Mahindra & Mahindra Ltd, a major player in the automotive industry, recorded a total of 70,576 vehicle sales in November 2023, marking a 21% increase from 58,303 units in thee same period last year.
The month witnessed a robust 32% surge in total passenger vehicle sales, reaching 39,981 units compared to 30,392 units in the previous year.
Within the Utility Vehicles segment, M&M achieved a 32% growth in domestic sales, totaling 39,981 vehicles, and an overall figure of 40,764 units, including exports.
Commercial Vehicles experienced domestic sales of 22,211 units during the month, as disclosed by M&M.
However, the company reported a 42% decline in overall exports, with the November figures dropping to 1,816 units from 3,122 units YoY.
Veejay Nakra, President, Automotive Division, M&M Ltd, commented on the growth trend, emphasizing the demand for the SUV portfolio. He noted a 32% increase in November sales but acknowledged supply challenges in certain components.
On the Farm Equipment Sector (FES) front, M&M reported a 5% upswing in total tractor sales, reaching 32,074 units, compared to 30,528 tractors sold in November 2022.
Domestic tractor sales showed a 6% rise, reaching 31,069 units, while tractor exports saw a 25% decrease to 1,005 units from 1,348 units YoY.
Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd, highlighted the strong demand during the festive season, supported by favorable terms of trade for farmers and encouraging government spending in rural areas.
As of 10:30 am, M&M shares were trading at INR 1,650.65 apiece on the BSE, showing a 0.19% increase.
