M&M's April sales up by 13%

2 May 2024 , 01:21 PM

After the company revealed that its total sales increased by 13% to 70,471 vehicles in April, shares of Mahindra & Mahindra Limited surged more than 2% to ₹2,204 on May 2, marking a new 52-week high for the business.

On May 2, at around 1:15 p.m., M&M’s shares were trading higher at ₹2,197 a share, up 1.89% from the previous close on the NSE. The last three months have seen a 27% increase in Mahindra & Mahindra shares.

Mahindra sold 41,008 Utility Vehicles in domestic markets, representing an 18% increase in sales.

Regarding the farm equipment industry, the company stated that domestic sales in April 2024 were 35,805 units, compared to 35,398 units in the same month the previous year.  Tractor sales for the month as a whole, including both domestic and export sales, came to 37,039, compared to 36,405 for the same period last year. 1,234 units were exported during the month, more than the 1,007 units recorded during the same period previous year.

The SUV giant launched the XUV 3XO, a compact SUV, on April 30 at an aggressive starting price of ₹7.49 lakh, taking on the Maruti Brezza and the Hyundai Venue.

After the introduction, the management stated that, in the short term, it wants to be in the top two positions in the compact SUV market. According to Rajesh Jejurikar, Executive Director and CEO of M&M’s Auto and Farm Equipment Sector, “we are number five in that sub-segment that is the size of 6 lakh and we hope to get number two or number one position in that.”

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