Mahindra & Mahindra (M&M) said that its overall auto sales for the month of October 2022 stood at 61,114 vehicles, registering a growth of 45.83% as against 41,908 vehicles sold in October 2021.
In the Utility Vehicles segment, Mahindra sold 32,226 vehicles in October 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 32,298 vehicles in October 2022, up 60% YoY from 20,130 units sold in October 2021.
The company sold 20,980 units of commercial vehicles (LCV+MHCV) in October 2022 as against 15,077 units sold in October 2021, recording a growth of 39.15%. 3 Wheeler (including electric 3Ws) sales soared 44% to 5,081 units in October 2022 from 3,527 units sold in the same period a year ago.
Exports for the month were at 2,755 vehicles (down 13% YoY).
According to Veejay Nakra, President, Automotive Division, M&M, Our sales volume continued to grow in October on the back of strong festive demand. We sold 32,226 SUVs in October, registering a growth of 61% fueled by robust demand across our portfolio. Our Commercial Vehicles also registered strong growth for the month.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for October 2022. The company's total tractor sales (domestic + exports) jumped 11% YoY to 51,994 units in October 2022 from 47,017 units sold in October 2021.
Domestic tractor sales rose 11% to 50,539 units while tractor exports declined 9% to 1,455 units during the period under review.
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Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra, said, We have sold 50,539 tractors in the domestic market during October 2022, a growth of 11% over last year. Festive season kept the spirits high and led to very strong momentum in demand for tractors and farm machinery. The recent Government announcement of higher MSP for key Rabi crops, good moisture content in the soil, high reservoir levels and good progress in sowing for Rabi crops are all positives for continued good demand for tractors in coming months. In the exports market, we have sold 1,455 tractors.
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's 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.
Shares of Mahindra & Mahindra were up 0.52% to Rs 1,353.70 on the BSE.
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