Excerpts from the speech by Anand Mahindra at the 77th AGM of Mahindra and Mahindra
Today, as we gather for the 77th Annual General Meeting of Mahindra and Mahindra, we remember and honor the sad loss of our Chairman Emeritus, Keshub Mahindra. He was not just a leader but a beloved family member, mentor, and guide to many of us. With his vision and acumen, he shaped M&M from a humble tractor and automobile manufacturer into a global and diversified federation, carrying our values and integrity at its core.
I am pleased to announce that your Company has recommended a dividend of Rs. 16.25 (325%), reflecting our continued commitment to growth and success.
In the realm of sustainability, our Company has been recognized for its initiatives, including investments in Mahindra Electric Automobile Limited and Mahindra Last Mile Mobility Limited. These steps towards embracing electric mobility will not only contribute to our country’s climate targets but also pave the way for cleaner and greener cities.
At the heart of Mahindra’s success lies our purpose, deeply ingrained since our founding days. Our first advertisement, dated 8th November 1945, conveyed a promise to the people of India – “a better land for you to live in, and a healthier, happier land for you to enjoy.” This commitment to values, ambition, and community has guided us through the years, and we carry it forward as a North Star.
Being a company with values, integrity, and purpose not only brings us business advantages but also attracts the right partners and the best talent. Our reputation precedes us, and we strive to maintain a company that never asks its employees to compromise their conscience.
Despite the challenges of the past few years – financial turmoil, geopolitical uncertainties, climate change, natural disasters, and the pandemic – we have achieved significant financial results. Our focus on capital allocation and growth strategies has yielded impressive returns and enabled us to achieve the highest dividend in our history.
As we look to the future, “Scale and Synergy” are our two magic mantras. We have identified the businesses with high growth potential, and our objective is clear – scale, scale, and more scale.
India’s growing prominence on the world stage is an opportunity for us. As a nation with a robust foreign policy and respect internationally, we are poised to leverage our stature and contribute meaningfully to the world’s challenges.
Our democracy is our strength, representing the kinetic energy of 1.3 billion people. By harnessing this energy, we are ready to pole vault to the top, propelling our country and company to new heights.
As we embark on this journey, let us remember our legacy and purpose and embrace continuity with change. Together, we can build a brighter and more promising future for our country, our company, and all our stakeholders.
In conclusion, I express my heartfelt gratitude to all our stakeholders for their unwavering faith in the Mahindra Group and its vision for over 76 years. With a “Stakeholders first” approach and a commitment to sustainable business practices, we look forward to many more glorious years ahead.