 "M&M sales dip 18% in November")
Auto-maker Mahindra and Mahindra today reported a 18% decline in sales at 39,255 units in November and said it does not see any immediate turnaround unless some concrete measures are taken to revive the industry.
The company, India's leading sports utility vehicle (SUV) maker, had sold 48,143 units in the same month last year.
"Post the festive season month of October, auto industry has turned to further de-growth and continues to remain subdued. Unless some concrete measures are provided for its revival, we do not foresee any immediate turnaround," Praveen Shah, Chief Executive (Automotive Division), M&M, said in a statement.
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A whopping 116% rise in exports in November to 2,994 units from 1,388 units a year ago could not save the day for M&M as domestic sales, which contributes lion's share of its business. The domestic segment saw sales slumping by 22% to 36,261 units against 46,755 vehicles in the same month last year.
"Factors such as increase in input costs and the depreciating rupee have not helped in any way," Shah said.
Total sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 16,771 units during the month as against 24,604 in November last year, down 32%.
Sales of the company's four-wheel commercial vehicles were also down by eight% at 13,186 units as against 14,353 units a year ago.
Three-wheelers sales dipped 15% to 5,861 units during November 2013 as against 6,867 units in the same month last year.
"At Mahindra, we continue to focus on operational excellence to augment our overall performance and remain cautiously optimistic of the situation," Shah said.