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| Executive Speak |
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| The year 2010-11 was both eventful and successful. As a Group, we diversified into new businesses, consolidated the existing ones, and made forays into new geographies, taking our aggregate revenues to USD12.5 billion as on March 31, 2011. The Group's net turnover for the year grew by 16.85% and the profit before tax and exceptional items registered an increase of 13.07% over the previous year. |
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| However that is only a part of our story. While we generated profits, we had our eyes trained on the targets we had set for ourselves in the Sustainability Roadmap charted out in 2008-09. These targets include improving energy and natural resource efficiencies in our operations and enhanced commitment to our own people, our customers, our suppliers, as well as to society in general. Like every year, this year too we have enhanced the scope of the Group Sustainability Report which now encompasses 96.5% of the Group's gross annual turnover from Indian operations. |
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| While there were many reasons that contributed to this financial growth and increased resource efficiencies, the one underlying factor that has consistently guided us on our growth path is the deep rooted belief we have in our age old core values, which will always be our North Star, no matter how much we grow. |
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| So, as we continue with our commitment for technological improvements for sustainable mobility solutions through alternative fuels, we also continue to create vehicles that boost self employment of the semi-urban youth. Just as we produce tractors designed to address the requirements of high-end farming operations the world over, we also design products for the marginalised farmer in India that help transform rural productivity and living standards. While we design financial products for fostering asset creation, we also penetrate deeper into rural India to offer micro-finance and thereby boost rural growth. We continue to provide IT solutions for large multi billion corporations, while our employees and foundations devote time and energy addressing health and education needs of the urban and rural poor. |
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During 2010-11, while on the one hand we acquired a majority stake in Korea's leading manufacturer of Utility Vehicles (UV) - Ssangyong Motor Company Limited, which will enhance our global prominence in the UV segment, on the other our commitment to achieve farm prosperity was reiterated by acquiring a sizeable stake in Micro-irrigation Technology of EPC Industrie Limited.. |
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| While all this is an intrinsic part of what we call the 'Mahindra Way', there were two outcomes that made us really proud. |
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| This year marked the first anniversary of a successful collaboration between Tech Mahindra and Mahindra Satyam. With the strong systems of corporate governance that were brought in and the restructuring of the Board, Mahindra Satyam re-emerged post crisis as a resurgent, vibrant powerhouse of energy and ambition. This collaboration also reinstated confidence in the clients encouraging them to extend their contracts or partnerships with Mahindra Satyam. For its 'Associates', Mahindra Satyam continued to be a great place to work in with good career prospects and ample scope for fun at work. At the end of it all, Mahindra Satyam made the country proud by being the official IT service provider for the FIFA World CupTM, 2010 in South Africa by servicing their IT needs and offering proactive solutions that enhanced the World Cup experience for viewers around the world and demonstrated the company's technology prowess. It gives me great pleasure to note that Mahindra Satyam is also included in the scope of this year's sustainability report. |
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| The second fulfilling event was, building 'Nav Nirman Dham' for the flood affected Pattori village in Bihar, which was the outcome of the joint efforts of the entire Group. This self sustaining village with eco-efficiency features is now providing comfortable housing to villagers, who had never dreamt of owning their own home. This social initiative, is also showing us a path towards a sound business proposition where Mahindra Consulting Engineers, Mahindra Finance, Mahindra Solar One, Farm Division etc. can together play a major role in transforming rural India with benefits to the recipients and themselves. As they say, |
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| "When giants transform themselves from impersonal machines into human communities, they can transform the world". |
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| Perhaps it is this holistic approach to business which has prompted us to redefine our Group brand identity - RISE - which promises to empower all our stakeholders to achieve their aspirations and create a better future for themselves, their families and their community. Our core purpose is to facilitate this by 'Accepting No Limits', practicing 'Alternative Thinking' and 'Driving Positive Change' in the lives of our stakeholders. 'RISE' is currently driving an internal business transformation which will enable us to consistently deliver on our core purpose and achieve the business goal of becoming a leading global player. |
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| This is the 4th Group Sustainability Report - a culmination of the hard work and commitment displayed by all our people in achieving economic growth, without compromising the Mahindra ethos of good corporate governance, transparency and accountability to all stakeholders. Needless to say that, this approach will continue to light the way and guide us as we aspire to a sustainable and profitable future. |
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