Mahindra & Mahindra Ltd, (M&M), the automotive major, reported total auto sales at 70,576 vehicles for the month of November 2023, a growth of 21% from 58,303 units in the same month last year.
M&M’s total passenger vehicle sales during the month increased 32% to 39,981 units from 30,392, YoY.
In the Utility Vehicles segment, M&M sold 39,981 vehicles in the domestic market, a growth of 32% and overall, 40,764 vehicles, including exports.
The domestic sales for Commercial Vehicles stood at 22,211, M&M said in a release.
Overall exports of the company in November declined 42% to 1,816 units from 3,122 units, YoY.
“We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32%. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges,” said Veejay Nakra, President, Automotive Division, M&M Ltd.
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Meanwhile, M&M’s Farm Equipment Sector (FES) reported a 5% rise in total tractor sales at 32,074 units as against 30,528 tractors sold in November 2022.
Domestic tractor sales last month were at 31,069 units, up 6% from 29,180 units, YoY. Tractor exports for the month declined 25% to 1,005 units from 1,348 units, YoY.
“The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali. Terms of trade continue to be favourable for farmers; while rural spending by the Government and progress in Rabi sowing are the factors to watch out for,” said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd.
At 10:30 am, M&M shares were trading 0.19% higher at ₹1,650.65 apiece on the BSE.
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