Mahindra’s auto and tractor sales advance at a brisk pace in March
Led by a strong growth in utility vehicles, on the back of newly launched models, Mahindra's passenger vehicle sales rose 21% year-on-year to 26,885 units
Mumbai: Mahindra and Mahindra Ltd, India’s largest utility vehicles maker, sold 48,967 vehicles, including passenger vehicles, trucks, three-wheelers and light commercial vehicles, in the domestic market in March, up 19% from a year ago, the company said in a statement on Friday.
Led by a strong growth in utility vehicles, on the back of newly launched models such as the TUV3OO and KUV1OO, the company’s passenger vehicle sales rose 21% year-on-year to 26,885 units.
For the full year ended 31 March, the Mumbai-based firm sold 434,568 units, up 5% over the previous year.
“We hope to see good opportunity with our wide product portfolio. Further, the likely softening of interest rates in the upcoming RBI (Reserve Bank of India) monetary policy will help the automotive industry maintain its growth momentum in fiscal 2016-17," said Pravin Shah, president and chief executive, automotive sector, Mahindra and Mahindra.
Meanwhile, the company’s tractor sales in March came in at 13,391 units, a 34% increase over the same month last year, largely because of a low base. For the full year, tractor sales declined 8%.
Rajesh Jejurikar, president and chief executive, farm equipment division, Mahindra and Mahindra, said the company hopes the agricultural economy will revive on the back of government measures and a favourable monsoon.
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