Mahindra & Mahindra (M&M) announced that its overall auto sales for the month of March 2024 stood at 68,413 vehicles, registering a growth of 3.51% as against 66,091 vehicles sold in March 2023.
On a sequential basis, M&M's total auto sales decreased 6.18% in march 2024 as against 72,923 units sold in February 2023.In the utility vehicles segment, the company sold 40,631 vehicles in March 2024, recording a growth of 13% YoY.
The company sold 20,930 units of commercial vehicles (LCV+MHCV) in March 2024, down 6.06% as against 22,282 units sold in February 2023. Three Wheelers (including electric 3Ws) sales fell by 7% to 5,279 units in March 2024 from 5,697 units sold in the same period a year ago.
Exports for the month stood at 1,573 vehicles (down 26% YoY).
On full year basis, the companys overall auto sales grew 18.11% to 8,24,939 units in FY24 as against 6,98,456 units recorded in FY23
According to Veejay Nakra, president of Automotive Division at M&M, said, We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest ever for any commercial vehicle in the load segment in India. In March, we sold a total of 40,631 SUVs, with a growth of 13% and 68,413 total vehicles, a 4% growth over last year.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during January 2024 was at 26,024 units, registering a decline of 26% as against 35,014 units for the same period last year.
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Domestic tractor sales declined 28% to 24,276 units and tractor exports jumped 26% to 1,748 units during the period under review.
For FY24, the companys overall tractor sales slipped 7% year on year to 3,78,386 units.
Hemant Sikka, president - Farm Equipment Sector, Mahindra & Mahindra said, We have sold 24,276 tractors in the domestic market during March 2024. Government announcement of increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. Forecast of a normal South -West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1748 tractors, a growth of 26% over last year.
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 auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.
Shares of Mahindra & Mahindra were higher 0.16% to Rs 1924.40 on the BSE.
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