The auto major announced that its overall auto sales (passenger vehicles+commercial vehicles+exports) for the month of October 2021 stood at 41,908 vehicles.
Mahindra & Mahindra (M&M) had registered overall auto sales of 28,112 vehicles in September 2021. The figure stood at 44,359 units in October 2020.
In the utility vehicles segment, M&M sold 20,034 vehicles in October 2021 (up 9% year-on-year). The passenger vehicles segment (which includes UVs, cars and vans) sold 20,130 vehicles in October 2021 (up 8% YoY). Exports for the month of October 2021 were at 3174 vehicles (up 57% YoY).
According to Veejay Nakra, chief executive officer, automotive division, M&M, "Demand for vehicles across our product portfolio remains robust. We have received an unprecedented response for XUV700 and as per our commitment, we have commenced deliveries of the petrol variant to customers. Exports remain strong with a 57% increase. The supply chain issues around semi-conductor related parts continues to be dynamic as we focus on managing the situation in the short term."
Further, M&M's Farm Equipment Sector (FES) reported domestic sales of 45,420 tractors in October 2021, almost flat compared with 45,588 units in October 2020. Domestic tractor sales rose 16.30% last month over September 2021.
Exports for the month stood at 1597 units, up 65% YoY and 24.96% month-on-month.
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Total tractor sales (domestic + exports) during October 2021 were at 47,017 units, up 1% as against 46,558 units for the same period last year. It was up 16.58% as against 40,331 reported in September 2021.
Commenting on the performance, Hemant Sikka, president - farm equipment sector, M&M said, "We have sold 45420 tractors in the domestic market during October 2021 over last year. With rapid Covid vaccination drive exceeding 100 crore doses in the country, the economy has started gaining momentum, while rural economic activity continues to be resilient. The monsoon, though normal at cumulative level, has been back endedwith heavy rainfall in September and October. This has resulted in delayed harvesting of Kharif crop, while leading to higher reservoir levels and moisture content for Rabi crop. Expectation of a good Kharif harvest, coupled with good preparations for Rabi crop andthe upcoming festivities, will boost positive sentiments and drive demand in the coming months. In the exports market, we have sold 1597 tractors with a growth of 65% over last year."
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
On a consolidated basis, M&M's net loss stood at Rs 331.74 crore in Q1 FY22 compared with a net profit of Rs 54.64 crore in Q1 FY21. Net sales jumped 60.2% to Rs 19,171.91 crore in Q1 FY22 as against Rs 11,969.04 crore in Q1 FY21.
Shares of M&M were down 0.78% at Rs 876.90. The stock hit a high of Rs 890.45 and a low of Rs 860.90 so far during the day.
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