M&M May domestic passenger vehicle volumes highest in 7 months, above view
This story was originally published at 14:36 IST on 1 June 2025
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MUMBAI – Mahindra & Mahinda Ltd's domestic passenger vehicle wholesale volumes in May were the highest in seven months and even topped analysts' expectations due to strong demand. The company reported a year-on-year growth of over 21% in passenger vehicles sales in May at 52,431 units.
The May passenger vehicle numbers were significantly better than expectations as brokerages Nomura and Anand Rathi Share and Stock Brokers had projected a 13-18% growth in volumes. A better-than-expected volume growth in domestic market led to the company's overall sales--which include cars, commercial vehicles, and three-wheelers, and exports--rise 17% on year to 84,110 units. This was also better than expectation of 13-14% growth by the two brokerages.
In the domestic market, the company's commercial vehicle sales volume rose nearly 8% to 21,392 units in May. Within this segment, sales volume of light commercial vehicles with capacity between 2.0-3.5 tonnes rose 14% to 17,718 units, but those of capacity below 2 tonnes fell 18% on year to 2,580 units. Its three-wheeler business in India recovered from the marginal sales decline in April as M&M sold 6,635 units in May, a growth over 11% on year.
The company's exports in May rose 37% on year to 3,652 units. However, this was the slowest growth in exports this year as the company has managed to nearly double its sales volumes every month this year.
M&M's farm equipment business saw domestic sales of 38,914 tractors, up 10% on year. Its exports declined 8% on year to 1,729 tractors. Overall, the company sold 40,643 tractors, a growth of 10%.
During the March quarter, M&M reported a net profit of INR 24.37 billion on a revenue of INR 316.09 billion. Friday, its shares had closed at INR 2,976.80 in the National Stock Exchange, down 1.1%. End
Reported by Anshul Choudhary
Edited by Vandana Hingorani
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