The auto major announced that its overall auto sales rose marginally to 66,444 vehicles sold in July 2024 as against 66,124 vehicles sold in July 2023.
The auto major announced that its overall auto sales rose marginally to 66,444 vehicles sold in July 2024 as against 66,124 vehicles sold in July 2023.On a sequential basis, Mahindra & Mahindras (M&M) total auto sales declined 4.26% in July 2024 compared to 69,397 units sold in June 2024.
In the utility vehicles segment, the company sold 41,623 vehicles in the domestic market, a growth of 15% and overall, 42,012 vehicles, including exports.
The company sold 19,713 units of commercial vehicles (LCV+MHCV) in July 2024, registering a decline of 5.67% from 20,898 units sold in July 2023. Three Wheelers (including electric 3Ws) sales tumbled 44.56% to 3,593 units in July 2024 from 6,481 units sold in the same period a year ago.
Exports for the month stood at 1,515 vehicles, down 40.35% on year on year basis.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during July 2024 was at 27,209 units, registering a growth of 8.08% as against 25,175 units reported in the same period last fiscal.
Domestic tractor sales rose 5.87% to 25,587 units and tractor exports surged 61.07% to 1,622 units during the period under review.
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Hemant Sikka, President Farm Equipment Sector, Mahindra & Mahindra, stated, South-West monsoon has progressed very well in the month of July, with surplus rainfall in central, western and southern states; while Bihar, Haryana, Punjab and parts of eastern UP and Jharkhand are still in deficient rainfall category. Kharif sowing has progressed considerably across India uplifting farmer sentiments. Higher crop prices for wheat and potato and increase in MSP for all major kharif crops has further elevated farmers sentiments.
Rainfall progress remains a key monitorable for the coming months. With budget allocations supporting agri and rural economy and favourable terms of trade for the farmers, the upcoming festive season is looking very promising for tractor industry. In the export market, we have sold 1622 tractors, a growth of 61% 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 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 2.79% to Rs 2,825.95 on the BSE.
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