Mahindra & Mahindra Ltd (M&M) is the flagship company of the Mahindra Group, primarily engaged in mobility products and farm solutions. Since its inception, the company has expanded its offerings to include SUVs, pickups, commercial vehicles, tractors, electric vehicles, two-wheelers, gensets, and construction equipment. Mahindra operates in over 20 industries, including automotive, farm equipment, financial services, hospitality, logistics, renewable energy, technology, real estate, auto components, and aerospace.

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M&M is committed to technology-driven innovation and fostering an innovation-driven culture within the organization. The company focuses on advanced technologies, upgrading existing technology, and capability development in critical areas for current and future growth. The Automotive Sector is expanding its vision on multiple emerging technologies, including electric vehicles, battery technologies, and connected vehicles. In the Farm Equipment Sector, emphasis is placed on technologies such as emission reduction, high precision hydraulics, and electric tractors. The company continues to invest in technology development and protection through patents, filing a total of 247 patent applications in the year under review. The R&D units of M&M are responsible for technology development, innovation, and capability building in emerging technology areas. These units focus on reskilling engineers, leveraging technologies like Data Science, AI, IoT, and Mechatronics, and encouraging their application in new product development. M&M has 21 R&D centers across 7 countries. The company has filed a cumulative total of 2,459 patent applications, with 1,281 patents granted. The company has launched new products such as Thar ROXX, XUV 3XO, and BE 6, and developed new technologies like the 3-in-1 E-drive system for BEVs. The latest year R&D expenses as a percentage of revenue is approximately 3%.