The auto major said that its overall auto sales for the month of February 2023 stood at 58,801 vehicles, registering a growth of 8% as against 54,455 vehicles sold in February 2022.
On a sequential basis, M&M's total auto sales fell 8.6% in February 2023 as against 64,335 units sold in January 2023.In the Utility Vehicles segment, Mahindra sold 30,221 vehicles in February 2023, up 9.7% YoY despite of disruptions in supply chain of crash sensors and air bag ECUs due to unavailability of semi-conductors.
The Passenger Vehicles segment (which includes UVs, cars and vans) sold 30,358 vehicles in February 2023, up 9.7% YoY from 27,663 units sold in February 2022.
The company sold 20,843 units of commercial vehicles (LCV+MHCV) in February 2023 as against 20,166 units sold in February 2022, recording a growth of 3.6%. 3 Wheeler (including electric 3Ws) sales soared 40% to 5,350 units in February 2023 from 3,812 units sold in the same period a year ago.
Exports for the month stood at 2,250 vehicles, down 20% YoY.
According to Veejay Nakra, president, Automotive Division of M&M, We continue our trend of selling more than 30,000 SUVs per month and February saw a growth of 10% in the segment and an overall growth of 8%. Our recent launches (Thar RWD and XUV400) have received a very positive response and we see good demand across our portfolio as well. We are monitoring and taking appropriate steps on the supply chain scenario of semiconductors, which continue to be dynamic.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for February 2023. The company's total tractor sales (domestic + exports) jumped 26% YoY to 25,791 units in February 2023 from 20,437 units sold in February 2022.
Domestic tractor sales surged 30% to 24,619 units while tractor exports slipped 23% to 1,172 units during the period under review.
Hemant Sikka, President - Farm Equipment Sector of M&M, said, We have sold 24,619 tractors in the domestic market during February 2023, a growth of 30% over last year. Record Rabi crop acreage for wheat and oilseeds, high crop prices and better terms of trade for farmers is leading to positive sentiments in the rural markets. Expected higher Rabi output will improve liquidity in the hands of the farmers, supporting tractor demand. Water reservoir levels continue to remain high. In the exports market, we have sold 1172 tractors.
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's standalone net profit rose 14% to Rs 1,528.06 crore on 41% jump in revenue from operations to Rs 21,653.74 crore in Q3 FY23 over Q3 FY22.
The scrip rose 0.77% to Rs 1,279.55 on the BSE.
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