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Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting19th November 2015Type of meetingIDFC Investor ConferenceAttendees:Investor / AnalystsFund / FirmCompany .16.17.18.19.20.21.22.23.24.25.26.Ajit Motwani – Bharti AXA Life InsuranceNaysar Shah – Capital 72Geetika Gupta – First Voyager AdvisorsAditya Sood – ICICI Prudential Mutual FundGeorge Joseph - ICICI Prudential Mutual FundAnimesh Shah – L&T Mutual FundPrakriti Banka – Pramerica Mutual FundPrashant Shah – Reliance Life InsuranceTejal Shah – Reliance Life InsuranceDennis Chung – Cathay SecuritiesSumeet Mangal – Goldman SachsAakash Mangani – BOI AXA InvestmentAnirudh Singhi – IDBI Mutual FundSanket Baheti – Geecee InvestmentsMadhuchanda Dey – Avendus Capital Pvt LtdPradeepkumar Dhamdhere – Bajaj AllianzKaustav Kakati – DHFL Pramerica Life Insurance Co. LtdDipen Sanghvi – Enam Asset ManagementSejal Doshi – ILFS (FII)Arjun Khanna – Principal AMCAditya Biyani – Reliance Mutual FundDeepak Malhotra – Silver Streak MACSowmiya M – Star Union Dai Chi Life InsuranceHarish Krishnan – Kotak Asset ManagementSudhir Kedia – Ask Investment ManagersVaishali Jajoo – Aegon Religare Life Insurance CoMr. Sriram Ramachandran, Mr. Rajen KavadiaCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.1
Did the discussions involved Noreveal any UPSI1. How have the new products and variants launched done inthe market?2. When will Bolero bounce back to its original numbers?3. After the festive season now, will M&M see any fall ingrowth in LCV segment i.e 2 to 3.5 ton?4. What is AMT capacity of TUV300?5. Who is supplying AMT to M&M?6. Is M&M planning to enter “Tiller” category in farmequipment?Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.2
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting19th November 2015Type of meetingUBS Investor ConferenceAttendees:Investor / AnalystsFund / 9.20.21.22.23.24.25.Company RepresentativesKarthik Kumar – Asiya InvestmentsDanesh Ranchhod – Franklin Templeton InvestmentsArjun Tandon – Matsya CapitalRajiv Batra – TemasekVibhor Talreja – TemasekJiten Poojara – TemasekKetan Shah – ComgestUtkarsh Katkoria – Deutsche Asset ManagementTed Chisholm - EdgepointGavin Ma – Gavekal CapitalAnkit Jain – Mirae Global Investment ManagementJasween Malik – Sumitomo Mitsui Trust Bank LtdCasey Preyss – William Blair & CoGonzalo Pangaro – T Rowe Price International IncJai Kapadia – T Rowe Price International IncMark Edwards – T Rowe Price International IncPreyesh Patel – T Rowe Price International IncRajeev Eyunni – Alliance BernsteinJeff Liu – Buena Vista FundRobert Rosner – Buena Vista FundKarsten Naumann – Edmond De Rothschild AssetManagementMurali Yerram – Franklin Templeton Asset ManagementDeepak Singh – Highbridge Capital ManagementHari Ravishankar – Janchor Partners LtdDale Michelson – Putnam InvestmentsMr. K. Chandrasekar, Mr. Sandesh Naik.Copyright 2013 Mahindra & Mahindra Ltd. All rights reserved.3
Did the discussions involved Noreveal any UPSI1.2.3.4.5.Gist of discussionsAny other commentsAbout TUV300 – initial response?Capital Allocation strategy?UVs scenario?Tractor industry and rural economy scenario?Where do you see Mahindra Group going forward in the next5 years?NILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.4
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting18th November 2015Type of meetingMacquarie Investor ConferenceAttendees:Investor / AnalystsFund / FirmCompany .16.17.18.19.20.21.22.23.Ho Yin Pong – Allianz Global InvestorsSiddharth Johri – Allianz Global InvestorsYuming Pan – Allianz Global InvestorsEric Chan – Buena Vista ManagementAchmad Syafriel – PT. AIA FinancialYuanita Hutami – PT. AIA FinancialS. Natraj – Quantum Mutual FundRomil Jain - Quantum Mutual FundVimal Gohil - Union KBC Asset ManagementAchala Kanitkar – Birla Sun Life Asset Management CoVincent Lui – AMP CapitalHongmin Choi – Asiya InvestmentsSumeet Hinduja – Exide Life InsuranceNeal Smith – Denker CapitalRichard Shepherd – Denker CapitalChuk Wong – 1832 Asset Management (Dynamic Funds)Michael Dillon – Brown Advisory LLCManeesh Bajaj – Brown Investment Advisory & TrustPriyanka Agnihotri - Brown Investment Advisory & TrustAlex Leung – GMT CapitalNeil Mascarenhas – Hamon Asset ManagementChristopher Knapp – Jarislowsky FraserArit Chaudhury – Max Life InsuranceMr. K. Chandrasekar, Mr. Sandesh Naik.Copyright 2013 Mahindra & Mahindra Ltd. All rights reserved.5
Did the discussions involved Noreveal any UPSI1. About TUV300 – initial response?2. UVs scenario?3. Tractor industry and rural economy scenario?Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.6
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting17th November 2015Type of meetingMr. Anand Mahindra’s Interactive session with CIOsAttendees:Investor / AnalystsFund / FirmCompany RepresentativesTemasekMr. VibhorTalrejaFranklin TempletonMs. RoshiJain2 GroupMr. JayashriB3 GIC of IndiaICICI Pru Life MutualMr. YogeshBhatt4 FundFidelityGroupMr.SandeepKotharti5Mr. AnupMaheshwari6 Blackrock GroupSrinivas7 New India Assurance Mr. V HariMr. Sashikanth Balachandar8 Premji InvestMr. AnoopBhaskar9 UTI Mutual FundMr. NavneetMunot10 SBI Mutual FundMr. PankajMurarka11 Axis MFMr. AmolGogate12 Capital ResearchOrientalInsuranceMr.AKMittal13Ms. AditiPuri14 Capital WorldMr. Anand Mahindra, Mr. V S Parthasarathy, Mr. K. Chandrasekar,Mr. Sriram Ramachandran & the IR team.1Did the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.7
1. India is within top three countries (after US and China) ofdiscussion at global forums.2. Economic environment in India – seen improvement duringthe festive season, though not secular.3. The ease of doing business has improved dramatically inIndia.4. M&M Auto business – TUV 300 has been received well.S101 is likely to be launched soon and will improvevolumes.5. Though rural economy is impacted by poor monsoon,Indian agriculture sector is undergoing transformation.6. The group is focusing on simplicity, digitization andleveraging synergy across group companies.7. As the economy turns around, M&M group companies hasthe advantage as we have built robust eco-systems.Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.8
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting14th October 2015Type of meetingCon-callAttendees:Investor / AnalystsBinay Singh and Satyam Thakur from Morgan Stanley SecuritiesFund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSI1. Update on Auto & Farm Sector of M&M?2. New product launches?Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.9
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting12th October 2015Type of meetingOne on one MeetingAttendees:Investor / AnalystsMs. Aditi Puri from Capital World.Fund / FirmCompany RepresentativesMr. V.S Parthasarathy, Mr. K. Chandrasekar, Mr. SriramRamachandranDid the discussions involved Noreveal any UPSI1. The philosophy of managing group businesses2. Metrics used to evaluate the performance of groupportfolio3. Investment philosophy into related and unrelatedbusinessesGist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.10
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting12th October 2015Type of meetingOne on one MeetingAttendees:Investor / AnalystsFund / FirmCompany RepresentativesMr. James Long, Mr. Ronald Gould, Mr. James Strachan, Mr. DeanBuckley, Ms. Bronwyn Curtis from JP Morgan Asian Investment Trustplc and Ms. Sonia Yu and Ms. Alison Vincent from JP Morgan AssetManagement.Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia,Mr. Sandesh NaikDid the discussions involved Noreveal any UPSI1. Update on M&M Group’s businessesGist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.11
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting5th October 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsMr. Arun Agarwal from Kotak Securities (Private Client Group)Fund / FirmCompany RepresentativesMr. Rajen KavadiaDid the discussions involved Noreveal any UPSIGist of discussions1. Update on M&M Auto & Farm equipment sectors?2. Update on M&HCV business of M&M?Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.12
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting29th September 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsMr. Anant Shirgaonkar and Mr. Sonal Gupta from UBS SecuritiesFund / FirmCompany RepresentativesMr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia,Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussions1.Update on M&M UVs?2.Effect of rural demand on tractor sales?3.Two wheeler business and strategy way forward?Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.13
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting24th September 2015Type of meetingGroup MeetingAttendees:Investor / AnalystsMr. Daiji Ozawa from Invesco Asset Management (Japan) LtdFund / FirmMr. Christopher Avery from Wellington ManagementMr. Manish Shah from Comgest.Mr. Shreyash Devalkar from BNP Paribas Mutual FundMr. Rakesh Kumar, Mr. Clive Wiggins, Mr. James Yoon, Neil Nathwanifrom BNP Paribas Securities.Company RepresentativesMr. K. Chandrasekar, Mr. Rajen Kavadia, Mr. Sandesh Naik, Mr. BrianD’PenhaDid the discussions involved Noreveal any UPSIGist of discussions1.Rural demand and M&M’s presence there?2.GST introduction in India?3.Update on Ssangyong?4.Tractor scenario and about M&M’s market share in tractors?5.Update on other businesses of M&M Group?Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.14
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting22nd September 2015Type of meetingCon-callAttendees:Investor / AnalystsMr. Murali Aburri and Mr. Sriram Vasudevan from Graticule AssetManagementFund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussions1. Latest updates/happenings in the UVs and tractor industry?2. Government spend and infrastructure development in India?3. Effect of Monsoon on tractor sales?Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.15
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting21st September 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsSiddharth Purohit from Sushil Financial Services Pvt LtdFund / FirmCompany RepresentativesMr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussions1. M&M UV products profile – new products?2. Tractor margins - Q1 were high? Are they sustainable?3. About two wheeler business? Till when will M&M continue?Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.16
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting16th September 2015Type of meetingCLSA Investor Conference in Hong 16.17.18.Investor / AnalystsFund / FirmCompany RepresentativesKnut Harald Nilsson – SkagenAravindan Jegannathan – JK Capital Management LtdEugene Profis – Mackenzie InvestmentsGigi Chan – Wellington Management Co. LLPJulie Lee – Lion Global Investors LtdKuldeep Khanapurkar – Baring Asset Management (Asia) LtdJames Fan – Robeco Hong KongJean Van De Walle - Abu Dhabi Investment AuthorityMyla Cruz – Lazard Asset Management LLCRashmi Kwatra – Prince Street CapitalAmol Gogate – Capital Research Global InvestorsWinnie Kwan – Capital Research Global InvestorsJesper Lyckeus – Capital Research Global InvestorsTomonori Tani – Capital World InvestorsLeo Hee – Capital World InvestorsAustin Forey – JP Morgan Asset Management UK LtdLeon Eidelman - JP Morgan Asset Management UK LtdLuis Carrillo - JP Morgan Asset Management UK LtdMr. Sriram Ramachandran, Mr. Rajen Kavadia.Did the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.17
1. About TUV300 – its product development cost, initialresponse?2. UVs scenario?3. Update on Ssanyong?4. Tractor industry scenario?5. New product launches and how will M&M regain its lostmarket share in UVs?Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.18
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting15th September 2015Type of meetingCLSA Investor Conference in Hong 16.Investor / AnalystsFund / FirmCompany RepresentativesWenjie Ge – Capital International IncManish Bishnoi – Macquarie Funds Group Hong KongPaul Ryndak – Calamos Advisors LLCSunil Parthasarathy – Trilogy Global Advisors (MAIN)Robert Holmes – NNIP Advisors B.VSreevardhan Agarwal – First State Investment (Singapore)Tushar Jain – Sumitomo Mitsui Asset ManagementYuming Pan - Allianz Global Investors Asia PacificAvinash Abraham – Balyasny Asset Management LPChristine Kim – Balyasny Asset Management LPDavid Walsh – GLG PartnersJerome Van Der Ghinst – Epoch Investment Partners IncMark Kingdon – Kingdon Capital Management LLCRizi Mohanty – Myriad Asset Management LtdMihail Dobrinov – Principal Global InvestorsEwan Thompson – Neptune Investment Management LtdMr. Sriram Ramachandran, Mr. Rajen Kavadia.Did the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.19
1. Political & Economic situation in India?2. Update on Tractor Industry performance, dynamics,penetration and tractor mechanization?3. How M&M is positioning the TUV300? Whether urban orrural or a mix of both?4. Understanding of M&M Group for new investors?5. Tractor pricing, discounts?6. About Ssangyong’s Tivoli performance and effect of Russiaslowdown?7. M&HCV industry scenario?8. Two wheeler business update?9. UV industry – market scenario?Gist of discussionsAny other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.20
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting8th September 2015Type of meetingMotilal Oswal Investor ConferenceAttendees:Investor / AnalystsFund / 9.20.21.22.23.24.25.26.27.28.29.Jason Nogueria – T Rowe PriceMark Edwards – T Rowe PriceRajat Chandak – ICICI Prudential MFYogesh Bhat – ICICI Prudential MFManish Kumar – ICICI Prudential MFKevin Koh – UBS Global Asset ManagementRaymond Wong – UBS Global Asset ManagementManish Kumar - ICICI Prudential Life InsuranceSumanta Khan – ICICI Prudential Life InsuranceHiroshi Yoh – Janus CapitalSubhra Chaterjee – Janus CapitalAchala Kanitkar – Birla MFBhagyesh Kagalkar – HDFC Mutual FundSam West – Highclere International InvestorsSanjay Doshi – Reliance Mutual FundSarah Chang – TaishinArjya Chattoraj – Tokio MarineJohn Lin – YuantaAshish Naik – Axis MFChristine NG – Government of Singapore (GIC)Tien Doe - Government of Singapore (GIC)Alex Duffy – Fidelity InternationalAnthony Srom - Fidelity InternationalDhananjay Phadnis - Fidelity InternationalJason Billings - Fidelity InternationalJochen Breuer - Fidelity InternationalKuleen Tanna - Fidelity InternationalLeon Tucker - Fidelity InternationalNick Price - Fidelity InternationalCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.21
Company RepresentativesMr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia,Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsNew Product launches, Strategy way forward, update on twowheelers business and CVs business and environment scan of UVs &tractors.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.22
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting7th September 2015Type of meetingCon-CallAttendees:Investor / AnalystsMs. Wakaba Kawai from Nomura Asset Management Singapore.Fund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsAny other comments1. Demand for tractors2. Tractor industry situation and M&M’s competitiveness in theindustry.3. Outlook for tractor growth.4. UV Industry performanceNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.23
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting31st August 2015Type of meetingCon-CallAttendees:Investor / AnalystsMr. Tyler Brown and Ms. Vera Trojan from Wellington Management.Fund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussions1.2.3.4.5.Any other commentsTractor industry dynamics.Tractor growth in balance part of FY16 and if possible in FY17as well as for the industryUV industry dynamicsNew products pipelineConglomerate structure of M&M groupNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.24
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting26th August 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsFund / FirmCompany RepresentativesMs. Preetie Kohli, Mr.Gaurav Jaitley and Mr. Pramod Kumar fromGoldman Sachs (India) Securities Pvt Ltd.Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsGeneral update on M&M’s businesses.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.25
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting20th August 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsMr. Amit Maskara from Carrhae Capital.Fund / FirmCompany RepresentativesMr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsGeneral update on Auto and Farm sectors.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.26
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting19th August 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsFund / FirmCompany RepresentativesMr. Sebestian Chia and Mr. Akira Takeuchi from Nippon Life GlobalInvestors Singapore Ltd.Mr. Sriram Ramachandran, Mr. Rajen KavadiaDid the discussions involved Noreveal any UPSIGist of discussionsUpdate on the M&M Auto and Farm Equipment sectors and newlaunches.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.27
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting18th August 2015Type of meetingBank of America Merrill Lynch Conference via 3.14.Investor / AnalystsFund / FirmCompany RepresentativesAadil Ebrahim – Alliance BernsteinSwee San Tan – Alliance BernsteinManish Shah – Comgest SaSaurabh Sinha – Lion Global Investors LtdKong Chiat Ng – Natixis Asset Management Asia LtdAnish Mathew – Sundaram Mutual FundKevin Koh – UBS Global Asset ManagementNamit Nayegandhi - UBS Global Asset ManagementDaniel Ling – Massachusetts Financial ServicesRobert Lau – Massachusetts Financial ServicesChetan Shetty – Broad Peak Investment AdvisersKoushik Pal – Manulife Asset ManagementRana Gupta – Manulife Asset ManagementSatyan Wadhwa – Millenium PartnersMr. Sriram Ramachandran, Mr. Rajen KavadiaDid the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.28
Gist of discussionsNew Product launches, Strategy way forward on two wheelersbusiness, effect of competition on M&M UV sales, understanding ofM&M and its subsidiaries’ structure, effect of GST on UVs .Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.29
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting14th August 2015Type of meetingCLSA Investor Roadshow (NDR) in USAAttendees:1.2.3.4.5.6.Investor / AnalystsFund / FirmCompany RepresentativesOwens Huang – Dalton InvestmentsVenkat Pasupuleti – Dalton InvestmentsAmit Kumar – Metropolitan West Capital ManagementDavid Lund – Nuveen Asset ManagementTracy Stouffer - Nuveen Asset ManagementTariq Ahmad – Indus Capital PartnersMr. V. S. ParthasarathyDid the discussions involved Noreveal any UPSIGist of discussionsNew Product launches, effect of competition on M&M UV sales,general updates on Auto & Farm Equipment Sectors and otherbusinesses of M&M.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.30
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting12th August 2015Type of meetingCLSA Investor Roadshow (NDR) in USAAttendees:1.2.3.4.5.6.7.8.9.10.11.12.Investor / AnalystsFund / FirmCompany RepresentativesKen Ryan – Dodge & CoxKarol Marcin – Dodge & CoxRichard T. Callister – Dodge & CoxCharles F. Pohl – Dodge & CoxParitosh Somani - Dodge & CoxBart Grenning - TIAA CREF Investment ManagementEric Koo - TIAA CREF Investment ManagementLisa Wang – TIAA CREF Investment ManagementEric Sandlund – Newport Asia LLCSebastian Von Renouard - Passport CapitalSuhaib Jamjoom – Passport CapitalShashin Shah – Think InvestmentsMr. V. S. ParthasarathyDid the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.31
Gist of discussionsNew Product launches, effect of competition on M&M UV sales,general updates on Auto & Farm Equipment Sectors and otherbusinesses of M&M.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.32
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting12th August 2015Type of meetingOne on One meetingAttendees:Investor / AnalystsMr. Jay Mehta from Bank of America Merrill LynchFund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsUpdate on the M&M Auto and Farm Equipment sectors,understanding industry dynamics and new launches.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.33
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting11th August 2015Type of meetingCon-callAttendees:Investor / AnalystsMs. Ayako Mikami from MFS Investment ManagementFund / FirmCompany RepresentativesMr. Sriram Ramachandran, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsIt was more of financial numbers clarifications presented in theM&M Annual report of FY2015 and business updates.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.34
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting9th July 2015Type of meetingOne on One MeetingAttendees:1. Mr. Vidrum Mehta and Mr. Nishit Zota from ICICISecurities Ltd (ICICI Direct).Investor / AnalystsFund / Firm2. Mr. Eric Yuan from T. Rowe Price Hong Kong Ltd & Mr.Hitesh Goel from Kotak Securities.3. Mr. Ayaz Ebrahim and Mr. Sudeepto Deb from AmundiAsset Management and Mr. Vijay Chugh and Ms. AllieEom from BNP Paribas Securities (Asia) Ltd.Company RepresentativesMeeting #1: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.Sandesh NaikMeeting #2: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. BrianD’PenhaMeeting #3: Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr.Sandesh Naik.Did the discussions involved Noreveal any UPSICopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.35
Gist of discussionsMeeting with ICICI Securities (ICICI Direct) – It was an introductionof M&M’s auto & tractor businesses to them.Meeting with T. Rowe Price & Kotak Securities – The discussion wasabout the two wheeler business of M&M and understanding itsdynamics.Meeting with Amundi Asset Management & BNP Paribas Securities– Discussion was about the rural economy in India, technologicaldevelopments in M&M and updates on M&M’s defence sector.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.36
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting8th July 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmMr. Brent Lynn and Mr. Subhra Chatterjee from Janus CapitalCompany RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsGeneral updates of the UV and tractor industry and understanding itsdynamics, growth prospects and about CV segment.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.37
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting30th June 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmMr. Sejal Doshi from IL&FS Portfolio Management Services and Mr.Priya Ranjan from Systematix Shares & Stocks (I) Ltd.Company RepresentativesMr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsGeneral updates of M&M’s businesses and how M&M sees itself in thenext 5years.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.38
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting26th June 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmMr. Alex Markillie from USS Investment Management Ltd and Mr. SahilKedia from Barclays Securities.Company RepresentativesMr. Sriram Ramachandran, Mr. Rajen KavadiaDid the discussions involved Noreveal any UPSIGist of discussionsAbout UV and tractor industry dynamics and M&M’s performance.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.39
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting25th June 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmMr. Jamie Sterne and Mr. Kiran Pendri from Third Point LLCCompany RepresentativesMr. Sriram Ramachandran, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsUnderstanding M&M’s presence in UV and tractor industry and otherbusinesses as a holding company. Also, took M&M’s views on ruraleconomy.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.40
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting24th June 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmMr. Mithun Soni, Mr. Pratik Gandhi and Mr. Sanket Baheti from GeeceeInvestments.Company RepresentativesMr. Rajen Kavadia and Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsGeecee investments have just initiated their coverage on M&M andhence it was more of an introduction of M&M’s businesses to them andmaking them understand the dynamics of the UV and tractor industry.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.41
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting22nd June 2015Type of meetingOne on One MeetingAttendees:Investor / Analysts1. Mr. Nemkumar from IIFL.Fund / Firm2. Mr. Kapil Singh from Nomura Financial Advisory & SecuritiesIndia Pvt Ltd.Company RepresentativesMr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsMeeting with IIFL – The discussion was related to general views onIndian Economy.Meeting with Nomura – The discussion was about GST implementation,Agri Business, update on UV & tractor industry.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.42
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting18th June 2015Type of meetingOne on One MeetingAttendees:1. Mr. Suhas Harinarayanan, Mr. Ambrish Mishra from JMFinancial Institutional Securities Ltd.Investor / AnalystsFund / Firm2. Mr. Gordon Fraser from Blackrock and Mr. Nitij Mangalfrom CLSA India Pvt Ltd.Company RepresentativesMr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsMeeting with JM Financial – The discussion was related to rural reportreleased by JM Financial and debriefing of their USA Sales trip.Meeting with Blackrock & CLSA – More understanding of the Q4 FY15results.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.43
Mahindra & Mahindra LimitedRecording of Investor MeetingsDate of the meeting16th June 2015Type of meetingOne on One MeetingAttendees:Investor / AnalystsFund / FirmCompany RepresentativesMr. S. B. Mainak, Mr. Pravin Kutumbe, Mr. M.M.L Verma and Mr.Pradeep Kumar Malhotra from Life Insurance Corporation of India.Mr. V.S. Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram Ramachandran,Mr. Rajen Kavadia, Mr. Sandesh NaikDid the discussions involved Noreveal any UPSIGist of discussionsDiscussions were more of general updates on the businesses of thecompany, new products and tractor industry.Any other commentsNILCopyright 2013 Mahindra & Mahindra Ltd. All rights reserved.44
Mahindra & Mahindra
5. George Joseph - ICICI Prudential Mutual Fund 6. Animesh Shah - L&T Mutual Fund 7. Prakriti Banka - Pramerica Mutual Fund . 17. Kaustav Kakati - DHFL Pramerica Life Insurance Co. Ltd 18. Dipen Sanghvi - Enam Asset Management 19. Sejal Doshi - ILFS (FII) . 24. Hari Ravishankar - Janchor Partners Ltd 25. Dale Michelson .
