Q1-FY24 · Anish Shah
Our capital allocation discipline has not changed. In fact, it's become even stronger.
MM / language trends
Read confidence between the lines.
Mahindra & Mahindra · tone and specificity signals across the available quarters.
Research layer active
Language signals
What changed in management language.
tracked
Q1-FY24 · Anish Shah
We will not invest auto and farm cash flow into services.
Q1-FY24 · Anish Shah
The worst quarter ever for Tech Mahindra... it will take time. It's not going to show results immediately.
Q1-FY25 · Anish Shah
We have a quarter again with a strong operating performance, which is a common theme. We hope to keep it that way.
Q1-FY25 · Rajesh Jejurikar
The decision that we've taken on XUV700 pricing, we believe will have a negligible effect on the financials over this quarter or the next.
Q1-FY25 · Anish Shah
We are still at 5%, but the arrow looks upward.
Q1-FY26 · Anish Shah
Consolidated profit after tax is up 24 and ROE is north of 20% for the first time, 20.6%.
Q1-FY26 · Rajesh Jejurikar
We stay with our number. So we stay with the mid to high teens as a growth percentage.
Q1-FY26 · Rajesh Jejurikar
We are comfortably covered on the railroads, the magnet issue as we've shared earlier. We have no disruption in production because of that.
Q2-FY24 · Anish Shah
We are not going to give up on the ICE leadership. We're going to maintain that.
Q2-FY24 · Rajesh Jejurikar
The way we are marketing, gonna be marketing this, is around lifestyle. We are not thinking about this as this is an EV which has to penetrate ICE.
Q2-FY24 · Anish Shah
We welcome competitors to come in and invest in India, right? We are happy to compete with them. We will beat them on fair terms.
Q2-FY25 · Anish Shah
This is one quarter where we've seen all our businesses come together.
Q2-FY25 · Rajesh Jejurikar
We are not changing our projections... because we believe that the products that we've launched are going to keep that momentum going.
Q2-FY25 · Anish Shah
Services businesses have contributed more to M&M's profits than a tractor business has in this quarter.
Q2-FY26 · Anish Shah
I'm delighted to announce results for this quarter. And as many of you know me well through many, many quarters, I don't think you've heard the word 'delighted' from me so far as yet.
Q2-FY26 · Rajesh Jejurikar
I am sticking my neck out and saying that I think the outlook will be a double-digit growth for the year.
Q2-FY26 · Amarjyoti Barua
This is the chart that I am most proud of because I think this reflects a lot of effort from the teams.
Q3-FY24 · Rajesh Jejurikar
We are number one on revenue market share given our price per unit is much higher than everyone else.
Q3-FY24 · Rajesh Jejurikar
It's not good news to have a good booking number. It's good news to have growth.
Q3-FY24 · Anish Shah
We see hybrid essentially as an extension of ICE. We felt that EV was a better place to be because that is a technology for the future.
Q3-FY25 · Rajesh Jejurikar
We are not looking at selling this on economy or fuel saving and so on. We were selling this as a lifestyle SUV statement, what we may call objects of desire.
Q3-FY25 · Rajesh Jejurikar
None of our vehicles on a per-unit basis are selling at a loss on a net margin basis, on the net variable margin basis.
Q3-FY25 · Rajesh Jejurikar
We are very mindful of not trying to ramp this up too fast... we will not trade off the number for the quality.
Q3-FY26 · Amarjyoti Barua
This is the first time the group has crossed INR 50,000 crore in top line. That's a big, big milestone for us as a group.
Q3-FY26 · Anish Shah
The economy is accelerating. We continue to believe that the industry will accelerate. I've gone on record saying, we would look at an 8%-10% growth over the next 20 years.
Q3-FY26 · Rajesh Jejurikar
Memory chip is something that is a supply chain risk, price-sensitive thing because shortage obviously is driving premiums in memory chips. So, memory chip is something which is a watch-out across the portfolio right now.
Q4-FY24 · Anish Shah
We've delivered what we committed and, in fact, much more, as you will see.
Q4-FY24 · Rajesh Jejurikar
The cost of losing sales because you didn't have capacity is much lesser than having some capacity which is unused.
Q4-FY24 · Anish Shah
EV is the endgame. Hybrids can be something that's in between, and if the consumer wants more hybrid, then we will be ready for that.
Q4-FY25 · Rajesh Jejurikar
We do not go after market share. Our focus is execution. If execution results in higher market share, we will get it.
Q4-FY25 · Rajesh Jejurikar
We would rather give ourselves two or three months to build this capability and rhythm rather than be in the mindset of, 'Let's get the numbers out.' That's not a priority at the moment. The priority is to do this well.
Q4-FY25 · Rajesh Jejurikar
We have a unique advantage of not being so well entrenched an auto player like some of the big players in the Western world are. We were a learning organization without so much of legacy capability and system that we can't adapt.
Q4-FY26 · Anish Shah
The results are what I would at least consider as among the best that we've delivered.
Q4-FY26 · Rajesh Jejurikar
EVs for us were not to be sold on economics, were to be sold as lifestyle statements.
Q4-FY26 · Anish Shah
We are not looking at short-term actions to meet that number. That's a number that's what we believe our underlying growth rate should be.