Cash Deployment Strategy & Value Creation

10 VALUE CREATION... Accelerated in F23 Market cap of M&M (Rs. kCr.) +42 43 +57 +45 100 144 1 FY 2002 FY 2012 FY 2022 FY 2023 NSE Market Cap* (Rs. Lac Cr.) 6 61 * After Exceptional Items after Non-Controlling Interest ^ PAT after El for continuing operations 262 243 Incremental market cap created by Mahindra Group in F23 is comparable to the incremental market cap created in the last decade 10

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