHG
emissions by 30% per sold product unit by 2033 from a 2018 base year.
• It aims for 100% zero waste to landfill (ZWL) sites by 2030. As of fiscal 2023, 20 out of 23 sites of M&M are ZWL
certified.
• It has signed the Energy Productivity (EP) 100 Cooling Challenge and commits to doubling its EP by 2030. In fiscal 2023,
EP in auto and farm divisions is 94% and 87% respectively compared to 60% improvement target by 2026.
• It has been water positive (generating more water than being used through processes such as rainwater harvesting and
recycling) since 2014 and aims at sustaining water index positive.
It aims for renewable energy to be 50% of electrical energy by 2025.
It has revised its target to plant five million trees annually by 2026, a significant increase from its previous goal of one
million trees. The company had already planted 22 million trees
It focuses on women empowerment and skilling initiatives and aims to educate 1 million girls per year through its
program Nanhi Kali by 2026 and support 1 million women per year by 2026.
• The governance structure is characterized by majority of its board comprising independent directors (none of them with
tenures exceeding 10 years, 75% male and 25% female directors), presence of a lead independent director, chairman
and chief executive officer positions being split, a dedicated investor grievance redressal mechanism and extensive
disclosures.

There is growing importance of ESG among investors and lenders. M&M’s commitment to ESG principles will play a key
role in enhancing stakeholder confidence, given majority of the outstanding debt is through market borrowings and the
group has easy access to both domestic and foreign capital markets.
Outlook: Stable
The strong financial risk profile should help M&M absorb the impact of cyclicality and competitive intensity in its core auto
and tractor business and moderate performance of some of its investments.
Rating Sensitivity factors
Downward factors
• Any large, debt-funded investment (including acquisitions), support to subsidiaries or lower-than-expected cash flow
weakening the financial risk profile
• Significant and sustained decline in the market share of the core business, leading to sustained negative free cash flow
About the Company
M&M, incorporated in 1945, is among the top tractor manufacturers in the world and is a leading manufacturer of g LCVs
and UVs in India. It also manufactures medium and heavy CVs, three-wheelers, and passenger cars. The company has
manufacturing facilities in Mumbai, Nashik, Igatpuri, Nagpur and Chakan, all in Maharashtra; Zaheerabad, Telangana;
Rudrapur and Haridwar, Uttarakhand; and Jaipur, Rajasthan.
About the Group
Besides its core operations, the Mahindra group, through its subsidiaries and group companies, operates across varied
sectors, such as information technology, financial services, and vacation ownership. In addition, it has presence in the
agribusiness, aerospace components, defence, renewable energy, industrial equipment, logistics, real estate, steel, and
two-wheeler industries, among others.
Key Financial Indicators
Particulars for period ended March 31 Unit 2024 2023
Revenue Rs crore 98,763 84,960
Profit after tax (PAT) Rs crore 10,718 6,549
PAT margin % 10.9 7.7
Adjusted net debt/adjusted networth Times 0.13 0.16
Interest coverage Times 93 38
*Standalone CRISIL Ratings-adjusted numbers

Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where
applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on
available information. The complexity level for instruments may be updated, where required, in the rating rationale
published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the
Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
Issue
Rating
Name of Date of Coupon Maturity size Complexity
ISIN assigned with
instrument allotment rate (%) date (Rs level
outlook
crore)
Non-convertible 04-Jul- 04-Jul- CRISIL
INE101A08070 9.55% 500.00 Simple
debentures 2013 2063 AAA/Stable
Non-convertible 27-Sep- 25-Sep- CRISIL
INE101A08088 7.57% 475.00 Simple
debentures 2016 2026 AAA/Stable
Commercial
NA NA NA 7-365 days 500.00 Simple CRISIL A1+
paper
Fund-based
NA NA NA NA 15.00 NA CRISIL A1+
facilities*
Fund-based
NA NA NA NA 522.50 NA CRISIL A1+
facilities
Fund-based
NA NA NA NA 250.00 NA CRISIL A1+
facilities*
*Interchangeable with non-fund-based facilities

Annexure – List of entities consolidated

Name Consolidation Rationale for consolidation
Mahindra Heavy Engines Full consolidation Strong financial and business linkages
Mahindra Holidays and Resorts India Ltd Moderate consolidation
Mahindra USA Inc Moderate consolidation
Mahindra Susten Ltd Moderate consolidation
Mahindra Aerospace Ltd Moderate consolidation
Mahindra First Choice Wheels Ltd Moderate consolidation
Mahindra Defence Systems Ltd Moderate consolidation
Mahindra Logistics Ltd Moderate consolidation Moderate financial and business linkages
Mahindra Agri Solutions Ltd Moderate consolidation
Mahindra EPC Irrigation Ltd Moderate consolidation
Mahindra Lifespace Developers Ltd Moderate consolidation
PT Mahindra Accelo Steel Indonesia Moderate consolidation
Classic Legends Pvt Ltd Moderate consolidation
Bristlecone India Ltd Moderate consolidation
Adjustments for the assets and liabilities as
Mahindra and Mahindra Financial
Capital allocation per the capital
Services Ltd
allocation approach of CRISIL Ratings
 Annexure - Rating History for last 3 Years

o0m00 Current 2024 (History) 2023 2022 2021

Start of
2021

o❑oo~0000
Instrument Type
Outstanding
Amount
Rating Date Rating Date Rating Date Rating

CRISIL
Date Rating

CRISIL
Rating

CRISIL
Fund Based CRISIL CRISIL A1+ / A1+ / A1+ /
ST 787.5 -- 23-06-23 12-01-22 30-12-21
Facilities A1+ A1+ CRISIL CRISIL CRISIL
AAA/Stable AAA/Stable AAA/Stable
CRISIL
A1+ / CRISIL
-- -- 12-01-23 CRISIL -- -- AAA/Stable
AAA/Stable
Non-Fund

D❑00~❑D❑D
Based
Facilities
ST -- -- -- -- -- CRISIL
A1+

o❑oo~0000
Commercial
Paper ST 500.0
CRISIL
A1+ -- 23-06-23
CRISIL
A1+
CRISIL
12-01-22
CRISIL
A1+ 30-12-21
CRISIL
A1+
CRISIL
A1+

ee88~8888
-- -- 12-01-23 A1+ -- -- --

Non
Convertible LT 975.0 CRISIL -- 23-06-23 CRISIL 12-01-22 CRISIL 30-12-21 CRISIL CRISIL
Debentures AAA/Stable AAA/Stable AAA/Stable AAA/Stable AAA/Stable

CRISIL
-- -- 12-01-23 -- -- --
AAA/Stable
All amounts are in Rs.Cr.

Annexure - Details of Bank Lenders & Facilities

Facility Amount (Rs.Crore) Name of Lender Rating
Fund-Based Facilities* 250 State Bank of India CRISIL A1+
Fund-Based Facilities 500 Axis Bank Limited CRISIL A1+
Fund-Based Facilities 22.5 HDFC Bank Limited CRISIL A1+
Fund-Based Facilities* 15 State Bank of India CRISIL A1+
*Interchangeable with non-fund-based facilities
Criteria Details

Links to related criteria

CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Commercial Vehicle Industry
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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