 "M&M overall sales up 15% in June, SUV sales rise 22%; exports down by 10%")
Overall sales of Mahindra & Mahindra Ltd saw a growth of 15 per cent in June to 62,429 units, the company said in a BSE filing on Monday.
Export in June, however, fell 10 per cent year-on-year (YoY) to 2,505 units from 2,777 units in June 2022.
According to the company press release, M&M sold 32,585 SUVs in June 2023, which is 22 per cent up YoY from 26,620 SUVs. Year-to-date sales until June 30, 2023, stood at 100,162 units, which is up 33 per cent from last year's 75,420 units.
While the company did well in the passenger vehicle segment, the sales dwindled in the light commercial vehicles category of less than two tonnes, where M&M sold 3,063 vehicles in June 2023 which is a drop of 10 per cent from 3,410 units sold in June 2022.
On the other hand, in the more than 3.5 tonnes category, light commercial vehicle sales went up by 88 per cent rising from 616 units in June 2022 to 1,161 in June 2023.
Three-wheeler sales were also up by 59 per cent and reached 6,377 units in June 2023 from 4,008 units in June 2022.
Talking about the sales performance, President - Farm Equipment Sector at M&M, Hemant Sikka said, “We have sold 43,364 tractors in the domestic market during June 2023 with a growth of 9% over last year. Though the arrival of the SouthWest monsoon got delayed due to cyclonic disturbances, it has smartly progressed in the last week of June and has now covered the entire country, bringing huge relief to the farmers and aiding in Kharif sowing. As of date, aggregate sowing acreage of Kharif crops is ahead of last year's acreage and is progressing at a fast pace. In addition, record rabi crops, Government support with an increase in MSP for all Kharif crops and improving terms of trade for farmers are positive factors that are expected to support tractor demand going forward. In the exports market, we have sold 1,114 tractors.”