2 June 2020 After a gap of almost 24 years, MM would see a leadership change with both Executive Chairman (Mr. Anand Mahindra) and MD & CEO (Dr. Pawan Goenka) retiring in 2021. Dr. Anish Shah would take over as MD & CEO from 2 in turn becoming the 5 MD of MM over the last 40 years. Dr. Shahs priorities seem clearly set out for the next few years, which includes (a) revisiting capital allocation in subsidiaries (over next 12 months), (b) funding of other group businesses, and (c) evaluating segregation of auto and FES business (over next 3-5 years). The initial signs on capital allocation are positive as is visible from the MM boards decision against investing a further USD406m in Ssangyong in Apr20; this, despite giving an approval earlier in Feb20. According to our estimates, rural markets should contribute ~62% to revenues, 81% to core PAT and ~70% to SOTP in FY22E. We have slotted MMs core business into three buckets viz.