M&M gallops after robust Scorpio-N SUV sales

1 Aug 2022 , 12:36 PM

The sales translated into an ex-showroom value of about Rs 18,000 crore. The deliveries of the All-New Scorpio-N will begin 26 September 2022, onwards. Over 20,000 units of the All-New Scorpio-N are planned for delivery by December 2022 wherein Z8L variant will be prioritized. M&M will inform the customers about their delivery date by the end of August 2022. The All-New Scorpio-N is available in variants that include diesel and petrol, manual and automatic transmissions and with 6-seater or 7-seater capacity. It is also available with 4XPLOR first-in-class intelligent terrain management technology to transform it into a 4-wheel drive. Separately, M&M announced today (1 August) that that its overall auto sales for the month of July 2022 stood at 56148 vehicles. In the utility vehicles segment, M&M sold 27854 vehicles in July 2022 (up 34% YoY). The passenger vehicles segment (which includes UVs, cars and vans) sold 28053 vehicles in July 2022 (up 33% YoY). Exports for the month were at 2798 vehicles (up 32%). In the commercial vehicles segment, M&M sold 20946 vehicles in July 2022. Veejay Nakra, president, Automotive Division, M&M, said: We continued our strong performance with sales of 27854 SUVs in July, registering a growth of 34% fueled by robust demand for all our brands including XUV700, Thar, Bolero and XUV300. Our Commercial Vehicles also registered growth and exports were up at 32%. The supply chain situation continues to remain dynamic, and we are monitoring the situation closely. Further, M&Ms Farm Equipment Sector (FES) announced its tractor sales numbers for July 2022. Domestic tractor sales in July 2022 were at 21684 units, down 16% against 25769 units during July 2021. Total tractor sales (domestic + exports) during July 2022 were at 23307 units, down 14% against 27229 units for the same period last year. Exports for the month stood at 1623 units (up 11% YoY). Hemant Sikka, president – Farm Equipment Sector, M&M said, We have sold 21684 tractors in the domestic market during July 2022. After a very robust Q1 wherein we achieved a volume growth of 18%, the month of July witnessed normalization in volumes. July is traditionally a lean month as the land preparation phase, wherein a tractor finds highest utility, gets over and farmers start sowing their crops. Monsoon, which is a key determinant of Agri growth has stayed on course so far. Overall rainfall has been higher than normal barring few states in Eastern part of the country, which have received deficient rainfall until now. With these states being countrys key paddy producing markets, recovery in rainfall is crucial. Festive season falling in later half of August and sufficient rainfalls across most of geographies will shape up the industry in the upcoming months. In the exports market, we have sold 1623 tractors, a growth of 11% over last year. The Mahindra Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the worlds largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The board of M&M will consider Q1 results on 5 August 2022. On a consolidated basis, M&Ms net profit (continuing operations) surged 48% to Rs 2,237 crore on a 21% increase in revenue to Rs 25,934 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News