M&M sells highest PVs in three months in January; exports nearly double
This story was originally published at 10:46 IST on 1 February 2025
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--M&M Jan total vehicle sales 85,432 units, up 16% on year
--M&M Jan domestic utility vehicle sales 50,659 units, up 18% on year
--M&M Jan domestic three-wheeler sales 7,452 units, up 32% on year
--M&M Jan exports 3,404 units, up 95% on year
--M&M Jan total tractor sales 27,557 units, up 15% on year
--M&M Jan domestic tractor sales 26,305 units, up 15% on year
--M&M Jan tractor exports 1,252 units, up 28% on year
--M&M Jan domestic CV sales 23,917 units, up 2% on year
--M&M Apr-Jan total tractor sales 364,180 units, up 10% on year
--M&M Apr-Jan domestic utility vehicle sales 453,019 units, up 20% on year
MUMBAI – Mahindra & Mahindra Ltd.'s passenger vehicle sales in January were its highest in the past three months, according to its exchange filing on Saturday. The on-year growth of its exports during the month was M&M's highest since August 2021.
In January, M&M sold 50,659 passenger vehicles, all of them sport utility vehicles, 18% higher than a year ago. This was also higher than the 41,424 units and 46,222 units of passenger vehicles it sold in the past two months. These figures include sales by its subsidiary Mahindra Electric Automobile Ltd. In the first 10 months of the ongoing financial year, M&M sold 453,019 units, 20% higher than a year ago.
Domestic despatches of commercial vehicles, including light and medium-heavy commercial vehicles, increased around 2% on year to 23,917 units. The company's subsidiary Mahindra Last Mile Mobility Ltd. sold 7,452 three-wheelers in January, 32% higher than the year ago. In Apr-Jan, sales of these three-wheelers increased 8% on year to 71,685 units.
The Mumbai-based automotive major sold 3,404 units overseas in January, 95% higher than the 1,746 units exported a year-ago. Overall, the company sold 85,432 automotive units in January, 16% higher than the corresponding period a year ago.
CV SALES
For January, the company reported a 12% on-year decline in sales of its light commercial vehicles, weighing less than 2 tonnes, at 3,541 units. In Apr-Jan, the sales of this category fell 10% to 32,175 units.
Sales of light commercial vehicles weighing between 2 tonnes and 3.5 tonnes in January increased to 19,209 units, up 5% on year. In the first 10 months of the financial year, this category's despatches increased 4% on year to 178,947 units.
Despatches of light commercial vehicles weighing over 3.5 tonnes, and medium-heavy commercial vehicles grew 2% on-year in January to 1,167 units. However, sales of this sub-segment dropped 3% on year to 10,188 units in Apr-Jan.
FARM EQUIPMENT
M&M's farm equipment sector sales increased 15% on year to 27,557 tractors in January. In India, M&M sold 26,305 tractors in January, 15% more than it did in the same month last year. "Better soil moisture levels due to the above normal southwest monsoon and high-water storage levels in major reservoirs has aided an increase in Rabi sowing," said President of Farm Equipment Sector at the company, Hemant Sikka.
In Apr-Jan, the company sold 350,632 tractors in India, 10% higher on year. "Continued government support on various rural schemes, government support on agri subsidies and expectations of higher budget allocation in the upcoming Union budget are positives to boost tractor demand going forward," Sikka said.
Overseas, the company sold 1,252 tractors in January, 28% higher than last year. It saw a similar growth in the first ten months of the financial year, as M&M exported 13,548 tractors during Apr-Jan.
For Jul-Sept, M&M reported a net profit of INR 38.41 billion on a revenue of INR 275.53 billion. At 1016 IST, shares of M&M shares traded 1.2% higher at INR 3,025.75 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Anand JC
Edited by Deepshikha Bhardwaj
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