The auto major announced that its overall auto sales grew by 9.1% to 76,755 vehicles sold in August 2024 as against 70,350 vehicles sold in August 2023.
On month on month basis, Mahindra & Mahindras (M&M) total auto sales climbed 15.52% in August 2024 compared to 66,444 units sold in July 2024.
In the utility vehicles segment, the company sold 43,277vehicles in the domestic market, registering a growth of 16% year on year and overall, 44,670 vehicles, including exports.
The company sold 21,092 units of commercial vehicles (LCV+MHCV) in August 2024, down 10.68% from 23,613 units sold in August 2023. Three wheelers (including electric 3Ws) sales jumped 32.4% to 9,326 units in August 2024 as against 7,044 units sold in the same period a year ago.
Exports for the month stood at 3,060 vehicles, up 26.29% on YoY basis.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during August 2024 was at 21,917 units, up 1.11% from 21,676 units in August 2023.
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Domestic tractor sales declined marginally to 20,518 units in August 2024 as against 20,647 units sold in August 2023. Tractor exports climbed 35.96% YoY to 1,399 units during the period under review.
Hemant Sikka, President Farm Equipment Sector, Mahindra & Mahindra, stated, We have sold 20518 tractors in the domestic market during August. The cumulative monsoon rainfall is normal to above normal in Southern, central, western, and most northern states, while it has been deficient in few eastern and northeastern states. Reservoir levels have improved substantially and Kharif sowing for paddy, pulses, oil seeds and sugarcane has progressed very well and higher than last year.
The upcoming festive season, above normal monsoon, bumper Kharif harvest and favorable terms of trade for farmers are likely to drive growth of tractor industry going forward.
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 5% decline in standalone net profit to Rs 2,613 crore in Q1 FY25 as compared with Rs 2,759 crore posted in corresponding quarter last year. Revenue from operations jumped 11% YoY to Rs 27,133 crore in Q1 FY25.
Shares of Mahindra & Mahindra slipped 1.34% to Rs 2,768.50 on the BSE.
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