Anand G. Mahindra
Chairman
"The example set by Keshub Mahindra will now, more than ever, be a
guiding force on how we tackle the future."
"From a personal perspective, the greatest lesson his life has
taught me is that living ¦with zest and engagement is the secret of a long, happy
and successful life."
Dear Shareholders,
Mr. Keshub Mahindra was a towering figure in the Mahindra Group ever
since he joined in 1947 and it is difficult to accept that he is gone. Today, he looms
large in our thoughts.
Keshub Mahindra was a part of my life ever since I was born. There are
so many memories of him I cherish - his charm, his love for tennis and golf, the dashing
picture he made as he drove the first vehicle to be indigenously produced by M&M out
of the factory, his knack of instantly connecting with people, young or old, the
affectionate awe with which he was regarded by the highest to the lowest in the Mahindra
Group.
He died, as he had lived, peacefully, surrounded by the love of his
family. All who knew him will always regret that he missed his century by just a few
months.
What can we learn from the life of someone who spent 99 plus impactful
years on the planet? Much has been written about Keshub Mahindra's sagacity, his humility,
his vision and many other qualities of head and heart - and every word of this is true.
But, from a personal perspective, the greatest lesson his life has taught me is that
living with zest and engagement is the secret of a long, happy and successful life. He
never gave in to age or infirmity, remained fully engaged with the world, till the very
end. And that is why we will miss him every day.
Keshub Mahindra may have retired from active business when he became
NonExecutive Chairman, and later Chairman Emeritus, but he never retired from life.
Practically till the last day, he continued to take a lively interest in the affairs of
the Mahindra Group, particularly its social initiatives. He attended every important
meeting, even during the Covid years, when, despite being in his nineties, he taught
himself to log in virtually.
Just a few weeks before he passed away, he actively participated in the
Board Meeting of the Mahindra United World College. As late as 23rd March, he
chaired meetings of the Board of Trustees of the Mahindra Foundation and the KC Mahindra
Education Trust. It is inspirational that despite the weight of his years, he never slowed
down intellectually, never lost his involvement with the world around him.
It makes me nostalgic when I recall how keen he always was to keep
abreast of everything that was going on. The progress of the business was, of course,
important to him. Not a week went by when he would not ask me for news about the Group's
performance — and the share price!
However, his concern for the business went hand in hand with his
concern for people. He valued people and their talents. If he got news of a resignation
his first question always was "But why did this happen? Why was he or she not happy
working with us?" And his other major area of concern was technology. As technology
became a driving force in business and our lives, he displayed an ever-deepening desire to
understand and guide its impact. R&D particularly fascinated him, and he constantly
questioned whether we were adequately prepared for a world without fossil fuels. His
questioning was always incisive; yet he never came across as intimidating or controlling.
Empowerment was very much his style. However, he had the gift of seeing two moves ahead,
and his questions always made one think.
Having been with M&M almost since inception, he saw plenty of the
ups and downs of business. He took the rough with the smooth, with courage. His steady and
clear-headed optimism and his fortitude in times of adversity was infectious and served as
a beacon for those of us who had the privilege of working with him. Keshub Mahindra was an
institution, and we will miss him immensely.
I am sure that your Company's performance showcased in this Annual
Report would have made him very happy. Our core businesses have had a very good year,
despite many geopolitical and supply side challenges. We have declared the highest
dividend in our history. M&M shares have outperformed the Nifty50 as well as the Nifty
Auto Index. We are the best performing stock on Nifty since 2002. It has clearly been a
memorable year.
As for the future, our growth path is clearly set out. Our strategies
for scaling up the core businesses and the growth gems are well defined. The Indian
economy has grown at 7% and we are in the right place at the right time.
But there are also tectonic changes in the offing. The rise of
Generative AI is likely to be a major inflexion point which could fundamentally transform
life and business as we know it. AI could literally become a co-pilot in almost everything
that we do. In business, this may well call for totally reinventing the way we look at our
work. There are exciting times ahead, full of challenges as well as opportunities.
The example set by Keshub Mahindra will now, more than ever, be a
guiding force on how we tackle the future.
I pray that all of us in the Mahindra Group will engage with life and
its challenges with the same foresight, optimism, unflagging spirit, commitment, passion
and compassion as he did.
That is the best way to ensure that his spirit will live on.
"As technology became a driving force in business and our lives,
Keshub Mahindra displayed an ever-deepening desire to understand and guide its
impact."