I think that's because they are supposed to resemble (sort of) the old two-stroke Jawa 350s, which were twins. Purely a styling thing.
A.
Very likely true, I can't argue one way or another. I was just pointing out that Mahindra's Jawa has a single cylinder and dual exhaust, and is much more recent than the M100 Panther.
But, Mahindra's Jawa DOES have dual exhaust valves.
I don't know much about Triumph's Panther Model 100 but from the cutaway included in the article I link to below, this machine appears to have had a single exhaust valve. Triumph's smaller Panther machines had single exhaust. What do you think the motivation was to put dual exhaust on the 500cc Panther, if not styling? The article also mentions that a single port head was available:
"Cylinder heads are twin-port, but some bikes may have since been fitted with single-port (which requires a slight modification to the push rod tube fitting). The single-port was an option designed to facilitate sidecar attachment " https://sump-publishing.co.uk/panther.htm