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Analyst Conference

May 30, 2013

V S Parthasarathy

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3

“Three Speed Economies”

Phrase Courtesy : Christine Lagarde

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All around us

US on Path of

Growth

Europe -

Contraction

Emerging

Markets -

Growing

External Factors

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Political Uncertainty

Policy Action

GDP Growth

Current Account Deficit

Cost of Borrowing

Investment Slowdown

All around us

India story

FY 2014 will be crucial one to watch

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Double-Edged Sword

Global Domestic

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Business Sectors

Automotive & Farm Equipment

Aftermarket

Hospitality

Mahindra Partners (Steel, Retail, Trade, Logistics, Boats,

Energy, Media)

2 Wheeler

Systech

Information Technology

Real Estate

Defence Systems

Financial Services

The Mahindra Group comprises 10 business sectors with a presence in 18 Industries

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Aerospace Aftermarket Agri

Business Automotive

Auto Components

Construction Equipment

Consulting Services

Defense Energy Farm

Equipment

Finance & Insurance Brokers

Industrial Equipment

Information Technology

Leisure & Hospitality

Logistics

Real Estate Retail Two

Wheelers

The Mahindra Group comprises 10 business sectors with a presence in 18 Industries

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Set new standards for our vehicles

Helping farmers sow seeds for a better tomorrow

Providing IT solutions to fortune 100 companies

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Help the world to soar greater heights

Innovate for green tomorrow - EV

Innovate for green tomorrow – Solar Energy

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Green homes for better living

Create magical moments for the family

Redefine rural financing

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Life Insurance Corporation of India

Goolboot Holdings Ltd (Goldman Sachs)

ICICI Prudential Life Insurance Ltd

First State Investments

Europacific Growth Fund

General Insurance Corporation of India

Government of Singapore

The New India Assurance Company Ltd

Vanguard Emerging Markets Stock Index

Fund

J P Morgan Group

Top 10 Shareholders with > 1%

Shareholding Pattern

Promoter and

Promoter Group 25.2%

FII / NRI / GDR

44.1%

Insurance Cos.

14.0%

FI / MF / Banks 1.4%

Individuals 15.2%

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How we fared

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Financial Highlights

Growth in Total income

Rs 11,342 crs

Rs 10,334 crs

10%

Q4- FY13 Vs Q4- FY12 (M&M + MVML)

Rs 1,435 crs

Rs 1,092 crs

31%

Rs 963 crs

Rs 911 crs

6%

Growth in EBIDTA Growth in PAT

Rs 872 crs

Rs 654 crs

33%

Growth in PAT *

* On like to like comparison, excluding one time benefit of Rs. 257

crores on account of MADPL merger from FY 2012 & 91 crs in FY 13 of

Exceptional Gain on sale of MHRIL shares

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Financial Highlights

Growth in Total income

Rs 43,655 crs

Rs 35,005 crs

25%

FY13 Vs FY12 (M&M + MVML)

Rs 5,329 crs

Rs 4,150 crs

28%

Rs 3,634 crs

Rs 2,997 crs

21%

Growth in EBIDTA Growth in PAT

Rs 3,544 crs

Rs 2,740 crs

29%

Growth in PAT *

* On like to like comparison, excluding one time benefit of Rs. 257

crores on account of MADPL merger from FY 2012 & Rs. 91 crs in FY 13

of Exceptional Gain on sale of MHRIL shares

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Strong Growth Trajectory

Gross Revenue & Other Income PAT

861

2,068

2,687 2,997

3,634

FY09 FY10 FY11 FY12 FY13

Figures on Standalone basis (M&M + MVML)

15,072

20,735

26,201

35,005

43,655

FY09 FY10 FY11 FY12 FY13

30% 43%

EBITDA

1,155

2,965

3,621 4,150

5,329

FY09 FY10 FY11 FY12 FY13

47%

8.8%

13.9%

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Strong Growth Trajectory

Gross Revenue & Other Income PAT after MI

1,405

2,479

3,080 3,127

4,099

FY09 FY10 FY11 FY12 FY13

Consolidated Accounts

28,992 33,790

39,864

63,358

74,403

FY09 FY10 FY11 FY12 FY13

27%

31%

EBITDA

3,163

5,015 5,449

6,245

7,449

FY09 FY10 FY11 FY12 FY13

24%

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Generating robust EPS growth

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

2001 2004 2007 2010 2013

Note: Adjusted for Bonus & Stock-split

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4.7

4.4

32.8

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00

Gold

Sensex

M&M

Delivering consistent, very long term value – 21 years

Long term Performance - March’ 1992 to March ‘ 2013

CAGR 18.1%

CAGR @ 7.3%

CAGR @ 7.6%

Note: Adjusted for Bonus & Stock-split Ex Dividend price

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5.3

5.4

30.2

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00

Gold

Sensex

M&M

Delivering consistent, long term value – 11 years

Long term Performance - March’ 2002 to March ‘ 2013

CAGR 36.3%

CAGR @ 16.6%

CAGR @ 16.3%

Note: Adjusted for Bonus & Stock-split Ex Dividend price

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1.7

1.2

2.5

0.00 0.50 1.00 1.50 2.00 2.50 3.00

Gold

Sensex

M&M

Delivering consistent, medium term value – 5 years

Long term Performance - March’ 2008 to March ‘ 2013

CAGR @ 20.0%

CAGR @ 3.8%

CAGR @ 11.7%

Note: Adjusted for Bonus & Stock-split Ex Dividend price

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4.7

4.4

32.8

0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00

Gold

Sensex

M&M

Delivering consistent, long term value – 21 years

Last 5 years

2.5

1.2

1.7

Note: Adjusted for Bonus & Stock-split Ex Dividend price

Last 11 years

30.2

5.4

5.3

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Original Investment Cost Vs. CMP

As on 31st, March 2013 Cost Market Value

Listed Companies

Subsidiaries 2994 11,090

Associates 649 6,592

Total 3,644 17,683

Rs. crores

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Unlocking Shareholders Value – Since 2005

Corporate Actions

Bonus Issue – FY 2005 – 1:1

Stock Split – FY 2011 – 1:2

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Strong Credit Profile

0.81

0.45

0.32 0.37

0.3

F 2009 F 2010 F 2011 F 2012 F 2013

2.94

1.12

0.82 0.98

0.76

F 2009 F 2010 F 2011 F 2012 F 2013

DE Ratio M&M + MVML

Gearing Multiple M&M + MVML

Stable Rating AA+ by CRISIL/ICRA/CARE *

* Rating is for M&M Ltd (Standalone Company)

“Healthy financial risk profile supported by considerable financial flexibility arising from market value of investments” - Crisil ‘s Credit Rating Report, April 2013

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Marathon Runner

Prudent Capital Allocation Support growth with Strategic Acquisition Maintain strong Credit Rating

Deliver long term shareholder value

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+

+

=

Good Strategy Execution / Belief in

strategy

Tenacity / Patience

Success / Long Term Returns

Execution / Belief in

strategy

Tenacity / Patience

What Drives us

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Finance and Accounts Milestones

Leveraging group strength for benefit of ecosystem

Innovative Fund raising & debt restructuring for group companies

Harnessing latest technology in F&A function.

Several awards in recognition of contribution to Finance & Accounts

– Capital Raising – Cost Management – M&A – Best CFO of the Year

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Financials

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PAT 963 911 5.7

M&M + MVML- FINANCIAL PERFORMANCE

(Rs. Crores)

F – 2013 Q4

F – 2012 Q4

% Inc/ (Dec)

Gross Turnover 11,342 10,334 9.8

Net Sales & Op. Inc. 9,983 9,108 9.6

PBIT 1,309 978 33.8

OPM (%) 14.38 11.99 2.39

Adjusted PAT 872 654 33

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M&M + MVML- FINANCIAL PERFORMANCE (full year)

(Rs. Crores)

F – 2013 F – 2012 % Inc/ (Dec)

Gross Turnover 43,655 35,005 24.7

Net Sales & Op. Inc. 38,357 31,370 22.3

PBIT 5,081 3,965 28.2

OPM (%) 13.89 13.23 0.66

PAT 3,634 2,997 21.3

Adjusted PAT 3,544 2,740 29

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M&M + MVML - BALANCE SHEET

(Rs. Crores)

F -2013 F -2012

Source of Funds

Shareholder’s Funds 15,055 12,219

Loan Funds * 4,464 4,544

Deferred Tax Liability 756 589

Total 20,275 17,352

* Includes current maturities of Long Term Liabilities

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M&M + MVML - BALANCE SHEET (Rs. Crores)

F -2013 F -2012

Application of Funds

Fixed Assets 7,747 6,889

Investments 10,894 9,474

Long Term Loans & Advances 2,562 1,734

Cash & Bank Balances 1,823 1,291

Proposed Dividend (891) (869)

Other Assets (Net) (1860) (1167)

Total 20,275 17,352

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Key Ratios

Particulars F – 2013 F – 2012

OPM (%) 13.89 13.23

ROCE 26.79 24.95

Interest Coverage Ratio 16.08 14.11

Debt / Service Ratio 6.63 5.44

EPS (Basic) (Rs.) 61.63 50.98

Book Value (Rs.) 254.85 207.27

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Rs. 4,099 crs

Rs. 3,127 crs

31%

Financial Highlights

Growth in Total income

Rs. 74,403 crs

Rs. 63,358 crs

17%

M&M Consolidated – FY 13 vs. FY 12

Rs. 7,449

Rs. 6,245

19%

Growth in EBIDTA Growth in PAT after MI

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(Rs. Crores)

M&M Group Consolidated Results

# includes share in profits of Associates

F – 2013 F – 2012 % Inc/ (Dec)

Net Sales & Op. Income 68,735 59,398 15.7

PAT before MI # 4,129 3,060 34.9

PAT after MI 4,099 3,127 31.1

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(Rs. Crores)

Subsidiary Company Results

# includes share in profits of Associates

F – 2013 F – 2012 % Inc/ (Dec)

Net Revenue 36,970 33,580 10%

PAT before MI # 389 132 195%

PAT after MI 359 199 80%

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Group Companies – Top 4 PAT Earners

F13 – Rs.927 crs

F12 – Rs.644 crs

44%

MMFSL

F13 – Rs.91 crs

F12 – Rs. 102 crs

MHRIL

(11%)

F13 – Rs 141 crs

F12 –Rs 119 crs

18%

MLDL

F13 – Rs. 1,288 crs

F12 – Rs. 1,096 crs

18%

TML

On Consolidated basis.

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Systech

Revenue

4,988

5%

5,249

FY 13

FY 12

Systech

Results

(44)

120%

226

FY 13

FY 12

STP *

Revenue

1,416

5%

1,486

STP *

Results

88

28%

123

IT Services

Revenue

1,464

50%

2,904

IT Services

Results

222

48%

425

Segment Details

* STP – Steel Trading & processing Segment Results is before Exceptional items

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Farm Equip.

Revenue

13,384

4%

13,283

FY 13

FY 12

Farm Equip.

Results

1,828

5%

1,925

FY 13

FY 12

Others

Revenue

2,850

15%

2,469

Others

Results

(295)

15%

(256)

Segment Details

Segment Results is before Exceptional items

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Automotive

Revenue

41,874

27%

32,838

FY 13

FY 12

Automotive

Results

2,330

101%

1,157

FY 13

FY 12

Fin. Services

Revenue

4,117

42%

2,901

Fin. Service

Results

1,284

35%

953

IDS

Revenue

754

5%

716

IDS

Results

243

23%

198

Hospitality

Revenue

727

13%

644

Hospitality

Results

141

7%

132

Segment Details

Segment Results is before Exceptional items

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The woods are lovely, dark and deep, But I have promises to keep,

And miles to go before I sleep, And miles to go before I sleep

– Robert Frost

We’d love to have you with us on this exciting journey!

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