Mahindra & Mahindra (M&M) announced that its overall auto sales (passenger vehicles+commercial vehicles+exports) in June 2021 stood at 32,964 vehicles.
Sequentially, the company's total auto sales jumped 88.9% in June 2021 from 17,447 units sold in May 2021.The passenger vehicles segment (which includes UVs, cars and vans) sold 16,913 vehicles in June 2021, up 109% from 8,075 units sold in June 2020. Exports for the month of June 2021 zoomed 206% to 2,607 vehicles in June 2021 from 853 vehicles in June 2020.
Veejay Nakra, CEO of Automotive Division said, 'With the opening up of the market in a phased manner, we are seeing a boost in demand in both urban and rural and we expect the upward trend in demand to continue across all segments and markets. As we come out of the second wave of the pandemic, by and large our supply chain has stabilized except for the global semiconductor issue, which still continues to be a challenge that we are addressing as top priority.'
Meanwhile, M&M's tractor division sold a total of 48,222 tractor sales in June 2021, up 32% over 36,544 tractors sold in June 2020. Domestic sales increased by 31% in June 2021 and stood at 46,875 units in June 2021 as against 35,844 units during June 2020. Exports for the month of June 2021 stood at 1347 units, 92% higher than 700 units sold in June 2020.
Commenting on the performance, Hemant Sikka, president of Farm Equipment Sector said, 'We have sold 46875 tractors in the domestic market during June 2021 with a growth of 31% over last year. The sharp fall in Covid-19 cases and resultant easing of related restrictions, arrival of timely monsoon, increase in MSP rates for key kharif crops and continued strong Government support to all agri activities is giving a very strong momentum to tractor demand. We continue to remain optimistic about the progress of the monsoon and tractor demand in the coming months. In the exports market, we have sold 1347 tractors with a growth of 92%.'
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
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The company reported a net profit of Rs 162.54 crore in Q4 FY21 as against a net loss of Rs 3255.02 crore in Q4 FY20. Net revenue from operations increased by 48.1% year-on-year (YoY) to Rs 13,338.15 crore during the quarter.
Shares of M&M were up 0.53% at Rs 782.50 on BSE.
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