In a significant development, Mahindra and Mahindra Limited (M&M) have announced a robust 19% growth in their August auto sales, totaling 70,350 vehicles compared to 59,000 units in the same month of the previous year. This outstanding performance has propelled M&M's stock price up by nearly 2% to reach Rs 1600 on September 1.
The surge in domestic passenger vehicle sales played a pivotal role in this achievement, with M&M reporting a substantial 25% increase in August sales, reaching 37,270 units compared to 29,852 units during the corresponding period the previous year.
Notably, M&M achieved a remarkable milestone in the Utility Vehicles segment by selling a record-breaking 37,270 SUVs in the domestic market and a total of 38,164 vehicles, including exports.
Within the domestic market, M&M's commercial vehicle sales reached 23,613 units.
Veejay Nakra, President of the automotive division, acknowledged the strong demand for key SUV brands while also highlighting the company's vigilance regarding the availability of semi-conductors and critical components to ensure a smooth and sustainable scaling of operations.
However, in contrast to the domestic performance, M&M experienced a 17% decline in overall exports for August 2023, with a total of 2,423 units compared to 2,912 units in August 2022.
Shifting focus to the farm equipment sector, M&M observed a modest 1% increase in total tractor sales for August, with 21,676 units sold compared to 21,520 units in the same period of the previous year.
Hemant Sikka, President of the Farm Equipment Sector, emphasized that despite a 9% monsoon deficit at the end of August, Kharif sowing remained on track and had improved compared to the previous year for all key crops, excluding pulses. With favorable terms of trade for farmers and the upcoming festive season, M&M anticipates a rise in tractor demand in the coming months.
Domestic tractor sales for the month recorded a 3% increase to 20,647 units compared to 20,138 units year-on-year, while tractor exports saw a 26% decline year-on-year, totaling 1,029 units.
The surge in domestic passenger vehicle sales played a pivotal role in this achievement, with M&M reporting a substantial 25% increase in August sales, reaching 37,270 units compared to 29,852 units during the corresponding period the previous year.
Notably, M&M achieved a remarkable milestone in the Utility Vehicles segment by selling a record-breaking 37,270 SUVs in the domestic market and a total of 38,164 vehicles, including exports.
Within the domestic market, M&M's commercial vehicle sales reached 23,613 units.
Veejay Nakra, President of the automotive division, acknowledged the strong demand for key SUV brands while also highlighting the company's vigilance regarding the availability of semi-conductors and critical components to ensure a smooth and sustainable scaling of operations.
However, in contrast to the domestic performance, M&M experienced a 17% decline in overall exports for August 2023, with a total of 2,423 units compared to 2,912 units in August 2022.
Shifting focus to the farm equipment sector, M&M observed a modest 1% increase in total tractor sales for August, with 21,676 units sold compared to 21,520 units in the same period of the previous year.
Hemant Sikka, President of the Farm Equipment Sector, emphasized that despite a 9% monsoon deficit at the end of August, Kharif sowing remained on track and had improved compared to the previous year for all key crops, excluding pulses. With favorable terms of trade for farmers and the upcoming festive season, M&M anticipates a rise in tractor demand in the coming months.
Domestic tractor sales for the month recorded a 3% increase to 20,647 units compared to 20,138 units year-on-year, while tractor exports saw a 26% decline year-on-year, totaling 1,029 units.
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