Climate Change Data

Environmental Metrics

ESG Focus Areas

• People
• Planet
• Profit

Environmental Achievements

• Reduced carbon footprint by 20% (Automotive Division), 11% (Farm Division), and 14% (Swaraj Division)
• 37% of total water consumption recycled and reused by Automotive Division
• Specific energy consumption reduced by 8.7% (Farm Division)
• Generated $422 million revenue from climate-friendly portfolio

Social Achievements

• Launched Women Leaders Program (WLP)
• Nanhi Kali project positively impacted 130,000 underprivileged girls
• Employee volunteer hours increased by 4.5%
• M&M won Business Today's Best Companies to Work for Awards 2017 in the Engineering & Automotive Sector
• Launched Trringo, India's first tractor and farm equipment rental business

Governance Achievements

• Ranked 3rd among top 100 emerging market MNCs for business transparency
• First Indian company to announce its internal carbon price - US$10 per ton of carbon emitted
• Won awards for Corporate Governance and Sustainability Framework

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions
• Climate change impacts (unpredictable weather)
• Competition in the UV segment
• Demand slump due to demonetization
• Stressed balance sheet of banks
• Growing concerns over air pollution, road safety, sustainability, and urban congestion

Mitigation Strategies

• Proactive capacity planning
• Vulnerability tracking for identified suppliers
• Differentiated sourcing strategy
• Developing petrol engine options for all products
• Strengthening UV portfolio with new launches
• Linking growth with Indian government projects
• Managing financial capital with cost optimization and calculated bets on future growth
• Focusing on strengthening the EV portfolio, infrastructure, and safety of vehicles
• Forming strategic partnerships with cab aggregators to promote EVs

Supply Chain Management

Responsible Procurement

• Environment-friendly practices
• Green initiatives
• Hub Buying system

Climate-Related Risks & Opportunities

Physical Risks

• Monsoon dependence
• Rising energy costs
• Restricted access to raw materials like water
• Changing consumer preferences

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of energy-efficient products
• Investment in clean and renewable energy

Reporting Standards

Frameworks Used: International Integrated Reporting Council's Framework, GRI G4 core guidelines, Ministry of Corporate Affairs' National Voluntary Guidelines (NVG)

Certifications: ISO 14001:2004, OHSAS 18001:2007

Third-party Assurance: DNV GL Business Assurance India Private Limited

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)
• Goal 3 (Good Health and Well-being)
• Goal 4 (Quality Education)
• Goal 8 (Decent Work and Economic Growth)
• Goal 11 (Sustainable Cities and Communities)
• Goal 15 (Life on Land)

Various initiatives contribute to these goals, as detailed in the report.

Sustainable Products & Innovation

• Electric vehicles (e-Verito, e2oPlus, e-Supro)
• Fuel-efficient vehicles (Blazo truck)
• Agri-specialist tractors (Mahindra Yuvo)
• TMCD based solid mono-coat paint

Awards & Recognition

• Golden Globe Tigers Awards
• FISITA Medal
• Business Today's Best Companies to Work for Awards
• Vasundhara Award
• CII Green Conclave Award
• CII-ITC Sustainability Awards
• Golden Peacock Award for Sustainability
• CNBC TV18 India Risk Management Awards
• Transparency International ranking
• Dow Jones Sustainability Index listing
• TIME India Awards Innovator of the Year

Environmental Metrics

ESG Focus Areas

• Ethics, Transparency and Accountability
• Product Safety and Sustainability
• Employee Wellbeing
• Stakeholder Responsiveness
• Human Rights
• Environmental Responsibility
• Public Policy Advocacy
• Inclusive Growth and Equitable Development
• Customer Engagement

Environmental Achievements

• 5 plants certified for Zero Waste to Landfill
• Heat recovery system and energy efficient air conditioning system implemented
• Use of ETP/STP treated water for gardening and flushing
• Rain water harvesting for recharging pits
• Use of metallic waste in furnace and reusing sand for core making
• Reduction in specific energy consumption, greenhouse gas emissions, and water consumption per unit of production (details in report)

Social Achievements

• Launched Trringo, a tractor and farm equipment rental business
• Implemented Integrated Watershed Management Project (IWMP) in multiple locations, resulting in increased income for farmers
• Launched Mahindra Pride Schools and Classrooms, providing livelihood training to youth
• Supported Nanhi Kali, providing educational support to underprivileged girls
• Implemented Mahindra Hariyali, an afforestation initiative

Governance Achievements

• Established a Whistleblower Helpline
• Implemented a grievance redressal mechanism
• Published an Integrated Report conforming to IIRC and GRI G4 guidelines

Climate Goals & Targets

Environmental Challenges

• Limited control over product safety beyond warranty period
• Lack of explicit tracking mechanism for resource use per unit of product
• Unstructured recycling of parts through scrap dealers

Mitigation Strategies

• Working on communication to value chain members for responsibilities
• Tracking and monitoring resource use per unit of equivalent vehicle/tractor
• Implementing Green Supply Chain Management Policy and Supplier Code of Conduct
• Initiating well documented processes to ensure compliance with ELV directive
• Conducting an experimental project to evaluate full LCA

Supply Chain Management

Supplier Audits: 375 suppliers actively participated in annual supplier meets

Responsible Procurement

• Green Supply Chain Management Policy
• Supplier Code of Conduct
• Supplier Business Capability Building (SBCB)
• Mahindra Supplier Evaluation Standard (MSES)
• Supply Risk Mitigation & Management (SRMM)

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: International Integrated Reporting Council (IIRC), Global Reporting Initiative (GRI) G4 Core Option

Third-party Assurance: DNV-GL

Sustainable Products & Innovation

• XUV 500 W9 and XUV500 Gasoline AT
• New Scorpio
• E-Alfa Mini
• Mahindra Yuvo tractor
• Mahindra NOVO tractor
• Mahindra JIVO tractor
• SWARAJ 963 FE tractor
• SWARAJ 735 & 834 tractors
• 724 Orchard tractors

Environmental Metrics

ESG Focus Areas

• Climate Change
• Water Security
• Sustainable Supply Chain
• Health & Safety
• Product Stewardship
• Waste to Wealth
• CSR Management

Environmental Achievements

• Total Scope 1 and Scope 2 emissions reduced by 7% compared to the previous year.
• Renewable energy consumption increased by 19% compared to the previous year.
• 22 locations are certified Zero Waste to Landfill.
• Igatpuri plant became India's first Carbon Neutral facility.
• Mahindra Heavy Engines Ltd. doubled its energy productivity from a 2016 baseline.

Social Achievements

• Launched employee well-being program, Swastha Raho, Mast Raho.
• Provided educational support to 171,950 girl children through Project Nanhi Kali.
• Provided livelihood training to 4,342 underprivileged youth through Mahindra Pride Schools.
• Launched 'Safer Drives Safer Lives' campaign with SaveLIFE Foundation.
• Ranked 17th among the '100 Most Sustainably Managed Companies' in the world.

Governance Achievements

• Established anti-corruption training for all employees.
• 7 out of 13 board members are independent directors (approximately 54%).
• Consolidation of Mahindra Electric Mobility Ltd. into the company.

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to the COVID-19 pandemic and lockdowns.
• Higher input prices putting pressure on margins.
• Climate change risks to business (transition from ICE vehicles to EVs, transition to shared mobility).
• Risks to commitments (Science Based Targets, carbon neutrality).

Mitigation Strategies

• Rigorous cost restructuring exercises and efficiency improvements.
• Cash flow management and sustained investment in new products.
• Integrating climate risks into the risk register.
• Quarterly monitoring of climate risk indicators.
• Developing alternative sourcing strategies.

Supply Chain Management

Supplier Audits: 95 onsite assessments in FY21

Responsible Procurement

• Supplier Code of Conduct
• Sustainable Green Supply Chain Management and Procurement Policy

Climate-Related Risks & Opportunities

Physical Risks

• Changing weather patterns affecting food crops and increasing sea levels.

Transition Risks

• Transition from ICE vehicles to EVs.
• Transition to shared mobility.

Opportunities

• Development of energy-efficient products and services.
• Growth in the electric vehicle market.

Reporting Standards

Frameworks Used: GRI

Certifications: ISO 14001-2015

Third-party Assurance: KPMG, India

UN Sustainable Development Goals

• Goal 4 (Quality Education)
• Goal 5 (Gender Equality)
• Goal 7 (Affordable and Clean Energy)
• Goal 13 (Climate Action)

Initiatives contribute to these goals through education programs, gender equality initiatives, renewable energy projects, and climate change mitigation efforts.

Sustainable Products & Innovation

• Electric vehicles (Treo Zor, eVerito)
• All-new Thar SUV
• Cruzio Grande bus
• Mahindra iMAXX connected vehicle technology
• Krish-e farming services

Awards & Recognition

• Wall Street Journal's list of 100 Most Sustainably Managed Companies
• Indo-American Chamber of Commerce's COVID Crusaders Award
• Indo-French Chamber of Commerce & Industry's CSR Conclave Award
• Asia Sustainability Reporting Awards (ASRA) 2019 Silver Award

Environmental Metrics

ESG Focus Areas

• Climate Change
• Water Security
• Waste Management
• Biodiversity
• Social Development
• Girl Child Education
• Women's Empowerment
• Employee Well-being
• Governance

Environmental Achievements

• 55% increase in renewable energy consumption vs. previous year, reaching 12% cumulative renewable energy share in electricity mix
• >80% M&M locations are 'Zero Waste to Landfill', with 71% of generated waste recycled
• Continued to be 'water positive', with 44% of water being recycled & reused
• 1.32 million trees planted, bringing cumulative tree plantation under Project Hariyali to 20.65 million
• Commissioned 60-MWp captive solar plant

Social Achievements

• 1.85 lacs+ girls supported under Project Nanhi Kali
• 20,000+ women farmers benefited through Project Prerna
• Project Nanhi Kali provided educational support to 185,759 girls
• Mahindra Pride Schools trained 1,798 underprivileged youth
• Mahindra Pride Classrooms trained 1.81 lakh students

Governance Achievements

• Seven out of 12 board members are Independent Directors (including three Women Directors)
• Proactive compliance with regulatory requirements
• No fines incurred from any regulatory authority for non-compliance

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to COVID-19 and the Russia-Ukraine conflict
• Shortage of semiconductors
• Rising input costs
• Changing consumer preferences
• Evolving public sentiment

Mitigation Strategies

• Aggressive steps to de-risk the supply chain
• Cost reduction and cash conservation
• Focus on buying from local suppliers
• Capacity planning and longer-term contracts
• Investing in electric vehicles and renewable energy

Supply Chain Management

Supplier Audits: 17 supplier assessments conducted

Responsible Procurement

• Supplier Code of Conduct
• Sustainable Green Supply Chain Management and Procurement Policy
• Sustainability assessments
• Safety audits
• Training and awareness programs

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Water scarcity
• Impact on production and supply chain

Transition Risks

• Regulatory changes
• Changing consumer preferences
• Market shifts
• Carbon taxation

Opportunities

• Development of energy-efficient products
• Growth in the green economy
• New market opportunities

Reporting Standards

Frameworks Used: GRI Standards (Core option), TCFD, WEF's Stakeholder Capitalism Metrics, UN SDGs

Certifications: OHSAS (for several units)

Third-party Assurance: KPMG, India

UN Sustainable Development Goals

• SDG 4
• SDG 5
• SDG 7
• SDG 8
• SDG 9
• SDG 12
• SDG 13
• SDG 15
• SDG 17

Initiatives contribute to these goals through education, women's empowerment, renewable energy, sustainable supply chains, waste management, climate action, biodiversity conservation, and stakeholder collaboration.

Sustainable Products & Innovation

• Electric vehicles
• Energy-efficient products
• Sustainable building materials

Awards & Recognition

• DJSI World Sustainability Leaders List
• CDP 'A' List for Climate and Water
• Numerous awards for XUV700 and other products

Environmental Metrics

ESG Focus Areas

• Climate Change
• Sustainable Supply Chain
• Water Security
• Health & Safety
• Product Stewardship
• Waste to Wealth
• CSR Management
• Women Empowerment
• Education

Environmental Achievements

• 10% absolute reduction in Scope 1 & 2 emissions compared to FY22
• 43% of total water consumption was recycled and reused
• Over 85% of sites sending zero waste to landfill
• 43.6% reduction in carbon emissions intensity at Auto Division, and 23% at Farm Equipment Sector in FY23 (2018-19 as base year)
• Improved renewable energy share to 32% of total consumption
• Water recharge increased to 1.42 million m³ in FY23 from 0.85 million m³ in FY22
• 63% of M&M's waste was diverted away from landfill in FY23
• 67% of hazardous waste generated was recycled

Social Achievements

• Mahindra Group supported over 85,778 girls in FY23 through Project Nanhi Kali
• 22.86 million trees planted over the years through Project Hariyali
• Mahindra Susten's Skill Development Centre trained over 14.5k individuals in solar PV skills
• Nanhi Kali empowered over 550,000 girls across 15 Indian states
• 166,666 women benefited from Mahindra Pride Classroom skills training programme

Governance Achievements

• 7 of 12 board members are independent directors (including 3 women), accounting for approximately 58% of the board's total strength
• No fines incurred from any regulatory authority for non-compliance with laws and regulations during the reporting period
• Proactive compliance with regulatory requirements

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to semiconductor shortages, Russia-Ukraine conflict, and commodity price rise
• Climate change impacts (extreme weather, water scarcity)
• Evolving consumer preferences (shift towards shared mobility)
• Addressing Scope 3 emissions
• Maintaining water positivity

Mitigation Strategies

• De-risking supply chain, developing alternative sourcing strategies
• Investing in renewable energy, implementing water conservation measures, setting Science-Based Targets (SBTi)
• Developing electric vehicles, sustainable last-mile mobility solutions
• Implementing internal carbon pricing, investing in innovative technologies and processes
• Implementing comprehensive water conservation and rejuvenation strategy

Supply Chain Management

Supplier Audits: 152 audits conducted in FY23

Responsible Procurement

• Supplier Code of Conduct
• Sustainable Green Supply Chain Management and Procurement Policy
• Supplier Risk Management & Mitigation (SRMM) process

Climate-Related Risks & Opportunities

Physical Risks

• Extreme temperatures
• Change in precipitation patterns
• Increased frequency of natural calamities
• Sea level rise

Transition Risks

• Regulatory changes
• Market shifts (transition to electric vehicles, shared mobility)
• Supply chain disruptions

Opportunities

• Development of energy-efficient products
• Growth in electric mobility market
• Investment in renewable energy

Reporting Standards

Frameworks Used: GRI Standards, TCFD, WEF's Stakeholder Capitalism Metrics, UN SDGs

Certifications: ISO 45001:2018 (OHSAS)

Third-party Assurance: KPMG, India

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 4
• SDG 5
• SDG 6
• SDG 7
• SDG 8
• SDG 9
• SDG 12
• SDG 13
• SDG 15
• SDG 17

Initiatives contribute to these goals as detailed in the report

Sustainable Products & Innovation

• Electric vehicles (XUV400, Treo, Alfa CNG)
• Net-zero energy homes (Mahindra Eden)

Awards & Recognition

• KPMG ESG Awards 2023
• CDP's 2022 Supplier Engagement Leaderboard
• Dow Jones Sustainability Index (DJSI) World Index
• S&P Global Sustainability Yearbook 2023
• Global NCAP awards for vehicle safety

Environmental Metrics

ESG Focus Areas

• Climate Change
• Sustainable Supply Chain
• Water Security
• Health & Safety
• Product Stewardship
• Waste Management
• CSR Management
• Women Empowerment
• Girls' Education

Environmental Achievements

• Reduced specific water withdrawal at AS by 11%, FES by 7%
• Increased energy productivity at Farm division by 94%, Auto division by 119%
• Scope 1+2 specific emission reduction for Auto division by 10%, Farm Sector by 1%
• 38.7% of water recycled and reused
• 64% of hazardous waste recycled
• 69% of waste diverted in FY24
• More than 75% of M&M sites are Zero Waste to Landfill certified
• Planted 2.27 million trees by M&M under Project Hariyali
• Renewable electricity consumption stood at 33% in FY24

Social Achievements

• Empowered ~2.32 lakh girl children through Project Nanhi Kali in FY24
• Skilled ~228k women in FY24 (across 19+ states)
• Supported employability skills training for ~9824 women
• Supported domain skills training for ~17550 women
• Provided training in regenerative farming practices to ~25046 women farmers

Governance Achievements

• Maintained full regulatory compliance, reporting zero incidents of non-compliance
• Strengthened Supplier Risk Management & Mitigation process
• Implemented internal carbon pricing mechanism

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to climate events
• Extreme temperatures impacting operations and employee health
• Water scarcity
• Increased frequency of natural calamities
• Transition to electric vehicles
• Changes in existing and upcoming laws and regulations
• Attracting and retaining talent in climate change expertise

Mitigation Strategies

• Developed stringent Supplier Code of Conduct
• Implemented comprehensive Supplier Risk Management & Mitigation process
• Invested INR 10,000 crore in EVs between FY22 and FY27
• Introduced innovative water treatment systems
• Implemented energy-efficient solutions in manufacturing plants
• Embraced circular economy principles
• Enhanced transparency and reporting through ESG reporting and stakeholder engagement
• Collaborated and advocated for policy support

Supply Chain Management

Supplier Audits: Over 140 on-site third-party audits completed in FY24

Responsible Procurement

• Supplier Code of Conduct
• Sustainable Green Supply Chain Management and Procurement Policy
• Conflict Mineral Policy

Climate-Related Risks & Opportunities

Physical Risks

• Extreme temperatures
• Change in precipitation patterns
• Increased frequency of natural calamities

Transition Risks

• Transition to electric vehicles
• Changes in regulations
• Market competition

Opportunities

• Growth in electric vehicle market
• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI Standards, TCFD, WEF's Stakeholder Capitalism Metrics, UNGC, SDGs

Certifications: ISO 45001:2018

Third-party Assurance: DNV Business Assurance India Private Limited

UN Sustainable Development Goals

• SDG 4 (Quality Education)
• SDG 5 (Gender Equality)
• SDG 8 (Decent Work and Economic Growth)
• SDG 13 (Climate Action)
• SDG 6 (Clean Water and Sanitation)
• SDG 2 (Zero Hunger)

Initiatives contribute to these goals through education, women's empowerment, environmental conservation, and sustainable agriculture.

Sustainable Products & Innovation

• XUV4OO electric SUV
• Supro CNG Duo dual-fuel vehicle
• OJA platform tractors
• Swaraj Target tractors

Awards & Recognition

• DJSI World Index inclusion for 3 consecutive years
• Golden Peacock Award for Excellence in Corporate Governance
• AIMA - RK Swamy High Performance Brand Award
• Numerous other awards mentioned in the report