M&M records sales of 59,049 vehicles in August 2022

1 Sep 2022 , 01:57 PM

The passenger vehicles segment (which includes UVs, Cars and Vans) sold 29,852 vehicles in August 2022. The segment had recorded sales of 15,973 vehicles in the same period last year. The company sold 21,492 units of commercial vehicles (LCV+MHCV) in August 2022 as against 8,841 units sold in August 2021. 3 Wheeler sales jumped to 4,793 units in August 2022 from 2,591 units sold in August 2021. Exports for the month were at 2,912 vehicles (down 8% YoY). Veejay Nakra, president, Automotive Division, M&M, said: ?August was a very exciting month with launches across many segments for us. Demand across our portfolio remains strong and is enhanced with blockbuster launches of Scorpio-N, Scorpio Classic and new Bolero MaXX Pik-up. We registered highest ever SUV Volume of 29,516 in August, registering a growth of 87% over August 21. Our Commercial Vehicles continue to deliver strong performance registering strong growth across segments. The supply chain situation continues to remain dynamic for select product lines and we are taking appropriate actions to minimize impact.? M&Ms Farm Equipment Sector (FES) sold 21,520 tractor units in August 2022 as compared with 21,360 tractor units sold in August 2021. Domestic tractor sales in August 2022 were at 20,138 units, as against 19,997 units during August 2021. Exports for the month stood at 1382 units. Hemant Sikka, president – Farm Equipment Sector, Mahindra & Mahindra, said, ?Monsoon has been overall positive with 8% higher than LPA, however the spatial distribution has been deficient in key paddy states of eastern India, thus impacting paddy sowing. We are optimistic that tractor purchases on auspicious days in the festive season will lead to revival in demand, as farmers start preparation for harvesting operations. We are preparing for strong tractor demand in the festive season.? M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the worlds largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The company reported 66.9% rise in standalone net profit to Rs 1,430 crore on a 66.7% jump in revenue to Rs 19,613 crore in Q1 FY23 over Q1 FY22. The scrip rose 0.28% to currently trade at Rs 1312.35 on the BSE. Powered by Capital Market – Live News