Mahindra & Mahindra Drives Growth with 21% YoY Surge in Auto Sales

21 Mar 2024 , 05:48 PM

Mahindra & Mahindra Ltd (M&M) reports a 21% YoY growth in total auto sales for November 2023, reaching 70,576 vehicles compared to 58,303 units in the same month last year. Total passenger vehicle sales surge by 32%, reaching 39,981 units from 30,392 units YoY.

In the Utility Vehicles segment, M&M achieves a 32% growth in domestic sales, selling 39,981 vehicles, and records a total of 40,764 vehicles, including exports.

Domestic sales for Commercial Vehicles stand at 22,211 units, according to M&M's release. Overall exports experience a 42% decline, dropping to 1,816 units from 3,122 units YoY.

Veejay Nakra, President, Automotive Division, M&M Ltd, attributes the growth to strong demand for the SUV portfolio but notes supply challenges on select parts during the month.

M&M's Farm Equipment Sector (FES) sees a 5% rise in total tractor sales at 32,074 units, compared to 30,528 tractors sold in November 2022.

Domestic tractor sales increase by 6%, reaching 31,069 units, while tractor exports decline by 25% to 1,005 units YoY.

Hemant Sikka, President – Farm Equipment Sector, M&M, highlights high demand during the festive season, supported by Kharif harvest realizations, with favorable terms of trade for farmers and government spending contributing to the positive market conditions.

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