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The $20.7 billion Mahindra group, which until a few years ago appeared to be spreading itself thin by getting into newer businesses, is focusing on consolidation, scaling up and turning around underperforming businesses, which is evident from the improvement in performance of Mahindra & Mahindra (M&M) subsidiaries.
Revenue of M&M's 134 subsidiaries grew at a 30 per cent compounded annual growth rate over the past two year, with profit at the net level in both years from a loss in 2015-16. Had it not been for Korean subsidiary SsangYong Motor's loss of Rs 5.48 billion if FY18, the cumulative bottom line
