Mahindra & Mahindra 144A

Welcome to the quarter four analyst meet of Mahindra and Mahindra Limited. For the main presentation today, we have with us our group CEO and MD, Dr. Anisha, ED and CEO of our auto and farm business, Mr. Ajay Jejorikar, and our group CFO, Mr. Amarjyoti Bharwa. We will take your questions after the presentation concludes. For the purpose of completeness, I do wish to read this out. Certain statements in this meeting with regard to our future growth projects are forward-looking statements which involve a number of risks and uncertainties that could cause the actual results to differ materially from those in these forward-looking statements. With that, I now hand over to Dr. Shah for his opening remarks.

Good afternoon. It's a pleasure having everyone here. Normally, I follow the principle that the better the results, the shorter the presentation. And you've seen that in the past. This time, we're actually going to go away from that principle. The results are what I would at least consider as among the best that we've delivered, and we will leave you to judge them. But we felt it was important to talk a little more about some of the drivers and how we see the future as well. How we also see the current situation. How does the India story play out? What role does AI have in our journey? And we'll cover multiple topics today as we go through this presentation. Let's start with our usual chart around numbers for the quarter and for the year. Profit after tax for Q4. is up 42% and profit after tax for this fiscal year is up 35%. I will say that these are numbers far higher than what we had expected going into the year as well and has really been a very strong contribution from all our businesses. All our businesses have really come together well to be able to deliver these numbers and And if at some point in time I would have mentioned to you that if auto profit growth is 33% and farm profit growth is 13% for the year, what number would you say for the Mahindra Group? I don't think any of us would have said 35% at that point in time. But with auto at 33% and farm at 13%, Mahindra Group is still at 35% for the year. Very strong performance from both auto and farm. both in terms of volume and margins. Auto volume up 19%, margin up 80 basis points. Farm even better, volume up 24%, margins up 150 basis points. But yes, farm was dragged down by the international subsidiaries and we exited three of them. So the impairments for that is what reflects in the 13% number that I mentioned for farm with regard to profit after tax growth. But beyond auto and farm, this has been a breakthrough year or a transformational year for multiple businesses. Minor finance has been on a very strong trajectory, a 60% profit growth year over year, if we exclude the provision released ahead in the prior year. But beyond the numbers. Asset quality has been achieved in terms of what we've talked about. And even with uncertainty in the fourth quarter, we closed the fourth quarter at a GS3 of 3.41%. Beyond asset quality, we've been talking about technology and data for some time. A large project called Udaan was not just completed but fully adopted. In this fiscal year, a lot of focus on controls, a lot of focus on ensuring that every part of the business is working together to ensure it's stable. And now that we've got stability, we are pivoting to growth. And that's going to be the path forward for Mindre Finance while maintaining stability. Our growth gems collectively have increased profit by 50% year over year. And these are not small numbers now. They have to be larger. So if you look at the average of 35 with auto at 33 and farm at 13, others have to contribute in a meaningful way. TechM on a solid path, up 14% year over year. Multiple growth gems have shown huge momentum that goes beyond profits because profits is not the only metric for growth gems. It's really about how they start becoming much larger businesses. And that's where aerostructures close to a billion dollars of orders. in a little over a year. Our logistics business, very strong turnaround, very strong execution. I've stood up here in the past and said, not very good execution in logistics. That has changed now. And that is putting the business on a very good trajectory to create value for shareholders. Advanced technologies on a very solid path again with the spend that the Indian Armed Forces has and the strengths that we have. We're starting to see that strength translate into numbers and meaningful numbers for us. And trucks and buses with the SML acquisition completed. Integrations going very well right now. We've gained market share marginally also at this point and very well poised for the future. So these are some examples. Other growth gems also have done well. If collectively we are at 50% profit growth, we have to do well across multiple businesses. But these are ones that have really stood out in terms of transforming themselves this year. So our standard charts for the Quarter, revenue up 29%, profit up 42%. For the year, revenue up 25%, profit up 35%. And here are the key drivers. We talked about growth gems up 50%. Auto up 33%, Mind the Finance 60%, TechM 14%, Farm 13%, and we had some sale of investments and that was a little higher this year and that's contributed to our profit growth as well. So that's the overall view across businesses right now. Auto and farm, while Rajesh will cover in detail, the key highlights are beyond volume and margin growth, EV penetration of 9.6%, and it actually hit more than 10 for the last two months of the year. So we're starting to get into double-digit EV penetration, a question I know that many of you have had over the past few quarters. Revenue market share is up to 60 basis points. And some of you or all of you may have seen recent press that we were number one for the year in market share from a revenue standpoint for EVs, which, again, is something that I don't think anyone would have believed three years ago, possibly even a year ago. And that's something that our team has been able to accomplish. has driven off the back of some very strong products. LCB market share of 60 basis points, an area we don't talk about that much, but clearly a very important area from a profitability standpoint and a growth and execution standpoint. On the farm side, again, volume up, exports up, margins up, all of that's very good. You see the big number around impairments of 1,400 crores. Actually, you'll see that in one of our details that we will send out to you. But that impairment number is what's dragging farm down. It's 36% growth year over year without impairments and with impairments is up 13% year over year. Market share up again. Farm machinery up 32%. So very solid performance. We had to take action on businesses that were not performing. We have, but that's behind us now. And that will be tailwind for the farm businesses as we go forward. Mind the finance. I'm just going to focus on one number here because we talked about everything else, and that is AUM growth. AUM growth is 12% in a year where we started pivoting to growth late in the year, and we now hope to be able to drive that further, diversify further into mortgage, into SME. have fee income play a bigger role and really create a stronger business where in rural and semi-urban we want to be the financial provider of choice and that is a position that Mahindra Finance can occupy very well, is well poised to do and that will put us on the map of having a very strong financial services business there. TechM on track with what is promised for F27 and as we complete that we'll outline the plan for the next few years but at this point All I will say on TechM is we're delivering what is promised. And therefore, as we look at... The chart that you've been very used to seeing, ROE is at 20%. Not for the first time, I think we hit that in one of the quarters in between, but this time it's for the full year, we're at 20%. But I'll make the same comments I've always made on this, which is our target is 18. We will fluctuate a little higher and lower than 18. Thankfully, we'll be on the higher side right now. We might be lower at some point as well as we invest more. But Our focus is to maintain 18% ROE while driving growth. Growth is our key driver in addition to ROE. And on the EPS growth side, we had promised 15% to 20% EPS growth in fiscal 21. And what we have achieved in the last five years is a 57% annualized EPS growth. And Again, don't expect 57% for the next five years annualized EPS growth, but it's been a good path that we've had so far. So looking ahead, and these are the pages we've sort of added to the presentation to just give a better picture of where we are and what you could expect going forward. I'll talk about the Indian economy. It is on a very strong footing. And this is a tailwind that I don't think has been fully understood as yet. And we'll talk about why we are very bullish on the Indian economy. And the mining group, we have built resilience to deal with shocks. You've seen that over the last many years. You've seen that over the last few quarters and even this quarter where despite multiple challenges, despite supply chain problems, we've managed to deliver a 42% profit growth year over year. And it wasn't as if last year's Q4 was a weak one. Last year's Q4 was a strong one as well. But that's thanks to the resilience that we've built across the group. And we'll talk by business with some detail as to what are specific actions that have been taken from a resilience standpoint. AI is starting to deliver meaningful impact. We have deliberately stayed silent on this up to this point. We've done a lot of work on AI. And today we'll share some of the work that we've done and the results we are seeing and the kind of impact that we can see AI making for us. And we'll also share why our businesses are well positioned to continue on their growth trajectory. And while I will joke that you shouldn't expect a 57% year-over-year growth, you should expect a strong year-over-year growth as we get into the next five years or the next decade as well. So our theme is going to be Accelerate and Uncertainty. There is uncertainty. We don't expect that to go away. Hopefully it won't be as crazy as it has been over the past few months. But we're not expecting a scenario where things get back to where it was maybe a decade ago. I will digress for a minute to share some work we did to look at global shocks over the last 126 years. The entire 20th century from 1900s to 2000s On average, we saw a global shock every 10 or 11 years. If you go from 2000 to 2020, on average, we saw a global shock every four years or so. If you go from 2020 to 2026, we had trouble fitting all of that on a chart that we did for our board because there were so many of them every four months. So we don't expect uncertainty to go away, but we are best poised to take advantage of uncertainty. With the talent we have, and to me that's the biggest strength, our teams, with the foundation we have. with the strength of businesses we have and yes of course the cash that we have combination of all of those and cash generation puts us in a very strong position to take advantage of uncertainty and to be able to grow our businesses very meaningfully as we go forward and that's the reason why our focus is not hunker down but accelerate and go through the uncertainty with opportunities we see around us. India Three primary road drivers. Consumption. We're the youngest large economy. Median age of 28.8 years. The U.S. and China are around 39. Japan's around 49. We're going to add people to the workforce for the next 20 years. Poor capital income is rising. Consumption is growing. If you look at the number of households we have that are affluent and elite, as defined in certain income brackets, that is more than many large countries around the world. Many large developed countries around the world. Infrastructure. There's been a lot of effort on physical infrastructure. We've been building one airport a month for the last five years. We're putting 40 kilometers of roads every day for the last five to seven years. We've doubled our highway capacity. We've tripled electrification of railways. And beyond the physical infrastructure, ports, of course, many, many other things there, our digital infrastructure is starting to really create huge efficiency for our businesses. And you've probably seen that across many businesses that you cover. And it's not just Aadhar and UPI. There's a whole host of digital infrastructure that's come up that makes it much easier for us to do business. That's the strength that we have. We haven't fully tapped into that strength as yet. And then economic reforms. We operate in 70% of India's GDP. And we're seeing the benefit of reforms, benefit of making it easier to do business across many of our companies. Again, not completely where we need to be. Hopefully there will be more as we go forward. But it's making us more competitive and making us stand up to the world and say we can compete with you not just in India but outside India as well. You add to that the impact of FTAs. Nine major FTAs covering 38 countries. Two parts to it. One, a lot more competition for many industries in India. We've talked about that before as well. From the auto standpoint, it doesn't matter. We've been competing with everyone in the world for the last 20 years. Some have gone away as well. We will continue to have more competition. For auto, it was more about FTAs encouraging foreign makers to make in India as well, not just shut plants in India and send everything from outside. And we think the government did a very nice job in balancing that. But the flip side of that is the opportunity for us to be able to export to the UK, to EU, to many other countries around the world. And that's a huge opportunity that we have. For that our products need to be world class. Today they are. And with those products we need to ensure we understand those markets very well and we have a solid plan to be able to go into those markets and really be able to add value. That's not just for us. That's for many companies around India. That is going to be the opportunity for India to be able to leverage the FTAs for many of our companies to invest more in R&D, create more competitive products, and go out to the world and compete there. Therefore, with consumption infrastructure and reforms, With some impediment from inflation, which we will see over the next year at least, we are seeing a short-term greater increase in commodity prices, which we think will settle down. But even as it settles down, we do expect there to be some inflation impact over the next year. At this point, at least in the numbers, India is one of the least impacted countries from an inflation standpoint. It's probably still early we will start seeing some of that take up. But accelerated by urgency for more reforms, and the FTAs that I just talked about. With that, if you look at India growing at, if you just say, take the low end of the range, which I would say is 6.4%, India will add 50% to its GDP in the next five years. It'll go from 4.2 trillion to 6.6 trillion, more than 50%. And if India goes at 8%, which is what I would expect, India will go from 4.2 trillion to 7.1 trillion from a GDP standpoint. It'll add 70 to 75% of its GDP in the next five years. That doesn't mean you come back and tell me you grow 57%. But that's the India story. And that's a very powerful story for companies in India. We talked about resilience. And there have been lots of shocks in supply chain. And I know you read them every day and you keep looking at companies and saying, how are you managing your supply chain? Something else has happened here. We've learned a lot through COVID. And we've taken many of those lessons and got much better at being resilient in terms of something coming up someday. To the extent where, you know, for many days we were looking at 400 suppliers and monitoring the LPG stock every morning, which we never thought we'd be doing. But our teams have looked at everything we buy. 1,6,000 crores of purchases. 1 lakh parts, 40 commodities. And put that through multiple risks that we see. Whether it's geopolitical, whether it's raw material risk, single supplier, tech disruption, logistics, regulatory. And came up with 82 part families and 9 commodities at a high risk. And for that took multiple actions. Increasing inventory in many cases increased. Localizing alternate suppliers designed to reduce, creating an intelligence desk so we can act quicker on something that happens. And that has put us in a stronger place. I wouldn't say it's perfect. It never is going to be perfect in the world around us. But it puts us in a much stronger place to be able to react quickly to things. And you've seen us go through the year with the rare earths disruption, with the semiconductor disruption, memory chips not available, and close the year at such record levels. And that's thanks to our teams that have driven the resilience in supply chains. A lot of words on the next three slides and our next four slides, and I won't cover all the words here. We will have this uploaded so you can look through it. But what we've basically done is outline what are the actions that every business has taken to fortify and what are the actions it's taken to grow in the uncertainty. And I would just highlight a couple of these over the next few pages. The supply chain that you saw in auto and farm, in farm exiting our international businesses, that's really one way for us to fortify as well and ensure that all our drags are taken away. On mine refinance, I do want to highlight that we're 99% secured. And that provides a lot of stability in addition to our actions on reducing GS3, improving asset quality. We've got a low exposure to CV and SME. We have secured buffer financing in case of any further shocks that we see. We've got a much tighter risk screen. We've cut out some parts of lending even now despite a very strong GS3 number that we have today and send in tech and controls. Moving to the next page. Here across the businesses, it's just a set of actions that each business has taken to both fortify and drive growth. So again, we'll leave you to read them. I won't go through these in detail. But we just wanted to put this out here to say that every business is driving a very high level of resilience and position itself to grow in uncertain times as well. Let's talk about AI. There's been a lot of conversation on AI and over the last two years, initially we struggled on seeing what is the real benefit of AI. Yes, everyone talks about this is going to be the greatest thing ever and it's going to transform everything. But my question always was, so what does it really do? How does it improve revenue for us? How does it improve cost for us? How does it improve customer experience for us? Can we get it down to that level? Unless we can get it to that level, it's not real. And that's what our teams have done a lot of work on. This is the framework we've put in place. The first thing is the aspiration. And our aspiration for every business is to be a tech leader in that industry. If you're not a tech leader in the industry, you will not be a leader in the industry. And therefore, that is one aspiration that each of our business leaders have. For that, you have to understand AI and other aspects of technology. It's not just AI. You need a strong foundation. Because it's very easy to say, here are agents. Please go and deploy the agents and you don't need to do anything else anymore. But agents need rules. It needs a foundation. It needs data in a certain way to be able to work. You can't just go and say, here are 20 agents and I'm going to let them lose. It will create a lot more havoc than create value. And therefore, a foundation is essential, and we spent a lot of time in many of our businesses creating the foundation from a system standpoint, a data standpoint that's required for AI. We're not complete as yet, so I don't want to leave you with the impression that our foundation is perfect across all businesses. That's still being done. In some places, it's very good. In some places, it requires more work. And we've got three levels we look at in terms of using AI. First is what we call deployer. These are smaller things that have meaningful impact but minor impact. Things that can be done by leaders in businesses, by process leaders, things that potentially could be done in a week or two or three weeks, not create a lot of change management issues. It's something that people who understand this can really go and deploy and use it. The simplest example I share with each of our folks is, it's like using Excel. Imagine a world without Excel. Let's say we took Excel away from everyone. What would your world look like? Productivity would go down dramatically. A lot of things that you do, effectively you do because of Excel. Your quality of work would go down dramatically. That's what AI is. In the simplest of terms, it's really not something super fancy. It is like a tool like Excel, maybe 10x of Excel. But as you use Excel, we tell our leaders and our process owners, use AI tools. They can do something better for you. Second is transform. These are large projects. And these are projects that require a lot of change management. These are projects that have an impact on the customer. Because if you have an interaction with the customer, that has to be perfect. You can't have an interaction with the customer where AI hallucinates or does something else. So that has to be tested well. That has to be bound in many ways. And a lot of work has to go into change management to make sure that everyone understands what that is. And everything comes together to deliver the impact that it should. At the same time, these can't be long-duration projects. What we tell people is an AI project should be deployed in four weeks. You don't need more time to deploy an AI project. Change management and testing can go on longer. That depends on what the scope of that project is. If it's customer-facing, it may take a few months. If it's not customer-facing, we should get the pilot to deploy it completely in a much faster pace. And even then, it's a matter of months. It's not a matter of years for these transform projects. Third is invent. It is start with AI. A life insurance business, for example, is looking at setting up all its processes AI first. Before it even goes and hires a lot of people. What processes can we just do with AI and then have the entire business set up in that manner? There are other areas we're looking at also where we can look at inventing with AI. This is something we haven't done as yet, just to be transparent on it. This is something that we started work on, but we haven't achieved any results on invent with AI so far. Our accelerators are governance, and I'll talk a little more about governance, partnerships that we have, the Mindrunner AI Academy that we're setting up or we have set up now, and what we call SWOT pods, teams that come in with expertise to handle a transform project and make that happen faster. We're focusing on four areas, quality, experience, reach, and efficiency. Everyone talks about efficiency for AI. Jobs will go. You will become a lot more efficient, a lot more productive, yes, There is some aspect of becoming productive and becoming efficient. But jobs won't go if you have all the other areas happening very well. And that's part of what we're doing is helping reskill folks, put them into other areas, driving quality experience reach with AI and therefore creating a much better set of outcomes. And that's going to be a key growth driver for each of our businesses as we go forward. And closely monitor the outcomes from a revenue standpoint, a cost standpoint, a customer experience standpoint. Let's talk about deploy. And again, we'll leave you to read this at leisure. But there are multiple examples. There are two main areas in deploy. One is it saves time and effort. It automates repetitive tasks and frees up capacity. Excel. Exactly Excel. You could do everything that's done in Excel manually as well. It will just take you a lot longer to do it. But you could replicate everything you do. It improves quality in many cases. It enhances accuracy, it enhances consistency and decision making as well. Because if it can give you the right data in the right form, it can enhance that. And there are multiple examples that we've shown here used in businesses, used by some of the functions and by individuals as well. As they use AI, it makes life simpler for each individual. As an aside, you should try this. You're getting news from various sources Go to Claude or one of the LLMs and just say, build an agent for me that goes and gets information from all these sources I go to and summarizes it in this form. And here are things I want to see. And it will simplify life for you significantly. So that's an example of individual deployment. Something you could possibly do in five or ten minutes and make life much easier in terms of what you do every day. Transform is in the four areas I talked about. And what we've shown here is examples of some of our transform projects in auto finance and farm. Auto and finance, many of them are deployed. Farm is early stage. Many of them have been started, not deployed as yet. A couple possibly even in the concept phase, but not deployed at this point. But quality is really improve the quality of product or service, experiences enhance customer and employee experiences, reaches, being able to reach out to a lot more customers. For XCV7XO, we used AI for a number of customers where We weren't quite sure how serious they were, et cetera, and we couldn't reach every customer. So AI had conversations with customers on WhatsApp and resulted in 17,000 test drives being booked just by using AI. We wouldn't have touched those customers otherwise. And that's pure incremental revenue. That's a real use case that drives incremental revenue. And we are still stacking the surface on that. And efficiencies obviously do more with less. So one I touched upon here is our paint shop. In painting and welding, so applications and manufacturing where we use AI in creating more uptime for our plants because you can resolve problems faster, in creating less service time when customers come in with their cars, creating a customer delight and also freeing up more capacity for our dealers to be able to service customers. So these are examples of AI in manufacturing, which is still, I'd say, early in the world. We haven't seen a lot of companies be able to use AI in manufacturing as effectively. But that's where our strength lies, and we want to be able to do a lot more on that front. So our focus is a lot more on the first three. Yes, to some extent on efficiency, which we will drive as well. But we want to get to be much better in our businesses and not just auto farm finance through real estate. We're using AI to create a better experience for customers when they get their flat delivered to them. because AI can look at every single wall, every single part of the ceiling, find the smallest set of things that customers will find later and tell you, I had a small crack here, but you give me the flat with this crack here, and we can take action even before we deliver the flat to the customers. That creates delight for the customer. Using AI in holidays business, using AI in a real estate business. So across businesses, we're looking at multiple applications here. Some examples of transform projects in auto, but beyond the examples, actually one I did not talk about is efficiency to drive better simulations. This is taking our product development time down by 10%. And that's literally saving a few months. We can get a product faster to market. And that means a few months faster revenue. For F27, what we are tracking is a delivery of 4,100 crores in terms of revenue, two to three percentage points in terms of customer satisfaction, which is off a high base already, and 10% reduction in time for a new product development. So these are some of the key metrics we're tracking. As I said, this is just scratching the surface. This is not full potential of AI. This is based on projects that we have in the pipeline right now. And we are tracking it closely. We have CFOs join some of our meetings on AI as well to say, do you agree with these numbers? Are these going into your plan? And if they are, then they're real. If they're not going into your plan, then they're not real numbers. Similarly, mind of finance, again, lots of examples here. I'm just going to focus on the last line. For this year, we expect to have 10,000 crore more of disbursements because of AI. 20% increase in thin file conversions, 80% agentic operations. One example here is our central processing center, one of our transform projects. Typically, you've got to verify every document the customer sends you. There can be sometimes 20, 30, 40 elements of data in those documents. If you've got land holdings that you need to verify in certain cases, other number, pan number, a whole host of data. Typically, it would take a person 40 minutes to go through all of them. And in many cases, you'd have some errors. You'd have certain reject rates, et cetera. We have AI doing that now in seven minutes. It's huge time-saving. What you want to get to is AI doing that in less than a minute and delivering it directly on the phone where a salesperson is sitting with the customer and saying, yes, all your documents have been tested, seen, everything is set, or I need this document more, I just upload it, yes, you're done now. And that changes the game from a customer standpoint significantly that improves the risk from a minor finance standpoint where documents are verified fraud is lower and that enhances revenue as well because if you get this kind of a service a customer is going to take the loan with you versus what I do somewhere else and do other things so that's one example there and then in servicing and collection 60% do it yourself servicing 75% assisted live contract collections this is everything we are planning for F27 outcomes right now and a number of projects are sort of underway to make this happen. AI Invent, I talked about insurance. There are multiple things in auto, multiple in farm. I won't talk about that much right now because, as I said, this is early stage for us. We haven't delivered results in this as yet. When we do deliver results, we'll come back and talk more about AI Invent. Governance I will talk about because this is very important for us. Ethical, responsible, and secure are the three main things we drive. We've got processes in place at the central level, at every business level, to ensure that we maintain a very high level of governance for AI. That comes first. The rest of it is fine if it doesn't happen. Governance has to drive everything from our standpoint. Mahindra.ai Academy, this is for helping all our leaders and associates get trained in AI, to be able to use Excel the way you use Excel today, to use AI in the same way as someone would use Excel. To me, that's the simplest way of saying if you can do that, then that's when you learn really how to use AI. A lot of people ask, and we had a session with the press, and everyone asked, what is the investment you're making in AI? The good part is the people who are setting up data centers are making the investment. The people who are setting up LLMs have made the investment. They're using it. And we're paying for use. And as we pay for use, we're actually finding that every project is self-financing in that sense. So we're not looking at large numbers for investment. In case any of you had questions, I'm just preempting that question. This is essentially using AI. And we have to be able to show results very quickly in using AI. If it's going to take a large investment and results will come three years later, that's not the right AI project for us. What this also does is help reskill folks whose jobs may have been redundant from AI. Because we would very much like to be in a position where we don't have to let anyone go because the job is redundant for AI. We can use them in other growth areas that we have. We can train them in other ways and we can rehire them back in some other part of the group because of the skills they have or the training that they've got after that. So with that, let me then pivot to What we see over the next five years and much of this you would have seen at Investor Day. So, yes, it is a repetition and which is why I'm going to just breeze through these pages very quickly. In some cases, it's probably a slightly higher number than you've seen, but largely it's similar. We have taken F20 to F31 as the time window, which is five years from now. And F20 instead of 21 because 21 was a COVID year and everything would look great in respect to the COVID year. So we've taken F20. So auto revenue, we expect up eight times. Farm revenue up three times, which I think is slightly higher than what we had in Investor Day. TechM revenue up 1.5 to 2X. Mindre Finance asset under management up 5X in this time period. hospitality, room inventory up 5x, logistics revenue up 4x, residential pre-sales is a key number for residential up 14x in this time period as that business has grown very well and very significantly. I'll take a minute to talk about this business. Profit declared for this year is 298 crores, which is in fact multiples of the average profit for the last 10 years. And more important than that is the business is promising that it will continue to deliver such high numbers for the next five years as well. And it's not sort of one flash in the pan and it goes away after that. And that is really the strength we're seeing in our real estate business right now. So Susten asset portfolio of 5X, we can grow this more. We can grow this 10X, even 15X, and the business is ready to do it. This requires capital, which we're not willing to put at this point in time. And that's the reason why we're keeping the growth at 5X right now for Susten. Last-mile mobility, 10X, truck and bus, 4X, and that's the kind of growth we have planned for the next few years. And with that, let me welcome Rajesh to talk about Automatt Farm.

Hi, everyone. Good to be with you and those online as well. So I'll start with the farm business and look at quarter four. So in the quarter four, you know, we grew our volumes by 36 percent and we gained market share. The 43 percent for the year that you see, 43.6 is our highest ever tractor market share. And you'll see that on the next slide. So this is the kind of market share gain we've made, including in the year F26. The farm machinery business has grown well over the last two or three years. We were struggling to get it past 1,000 for a couple of years, but it's on a good track now. And 1,354 is a good number which is setting us up well for the future. The farm margins, you've already taken a look at this. So this is quarter four. Quarter four margins for core tractors were very strong at 20.4%. When you look at for the year, it was 20.8% core tractor margins. So again, as Anish said, very strong performance on margins on the tractor side. We show this chart to kind of say that our margins in tractors will operate within a band. There will be volatility on industry growth. And we do manage our margins within a band typically of 18% to 21% depending on what's happening to industry growth. So even when growths have been bad, we keep our margins at a level which is, you know, about 17.5-18%. So this is kind of giving you a historic view of that and that's very relevant, I'm guessing, in the context of some of the questions or doubts you may have in your mind. We have two major product upgrades on the tractor side. You know, those of you who follow tractors closely, transmission upgrade is a very, transmission is a very major part of the product. So there is a completely new transmission that is coming out at Swaraj. It's called ProTech. So this is really the start of the launch of ProTech. You see significant benefits here. Swaraj did not have an advanced transmission like this. The advantage with this transmission is it's modular. So we are able to keep a basic base version in place, which hence does not need customers to pay extra money or what they have, but it modularly builds up features. So we are able to kind of give a variety on the same base transmission. The Mahindra tractor range is going through a major change. It's literally an all-new platform now. We internally call it the H1 platform. It's been with us for a very long time. That plays in the 30 to 50 horsepower segment, which is really the bulk of the industry right now. Half of that is getting upgraded into the new product with significant additions and backup talk has been a weakness of, if I may use that word, not the best product. offering from a point of view of backup torque, which is very important as mechanization goes up in farming applications. So this product range will now have the best in-class backup torque. It's, you know, any transition in tractors is not easy. Customers need time to get used to it. So it's happening in a slow-paced manner. We've done seven states so far, and we would, for the next eight to ten months, complete the remaining markets in this horse power category. So both the products, Swaraj and Mahendra, are seeing a significant upgrade in the product offering. We spoke and Anish reinforced this, you know about it. We've taken action in areas which were not delivering the outcomes that we needed or which were not going to derive strategic synergy as we were going forward. So we exited Sampo and Arkun Foundry already in that stage of exit and doing a voluntary... liquidation for the Mitsubishi ag machinery business. So three businesses which were in a way dragging the international business of farm. We've kind of taken the capital allocation calls and set in motion process. And that we believe over the next two years will again improve international business profitability. The three markets that we will stay focused invested in. They're very strategic to us, which is the U.S. market, Brazil, and Turkey. They're all large markets from the segments in which we play. We have reasonable market share presence. All the three markets are seeing an industry slowdown, which is impacting short-term profit. But hopefully, as the down cycle turns around, we will see volumes come back in these markets hopefully soon. These are the, you've already seen these numbers, I'm going to go fast through them. These are the consolidated numbers, both for quarter four and the full year. The tractors, we're talking about total new launches in F27 of 19, out of which 7 are all new and 12 are through new features. So, like I mentioned earlier, a significant upgrade in the overall portfolio on the tractor side. Moving to auto, you saw the growth numbers. We finished the year at 19%. We had at the beginning of the year said it would be mid to high teens, and we kind of delivered on that. We have done that by delivering growth in the revenue market share as well and in the volume market share of LCBs. This captures what is in the previous slide, so I'm zipping through it. We sold an average of 9,500 a month of 7XO, which was the maximum we were able to make at this point of time. And the response to the 7XO has been very, very strong. And, of course, it's given us a significant growth over what we were doing on XUV700. So it's been a very successful relaunch or refresh introduction. The Mahindra electric operations we believe have been done very well. We sold 55,000 vehicles since launch going into the first full year of operations. Got several awards, you are aware of that. The 7S has sold 7,400 vehicles in the quarter 4. The penetration Anish spoke about that was 9.6% and you can see the volume market share at 31.4% in electric which made it the number two player. The revenue market share, which really is the parameter that we use, we were number one through the year and in quarter four, in spite of not being the largest volume player. And that, as you can see, in quarter four was as high as 37.7%. In LCB, we've spoken, this is the trend, we've gained market share. A little bit of supply issues as a huge demand uptick happened post-GST drop. So we've not seen the kind of share growth that we were seeing earlier. And that's something that we are fixing over the next couple of months. We were the fifth largest exporter and only 37 units away from being number four. You know, that's not an area you typically associate with us, but many of the OEM 1, 2, 3, 4 that you see are all global brands. So in a way, you know, being close to number four, we believe is a very, very strong sign of the opportunity that lies ahead for us to start building an international business. The auto margin, this is standalone auto margin without the contract manufacturing of electric vehicles, was at 10.9%, which is a really strong margin performance. When you break this up, you see basically two sub-parts to it. The reported number is 9.5. What you see on the left is the 10.9 on the previous slide, which excludes the contract manufacturing. The contract manufacturing is a pass-through in a way, so we made only 19 crores on it, which is just 0.5% margin, which is what brings the 10.9 down to 9.5. We will continue to show this separately so you are able to appreciate the impact of electric as standalone from what we are doing on ice. Mahindra Electric as a company in quarter 4 did... PBIT of 227 crores. Your ad contract manufacturing is 245 crores. So a very strong performance, very strong EBITDA, but also a PBIT positive of a big number in the quarter. For the full year, the auto margin was at 10.4%. When you look at it broken up, it was 10.4 to 9.3. Similar chart as earlier, but for the full year. The EBITDA for the full year of EVs was 1,314 EBITDA and was PBIT positive for the full year at 287 crores, including contract manufacturing. We grew 15% on trucks and buses. Market share improved marginally. A lot of upsides. As you can see, we are the third largest player in ILCV buses with 22.9% market share and a narrowed gap with the number two. Last mile mobility, we continued our number one position, doing very well, and a very successful launch of the Udo, which has got very good feedback, and we built 7,500 vehicles within two months of launch. Also, the auto-consolidated financials, we grew PBIT of 50% in quarter four, PAT of 49%, and for the full year, it was 33% PBIT and 33% PAT. This is a slide on which I spent a little bit of time and we can come back again if you need in the Q&A. So we exited F25 with the ICE capacity of 5,400 and EV capacity of 5,000. During the year, we went up to 56,500 of ICE and EV of 8,000. That's what we announced when we launched the 9S. We've not been able to fully operationalize the 56,500 because of changes in mix, which was basically constrained by the engines that we needed. So though we had a 56,500, we were not able to fully get 56,500. So that mix issue is being sorted out. And as we get to H1 exit, which is by September, October, 56,500 would have gone up to 60. It will remain at 8. As we come to the end of the year, on top of the 60, we would have added 10,000, which is towards the launch of the new IQ, which will be for products that will get launched in F28. we will add another 4000 of EV for the new EVs to get launched in F28. So through F28 beginning, we would really have 60 plus 8 plus 14. So that would be the total SUV capacity that we are building up during the course of this year. The Nagpur plant is on track to get started in 2028 to middle of We're about completing the process of land acquisition and we'll start preparing ourselves for a two-year project execution. A quick update on the product. So LCVs we had last year, rather in May 2024, said we will launch seven LCVs by 2030. We launched four. Three are remaining. We are updating that to additional seven launches. So basically by F31, we are expecting seven plus three, ten launches in LCVs. Some of them will come out of the new platform on which we have Vero. Others will be updates and upgrades on the current pickup portfolio. On the SUV side, we had said we will launch nine and seven, nine ICE and seven BEVs. We've launched five and four. Remaining are four and three. Now, what we are saying is by F31, we will have additional 6 and additional 3. So, by F31, we can expect 10 new ICE and 6 new BEVs. Few of them are going to come out of the new IQ platform, which you are already aware of and you have seen. There will be ICE and EV versions of that. So, that is what makes it to 10 plus 6. F27 Outlook, we are expecting tractor to be mid-single digit, around 5%. I'm sure you have a lot of questions on that, which we'll take. On the SUV side, we are expecting mid to high teens for us. That's not for the industry. And on the LCV, less than 3.5 ton, it's high single digits. So that's broadly our outlook with that. Over to you, Amar. Thank you.