MAHINDRA & MAHINDRA : RATINGS REAFFIRMED

• Ratings for the company's non-convertible debenture programme and non-fund based facilities have been reaffirmed. • Non-convertible debenture programme: [ICRA]AAA (Stable), reaffirmed. • Long term - Non-fund based facilities: [ICRA]AAA (Stable), reaffirmed. • Short term - Non-fund based facilities: [ICRA]A1+, reaffirmed. • The reaffirmation reflects the company's strong financial profile, healthy free cash flows, and its dominant position in the domestic tractor industry. Impact: Company's creditworthiness remains strong.

Mahindra & Mahindra Limited

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