mahindra & mahindra limited reporting...6. animesh shah – l&t mutual fund 7. prakriti...

Copyright © 2013 Mahindra & Mahindra Ltd. All rights reserved. 1

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 19th November 2015

Type of meeting IDFC Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Ajit Motwani – Bharti AXA Life Insurance

2. Naysar Shah – Capital 72

3. Geetika Gupta – First Voyager Advisors

4. Aditya Sood – ICICI Prudential Mutual Fund

5. George Joseph - ICICI Prudential Mutual Fund

6. Animesh Shah – L&T Mutual Fund

7. Prakriti Banka – Pramerica Mutual Fund

8. Prashant Shah – Reliance Life Insurance

9. Tejal Shah – Reliance Life Insurance

10. Dennis Chung – Cathay Securities

11. Sumeet Mangal – Goldman Sachs

12. Aakash Mangani – BOI AXA Investment

13. Anirudh Singhi – IDBI Mutual Fund

14. Sanket Baheti – Geecee Investments

15. Madhuchanda Dey – Avendus Capital Pvt Ltd

16. Pradeepkumar Dhamdhere – Bajaj Allianz

17. Kaustav Kakati – DHFL Pramerica Life Insurance Co. Ltd

18. Dipen Sanghvi – Enam Asset Management

19. Sejal Doshi – ILFS (FII)

20. Arjun Khanna – Principal AMC

21. Aditya Biyani – Reliance Mutual Fund

22. Deepak Malhotra – Silver Streak MAC

23. Sowmiya M – Star Union Dai Chi Life Insurance

24. Harish Krishnan – Kotak Asset Management

25. Sudhir Kedia – Ask Investment Managers

26. Vaishali Jajoo – Aegon Religare Life Insurance Co

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia


Did the discussions involved

reveal any UPSI

No

Gist of discussions 1. How have the new products and variants launched done in

the market?

2. When will Bolero bounce back to its original numbers?

3. After the festive season now, will M&M see any fall in

growth 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 farm

equipment?

Any other comments NIL





Type of meeting UBS Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Karthik Kumar – Asiya Investments

2. Danesh Ranchhod – Franklin Templeton Investments

3. Arjun Tandon – Matsya Capital

4. Rajiv Batra – Temasek

5. Vibhor Talreja – Temasek

6. Jiten Poojara – Temasek

7. Ketan Shah – Comgest

8. Utkarsh Katkoria – Deutsche Asset Management

9. Ted Chisholm - Edgepoint

10. Gavin Ma – Gavekal Capital

11. Ankit Jain – Mirae Global Investment Management

12. Jasween Malik – Sumitomo Mitsui Trust Bank Ltd

13. Casey Preyss – William Blair & Co

14. Gonzalo Pangaro – T Rowe Price International Inc

15. Jai Kapadia – T Rowe Price International Inc

16. Mark Edwards – T Rowe Price International Inc

17. Preyesh Patel – T Rowe Price International Inc

18. Rajeev Eyunni – Alliance Bernstein

19. Jeff Liu – Buena Vista Fund

20. Robert Rosner – Buena Vista Fund

21. Karsten Naumann – Edmond De Rothschild Asset

Management

22. Murali Yerram – Franklin Templeton Asset Management

23. Deepak Singh – Highbridge Capital Management

24. Hari Ravishankar – Janchor Partners Ltd

25. Dale Michelson – Putnam Investments

Company Representatives Mr. K. Chandrasekar, Mr. Sandesh Naik.



reveal any UPSI

No

Gist of discussions 1. About TUV300 – initial response?

2. Capital Allocation strategy?

3. UVs scenario?

4. Tractor industry and rural economy scenario?

5. Where do you see Mahindra Group going forward in the next

5 years?






Type of meeting Macquarie Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Ho Yin Pong – Allianz Global Investors

2. Siddharth Johri – Allianz Global Investors

3. Yuming Pan – Allianz Global Investors

4. Eric Chan – Buena Vista Management

5. Achmad Syafriel – PT. AIA Financial

6. Yuanita Hutami – PT. AIA Financial

7. S. Natraj – Quantum Mutual Fund

8. Romil Jain - Quantum Mutual Fund

9. Vimal Gohil - Union KBC Asset Management

10. Achala Kanitkar – Birla Sun Life Asset Management Co

11. Vincent Lui – AMP Capital

12. Hongmin Choi – Asiya Investments

13. Sumeet Hinduja – Exide Life Insurance

14. Neal Smith – Denker Capital

15. Richard Shepherd – Denker Capital

16. Chuk Wong – 1832 Asset Management (Dynamic Funds)

17. Michael Dillon – Brown Advisory LLC

18. Maneesh Bajaj – Brown Investment Advisory & Trust

19. Priyanka Agnihotri - Brown Investment Advisory & Trust

20. Alex Leung – GMT Capital

21. Neil Mascarenhas – Hamon Asset Management

22. Christopher Knapp – Jarislowsky Fraser

23. Arit Chaudhury – Max Life Insurance

Company Representatives Mr. K. Chandrasekar, Mr. Sandesh Naik.



reveal any UPSI

No

Gist of discussions 1. About TUV300 – initial response?

2. UVs scenario?

3. Tractor industry and rural economy scenario?






Type of meeting Mr. Anand Mahindra’s Interactive session with CIOs

Attendees:

Investor / Analysts

Fund / Firm

1 Temasek Mr. Vibhor Talreja

2

Franklin Templeton Group Ms. Roshi Jain

3 GIC of India Mr. Jayashri B

4

ICICI Pru Life Mutual Fund Mr. Yogesh Bhatt

5 Fidelity Group Mr. Sandeep Kotharti

6 Blackrock Group Mr. Anup Maheshwari

7 New India Assurance Mr. V Hari Srinivas

8 Premji Invest Mr. Sashikanth Balachandar

9 UTI Mutual Fund Mr. Anoop Bhaskar

10 SBI Mutual Fund Mr. Navneet Munot

11 Axis MF Mr. Pankaj Murarka

12 Capital Research Mr. Amol Gogate

13 Oriental Insurance Mr. A K Mittal

14 Capital World Ms. Aditi Puri

Company Representatives Mr. Anand Mahindra, Mr. V S Parthasarathy, Mr. K. Chandrasekar,

Mr. Sriram Ramachandran & the IR team.


reveal any UPSI

No


Gist of discussions 1. India is within top three countries (after US and China) of discussion at global forums.

2. Economic environment in India – seen improvement during the festive season, though not secular.

3. The ease of doing business has improved dramatically in India.

4. M&M Auto business – TUV 300 has been received well. S101 is likely to be launched soon and will improve volumes.

5. Though rural economy is impacted by poor monsoon, Indian agriculture sector is undergoing transformation.

6. The group is focusing on simplicity, digitization and leveraging synergy across group companies.

7. As the economy turns around, M&M group companies has the advantage as we have built robust eco-systems.





Date of the meeting 14th October 2015

Type of meeting Con-call

Attendees:

Investor / Analysts

Fund / Firm

Binay Singh and Satyam Thakur from Morgan Stanley Securities

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions 1. Update on Auto & Farm Sector of M&M? 2. New product launches?






Type of meeting One on one Meeting

Attendees:

Investor / Analysts

Fund / Firm

Ms. Aditi Puri from Capital World.

Company Representatives Mr. V.S Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram

Ramachandran


reveal any UPSI

No

Gist of discussions 1. The philosophy of managing group businesses 2. Metrics used to evaluate the performance of group

portfolio 3. Investment philosophy into related and unrelated

businesses






Type of meeting One on one Meeting

Attendees:

Investor / Analysts

Fund / Firm

Mr. James Long, Mr. Ronald Gould, Mr. James Strachan, Mr. Dean

Buckley, Ms. Bronwyn Curtis from JP Morgan Asian Investment Trust

plc and Ms. Sonia Yu and Ms. Alison Vincent from JP Morgan Asset

Management.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia,

Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions 1. Update on M&M Group’s businesses






Type of meeting One on One meeting

Attendees:

Investor / Analysts

Fund / Firm

Mr. Arun Agarwal from Kotak Securities (Private Client Group)

Company Representatives Mr. Rajen Kavadia


reveal any UPSI

No

Gist of discussions 1. Update on M&M Auto & Farm equipment sectors? 2. Update on M&HCV business of M&M?





Date of the meeting 29th September 2015


Attendees:

Investor / Analysts

Fund / Firm

Mr. Anant Shirgaonkar and Mr. Sonal Gupta from UBS Securities


Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions 1.Update on M&M UVs? 2.Effect of rural demand on tractor sales? 3.Two wheeler business and strategy way forward?






Type of meeting Group Meeting

Attendees:

Investor / Analysts

Fund / Firm

Mr. Daiji Ozawa from Invesco Asset Management (Japan) Ltd

Mr. Christopher Avery from Wellington Management

Mr. Manish Shah from Comgest.

Mr. Shreyash Devalkar from BNP Paribas Mutual Fund

Mr. Rakesh Kumar, Mr. Clive Wiggins, Mr. James Yoon, Neil Nathwani

from BNP Paribas Securities.

Company Representatives Mr. K. Chandrasekar, Mr. Rajen Kavadia, Mr. Sandesh Naik, Mr. Brian

D’Penha


reveal any UPSI

No

Gist of discussions 1.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?





Date of the meeting 22nd September 2015


Attendees:

Investor / Analysts

Fund / Firm

Mr. Murali Aburri and Mr. Sriram Vasudevan from Graticule Asset

Management



reveal any UPSI

No

Gist of discussions 1. Latest updates/happenings in the UVs and tractor industry? 2. Government spend and infrastructure development in India? 3. Effect of Monsoon on tractor sales?





Date of the meeting 21st September 2015


Attendees:

Investor / Analysts

Fund / Firm

Siddharth Purohit from Sushil Financial Services Pvt Ltd

Company Representatives Mr. Rajen Kavadia, Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions 1. 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?






Type of meeting CLSA Investor Conference in Hong Kong

Attendees:

Investor / Analysts

Fund / Firm

1. Knut Harald Nilsson – Skagen

2. Aravindan Jegannathan – JK Capital Management Ltd

3. Eugene Profis – Mackenzie Investments

4. Gigi Chan – Wellington Management Co. LLP

5. Julie Lee – Lion Global Investors Ltd

6. Kuldeep Khanapurkar – Baring Asset Management (Asia) Ltd

7. James Fan – Robeco Hong Kong

8. Jean Van De Walle - Abu Dhabi Investment Authority

9. Myla Cruz – Lazard Asset Management LLC

10. Rashmi Kwatra – Prince Street Capital

11. Amol Gogate – Capital Research Global Investors

12. Winnie Kwan – Capital Research Global Investors

13. Jesper Lyckeus – Capital Research Global Investors

14. Tomonori Tani – Capital World Investors

15. Leo Hee – Capital World Investors

16. Austin Forey – JP Morgan Asset Management UK Ltd

17. Leon Eidelman - JP Morgan Asset Management UK Ltd

18. Luis Carrillo - JP Morgan Asset Management UK Ltd

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia.


reveal any UPSI

No


Gist of discussions 1. About TUV300 – its product development cost, initial

response?

2. UVs scenario?

3. Update on Ssanyong?

4. Tractor industry scenario?

5. New product launches and how will M&M regain its lost

market share in UVs?






Type of meeting CLSA Investor Conference in Hong Kong

Attendees:

Investor / Analysts

Fund / Firm

1. Wenjie Ge – Capital International Inc

2. Manish Bishnoi – Macquarie Funds Group Hong Kong

3. Paul Ryndak – Calamos Advisors LLC

4. Sunil Parthasarathy – Trilogy Global Advisors (MAIN)

5. Robert Holmes – NNIP Advisors B.V

6. Sreevardhan Agarwal – First State Investment (Singapore)

7. Tushar Jain – Sumitomo Mitsui Asset Management

8. Yuming Pan - Allianz Global Investors Asia Pacific

9. Avinash Abraham – Balyasny Asset Management LP

10. Christine Kim – Balyasny Asset Management LP

11. David Walsh – GLG Partners

12. Jerome Van Der Ghinst – Epoch Investment Partners Inc

13. Mark Kingdon – Kingdon Capital Management LLC

14. Rizi Mohanty – Myriad Asset Management Ltd

15. Mihail Dobrinov – Principal Global Investors

16. Ewan Thompson – Neptune Investment Management Ltd

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia.


reveal any UPSI

No


Gist of discussions 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 or

rural 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 Russia

slowdown?

7. M&HCV industry scenario?

8. Two wheeler business update?

9. UV industry – market scenario?






Type of meeting Motilal Oswal Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Jason Nogueria – T Rowe Price

2. Mark Edwards – T Rowe Price

3. Rajat Chandak – ICICI Prudential MF

4. Yogesh Bhat – ICICI Prudential MF

5. Manish Kumar – ICICI Prudential MF

6. Kevin Koh – UBS Global Asset Management

7. Raymond Wong – UBS Global Asset Management

8. Manish Kumar - ICICI Prudential Life Insurance

9. Sumanta Khan – ICICI Prudential Life Insurance

10. Hiroshi Yoh – Janus Capital

11. Subhra Chaterjee – Janus Capital

12. Achala Kanitkar – Birla MF

13. Bhagyesh Kagalkar – HDFC Mutual Fund

14. Sam West – Highclere International Investors

15. Sanjay Doshi – Reliance Mutual Fund

16. Sarah Chang – Taishin

17. Arjya Chattoraj – Tokio Marine

18. John Lin – Yuanta

19. Ashish Naik – Axis MF

20. Christine NG – Government of Singapore (GIC)

21. Tien Doe - Government of Singapore (GIC)

22. Alex Duffy – Fidelity International

23. Anthony Srom - Fidelity International

24. Dhananjay Phadnis - Fidelity International

25. Jason Billings - Fidelity International

26. Jochen Breuer - Fidelity International

27. Kuleen Tanna - Fidelity International

28. Leon Tucker - Fidelity International

29. Nick Price - Fidelity International



Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions New Product launches, Strategy way forward, update on two

wheelers business and CVs business and environment scan of UVs &

tractors.






Type of meeting Con-Call

Attendees:

Investor / Analysts

Fund / Firm

Ms. Wakaba Kawai from Nomura Asset Management Singapore.



reveal any UPSI

No

Gist of discussions 1. Demand for tractors 2. Tractor industry situation and M&M’s competitiveness in the industry. 3. Outlook for tractor growth. 4. UV Industry performance





Date of the meeting 31st August 2015

Type of meeting Con-Call

Attendees:

Investor / Analysts

Fund / Firm

Mr. Tyler Brown and Ms. Vera Trojan from Wellington Management.



reveal any UPSI

No

Gist of discussions 1. Tractor industry dynamics. 2. Tractor growth in balance part of FY16 and if possible in FY17

as well as for the industry 3. UV industry dynamics 4. New products pipeline 5. Conglomerate structure of M&M group





Date of the meeting 26th August 2015


Attendees:

Investor / Analysts

Fund / Firm

Ms. Preetie Kohli, Mr.Gaurav Jaitley and Mr. Pramod Kumar from

Goldman Sachs (India) Securities Pvt Ltd.



reveal any UPSI

No

Gist of discussions General update on M&M’s businesses.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Amit Maskara from Carrhae Capital.

Company Representatives Mr. Rajen Kavadia, Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions General update on Auto and Farm sectors.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Sebestian Chia and Mr. Akira Takeuchi from Nippon Life Global

Investors Singapore Ltd.



reveal any UPSI

No

Gist of discussions Update on the M&M Auto and Farm Equipment sectors and new

launches.






Type of meeting Bank of America Merrill Lynch Conference via Telepresence

Attendees:

Investor / Analysts

Fund / Firm

1. Aadil Ebrahim – Alliance Bernstein

2. Swee San Tan – Alliance Bernstein

3. Manish Shah – Comgest Sa

4. Saurabh Sinha – Lion Global Investors Ltd

5. Kong Chiat Ng – Natixis Asset Management Asia Ltd

6. Anish Mathew – Sundaram Mutual Fund

7. Kevin Koh – UBS Global Asset Management

8. Namit Nayegandhi - UBS Global Asset Management

9. Daniel Ling – Massachusetts Financial Services

10. Robert Lau – Massachusetts Financial Services

11. Chetan Shetty – Broad Peak Investment Advisers

12. Koushik Pal – Manulife Asset Management

13. Rana Gupta – Manulife Asset Management

14. Satyan Wadhwa – Millenium Partners



reveal any UPSI

No


Gist of discussions New Product launches, Strategy way forward on two wheelers

business, effect of competition on M&M UV sales, understanding of

M&M and its subsidiaries’ structure, effect of GST on UVs .






Type of meeting CLSA Investor Roadshow (NDR) in USA

Attendees:

Investor / Analysts

Fund / Firm

1. Owens Huang – Dalton Investments

2. Venkat Pasupuleti – Dalton Investments

3. Amit Kumar – Metropolitan West Capital Management

4. David Lund – Nuveen Asset Management

5. Tracy Stouffer - Nuveen Asset Management

6. Tariq Ahmad – Indus Capital Partners

Company Representatives Mr. V. S. Parthasarathy


reveal any UPSI

No

Gist of discussions New Product launches, effect of competition on M&M UV sales,

general updates on Auto & Farm Equipment Sectors and other

businesses of M&M.






Type of meeting CLSA Investor Roadshow (NDR) in USA

Attendees:

Investor / Analysts

Fund / Firm

1. Ken Ryan – Dodge & Cox

2. Karol Marcin – Dodge & Cox

3. Richard T. Callister – Dodge & Cox

4. Charles F. Pohl – Dodge & Cox

5. Paritosh Somani - Dodge & Cox

6. Bart Grenning - TIAA CREF Investment Management

7. Eric Koo - TIAA CREF Investment Management

8. Lisa Wang – TIAA CREF Investment Management

9. Eric Sandlund – Newport Asia LLC

10. Sebastian Von Renouard - Passport Capital

11. Suhaib Jamjoom – Passport Capital

12. Shashin Shah – Think Investments

Company Representatives Mr. V. S. Parthasarathy


reveal any UPSI

No


Gist of discussions New Product launches, effect of competition on M&M UV sales,

general updates on Auto & Farm Equipment Sectors and other

businesses of M&M.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Jay Mehta from Bank of America Merrill Lynch



reveal any UPSI

No

Gist of discussions Update on the M&M Auto and Farm Equipment sectors,

understanding industry dynamics and new launches.







Attendees:

Investor / Analysts

Fund / Firm

Ms. Ayako Mikami from MFS Investment Management

Company Representatives Mr. Sriram Ramachandran, Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions It was more of financial numbers clarifications presented in the

M&M Annual report of FY2015 and business updates.





Date of the meeting 9th July 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm

1. Mr. Vidrum Mehta and Mr. Nishit Zota from ICICI

Securities Ltd (ICICI Direct).

2. 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 Amundi

Asset Management and Mr. Vijay Chugh and Ms. Allie

Eom from BNP Paribas Securities (Asia) Ltd.

Company Representatives Meeting #1: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.

Sandesh Naik

Meeting #2: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Brian

D’Penha

Meeting #3: Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr.

Sandesh Naik.


reveal any UPSI

No


Gist of discussions Meeting with ICICI Securities (ICICI Direct) – It was an introduction

of M&M’s auto & tractor businesses to them.

Meeting with T. Rowe Price & Kotak Securities – The discussion was

about the two wheeler business of M&M and understanding its

dynamics.

Meeting with Amundi Asset Management & BNP Paribas Securities

– Discussion was about the rural economy in India, technological

developments in M&M and updates on M&M’s defence sector.





Date of the meeting 8th July 2015


Attendees:

Investor / Analysts

Fund / Firm

Mr. Brent Lynn and Mr. Subhra Chatterjee from Janus Capital



reveal any UPSI

No

Gist of discussions General updates of the UV and tractor industry and understanding its

dynamics, growth prospects and about CV segment.





Date of the meeting 30th June 2015


Attendees:

Investor / Analysts

Fund / Firm

Mr. Sejal Doshi from IL&FS Portfolio Management Services and Mr.

Priya Ranjan from Systematix Shares & Stocks (I) Ltd.



reveal any UPSI

No

Gist of discussions General updates of M&M’s businesses and how M&M sees itself in the

next 5years.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Alex Markillie from USS Investment Management Ltd and Mr. Sahil

Kedia from Barclays Securities.



reveal any UPSI

No

Gist of discussions About UV and tractor industry dynamics and M&M’s performance.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Jamie Sterne and Mr. Kiran Pendri from Third Point LLC



reveal any UPSI

No

Gist of discussions Understanding M&M’s presence in UV and tractor industry and other

businesses as a holding company. Also, took M&M’s views on rural

economy.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Mithun Soni, Mr. Pratik Gandhi and Mr. Sanket Baheti from Geecee

Investments.

Company Representatives Mr. Rajen Kavadia and Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions Geecee investments have just initiated their coverage on M&M and

hence it was more of an introduction of M&M’s businesses to them and

making them understand the dynamics of the UV and tractor industry.





Date of the meeting 22nd June 2015


Attendees:

Investor / Analysts

Fund / Firm

1. Mr. Nemkumar from IIFL.

2. Mr. Kapil Singh from Nomura Financial Advisory & Securities

India Pvt Ltd.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.

Sandesh Naik


reveal any UPSI

No

Gist of discussions Meeting with IIFL – The discussion was related to general views on

Indian Economy.

Meeting with Nomura – The discussion was about GST implementation,

Agri Business, update on UV & tractor industry.







Attendees:

Investor / Analysts

Fund / Firm

1. Mr. Suhas Harinarayanan, Mr. Ambrish Mishra from JM

Financial Institutional Securities Ltd.

2. Mr. Gordon Fraser from Blackrock and Mr. Nitij Mangal

from CLSA India Pvt Ltd.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr.

Sandesh Naik


reveal any UPSI

No

Gist of discussions Meeting with JM Financial – The discussion was related to rural report

released by JM Financial and debriefing of their USA Sales trip.

Meeting with Blackrock & CLSA – More understanding of the Q4 FY15

results.







Attendees:

Investor / Analysts

Fund / Firm

Mr. S. B. Mainak, Mr. Pravin Kutumbe, Mr. M.M.L Verma and Mr.

Pradeep Kumar Malhotra from Life Insurance Corporation of India.

Company Representatives Mr. V.S. Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram Ramachandran,

Mr. Rajen Kavadia, Mr. Sandesh Naik


reveal any UPSI

No

Gist of discussions Discussions were more of general updates on the businesses of the

company, new products and tractor industry.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Prasun Gajri, Mr. Farokh Pandole, Mr. Nishit Dholakia, Mr.

Shirish Guthe from HDFC Standard Life Insurance Company Ltd.



reveal any UPSI

No

Gist of discussions Discussions were more of general updates on the businesses of the

Company.






Type of meeting Morgan Stanley Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Sundeep Bihani – Eastspring Investments

2. Trilok Agarwal – Birla Sunlife Insurance

3. Munish Puri – Journey Investment Management

4. Anil Tewari – RWC Partners

5. Mehul Kinariwala – Azentus Capital Management

6. Morgan Sze - Azentus Capital Management

7. Chris McGoldrick – First State Investments

8. Robert Ledger - Schroder Investment Management

9. Allan Be – Canyon Partners

10. Rizi Mohanty – Myriad Asset Management

11. Jaap M. van der Hart – Robeco Group

12. Anatoly Romanovsky – Pictet Asset Management

13. Michael Sznajer – Silvaris Capital Management

14. Peter Gillespie – Lazard Asset Management

15. Vikas Pershad – Port Meadow

16. Albert Kwok – Jennison Associates

17. Paul Eisenstein – Lone Pine Capital

18. Jaibir Sethi– Premji Investments

19. Michael Van Voorst – Robeco Group

20. Michael Cumming – Scout Investments

21. Pablo Echavarria – Thornburg Investment Management


Mr. Sandesh Naik


reveal any UPSI

No


Gist of discussions More of business updates and environmental scan.







Attendees:

Investor / Analysts

Fund / Firm

Mr. Chris McGoldrick from First State Stewart and Govindarajan C

from Jefferies India Pvt Ltd.



reveal any UPSI

No

Gist of discussions Discussions were about long term strategies of the Mahindra Group

and capital allocation already in public domain.







Attendees:

Investor / Analysts

Fund / Firm

Manish Kumar, Sumanta Khan, Fatema Pacha from ICICI Prudential

Life Insurance.



reveal any UPSI

No

Gist of discussions A general company update regarding new product launches,

environment scan of UV and tractor industry which are in public

domain






Type of meeting One on One Meetings

Attendees:

Investor / Analysts

Fund / Firm

1. David Walsh, Nicholas Vidale from GLG Partners Hong

Kong Ltd and Aditya Khansaheb from J.P Morgan

Securities

2. Jason Zhang from Capital Research Global Investors and

Amit Mishra, Chirag Jain from Macquarie Capital

Securities (India) Pvt Ltd.



reveal any UPSI

No

Gist of discussions Meeting with GLG Partners - About tractor industry, the competitive

dynamics, new product launches in UVs and tractors.

Meeting with Capital Research Global Investors – More

understanding the Indian auto industry and its dynamics.





Date of the meeting 3rd June 2015

Type of meeting Mahindra Research Valley (MRV) visit in Chennai

Attendees:

Investor / Analysts

Fund / Firm

1. Ms. Kimberley McPhail, Mr. Douglas Lendingham & Nick

Edgerton from First State Stewart

2. Mr. Govindarajan C. & Mr. Mohan Gundu from Jefferies India

Pvt Ltd

3. Mr. S. Krishnakumar from Sundaram Mutual Fund

Company Representatives Mr. Rajen Kavadia, Mr. Sunil Satpute


reveal any UPSI

No

Gist of discussions Showed the Mahindra Research Valley (MRV) facility and catered to

questions relating to it.





Date of the meeting 3rd June 2015

Type of meeting B&K Investor Conference

Attendees:

Investor / Analysts

Fund / Firm

1. Prerna Lotlikar - Allard Partners

2. Shreyas Devalkar – BNP Paribas AMC

3. Aditya – Steinberg

4. Yogesh Patil - Canbank MF

5. Arit.Chaudhury - Max Life

6. Surjit Arora - Tata MF

7. Omprakash Kuchian - Reliance Mutual Fund

8. Aditya Biyani - - Reliance Mutual Fund

9. Sanjay Doshi - Reliance Mutual Fund

10. Sanjay Parekh - Reliance Mutual Fund

11. Amit Nadekar - Alchemy Capital

12. Falgun Shah - Argonaut Capital

13. Ajit Motwani - Bharti Axa Ins

14. Natasha Lulla - Birla MF

15. Achala Kanitkar - Birla MF

16. Nitish P – Ind Asia

17. Keshav Sangha – Venture works

18. Rohan Patki – Himalayan Fund

19. Vishal Mishra – Daiwa Mutual Fund

20. Devender Singhal - Kotak Mutual Fund

21. Gaurav Agarwal - Ellara Capital

22. Sonaal - Ellara Capital

23. Henry Ashton - Matterhorn Investment

24. Kush Joshi – Kitara Capital




reveal any UPSI

No

Gist of discussions The discussions revolved around the Industry, company information

already in public domain.





Date of the meeting 2nd June 2015

Type of meeting One-on-one

____________________________________________________

Attendees:

Investor / Analysts

Fund / Firm

Ms. Monica Joshi, Bajaj Allianz Life Insurance & Mr. Deepak Jain, IDFC

Securities



reveal any UPSI

No

Gist of discussions The discussions revolved around the Industry, company information

already in public domain.


mahindra & mahindra limited reporting...6. animesh shah – l&t mutual fund 7. prakriti...

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