Mahindra & Mahindra posts 56 pc rise in domestic passenger vehicle sales

Mahindra & Mahindra on Thursday reported a 56 per cent rise in domestic passenger vehicles sales at 30,392 units in November 2022. The company had sold 19,458 units in the same month last year, M&M said in a regulatory filing.

Utility vehicle sales were at 30,238 units as against 19,384 units in the year-ago month, up 56 per cent. Sales of cars and vans were higher at 154 units as compared to 74 units in the same month last year.

M&M President, Automotive Division Veejay Nakra said the growth in November sales was on the back of robust demand across the company’s product portfolio.

“The supply chain situation continues to be dynamic due to continuing international disruptions. We are keeping a close watch and are taking appropriate steps,” he added.
M&M said its total commercial vehicle sales were at 19,591 units last month.

Total tractor sales grew 10 per cent at 30,528 units as against 27,681 units in the year-ago month, the company added.

Domestic tractor sales were at 29,180 units as compared to 26,094 units in November last year, a growth of 12 per cent.

“Demand continued to remain strong in the post festival period on account of brisk sowing of rabi crops, fuelled by high moisture content in the soil and healthy reservoir levels and is expected to beat last year’s record sowing of 70 million hectares,” M&M President – Farm Equipment Sector, Hemant Sikka said.

On the outlook, he said, “Procurement of Kharif crop has progressed well, bringing liquidity in the hands of farmers and this augurs very well for tractor industry’s growth.”

However, exports were down 15 per cent at 1,348 units as against 1,587 units in the same month last year.

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