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Informist, Friday, Nov. 1, 2024

 

--M&M: Oct total sales 96,648 units, up 20% on year 

--M&M: Oct utility vehicle sales 54,504 units, up 25% on year 

--M&M: Oct commercial vehicle sales 28,812 units, up 12% on year 

--M&M Oct three-wheeler sales 9,826 units, up 5% on year 

--M&M Oct tractor sales 65,453 units, up 30% on year 

 

MUMBAI – Mahindra & Mahindra Ltd. on Friday reported the highest-ever automobile sales in a month on the back of strong growth in its sport utility vehicle despatches and exports. The automaker sold a total of 96,648 units in October, compared to 80,679 units in the year-ago period and 87,839 units in September, according to an exchange filing by the company.

 

In the passenger vehicle category, the company recorded its highest-ever utility vehicle sales in India in October. It sold 54,504 units during the month, up 25% on year. The utility vehicle sales accounted entirely for the passenger vehicle despatches during the month. In September, M&M had sold 51,062 utility vehicles in India. Currently, it offers sport utility vehicles such as the Thar, Scorpio, Bolero, XUV 3XO and XUV 700.

 

In the commercial vehicle category, M&M sold 28,812 units in October, up 12% on year, driven by higher despatches of 2.0-3.5 tonne capacity light commercial vehicles. The automaker sold 23,893 units of 2.0-3.5 tonne capacity light commercial vehicles during the month, up 17% on year. This is the highest monthly sales of 2.0-3.5 tonne capacity vehicle sales recorded by the company in at least 18 months since April 2023. This category contributed to nearly 83% of the commercial vehicles despatches by M&M in October. 

 

In the less than 2-tonne capacity light commercial vehicle category, the company sold 3,935 units in October, down 9% on year. The company last sold more units in March 2024, when it sold 4,012 units. In the more than 3.5 tonne capacity light commercial vehicle and medium and heavy commercial vehicle category, the company sold 984 units during the month, down 5% on year. In this category, this is the lowest monthly sales by the company since November 2023, when it had sold 844 units. In the three-wheeler category, the company sold 9,826 units in October, up 5% on year.

 

During Apr-Oct, the company sold a total of 539,236 vehicles, up 12.6% on year. This included despatches of passenger and commercial vehicles and three-wheelers. During the period, M&M sold a total of 314,714 passenger vehicles in India, up 22% on year. In comparison, its commercial vehicle sales were flat on year at 155,849 units, and three-wheeler sales rose 4% on year to 50,440 units.

 

In October, the company's exports surged by a massive 89% on year to 3,506 units. It dispatched 1,067 utility vehicles to international markets during the month. During Apr-Oct, the company exported a total of 18,233 units, registering a growth of 13% on year.

 

In the farm equipment segment, M&M recorded its highest-ever tractor sales in a month on the back of strong growth in domestic despatches. The company sold 65,453 tractors in October, up 30% on year. While its India despatches rose 30% on year to 64,326 units, exports were flat on year at 1,127 units.

 

"The tractor industry has seen very robust growth on the back of many positive factors coming together, notable being a very good monsoon, a good Kharif crop, high reservoir levels which will help in Rabi crops, and the government's announcement of higher MSP (minimum support price) on key Rabi crops," Hemant Sikka, president of farm equipment sector, Mahindra & Mahindra, said in a press release. "With festive season providing momentum to positive sentiments, we expect demand to remain strong in the coming months," Sikka said.

 

Between April and October, the company sold a total of 280,302 tractors, a growth of 10% on year. During this period, while the company's domestic sales were up 9%, its exports were up 30%. On Thursday, shares of M&M ended 0.8% higher at INR 2,728.55 on the National Stock Exchange.  End

 

Reported by Darshan Nakhwa 

Edited by Ashish Shirke

 

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