M&M gains after passenger vehicles sales jump 65% YoY in March

Mahindra & Mahindra (M&M) rose 1.76% to Rs 820 after the company's passenger vehicles sales jumped 65% to 27,603 units in March 2022 over March 2021.

M&M announced that its overall auto sales for the month of March 2022 stood at 54,643 vehicles. In the utility vehicles segment, M&M sold 27,380 vehicles in March 2022, up 65% year-on-year (YoY). Total exports for the month rose 49% to 3,160 vehicles in March 2022 over March 2021.

In the commercial vehicles segment, the company sold 19,837 vehicles in March 2022 with growth of 16%. All the light commercial vehicle segments of <2T, Pickups (2T to 3.5T), >3.5T and the heavy commercial vehicles continued their growth trajectory in March 2022.

 

Veejay Nakra, chief executive officer, automotive division, M&M, said: "We continued our growth trajectory in March 2022 with overall sales of 54643 vehicles, a growth of 35%. Demand continues to be strong, even as we remain watchful of the global supply chain and take appropriate action, as required. We are delighted with the success of XUV700, as it continues its winning streak, becoming the most awarded 'Car of the Year' in 2022. Cumulatively, XUV700 has won more than 30 awards across categories including the coveted Indian Car of the Year (ICOTY 2022)."

Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for March 2022. The company's total tractor sales declined 4% YoY to 29,763 units last month. Domestic tractor sales declined 6% to 28,112 units while tractor exports surged 43% to 1,651 units during the period under review.

Hemant Sikka, president - farm equipment sector, M&M said, Record procurement of Kharif acreage, substantial increase in exports of agricultural products like wheat, sugar and cotton will help improve the financial position of the farmers leading to better cash flow in the rural market to help boost tractor demand going forward. Acreage of kharif crop has already crossed last year's levels, which augurs well for agri incomes. This will get a further boost with early forecast of a normal monsoon. In the exports market, we have sold 1651 tractors, a growth of 43% over last year."

M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the world's largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.

M&M's consolidated net profit surged 127.2% to Rs 1828.69 crore on a 9.1% increase in net sales to Rs 23594.46 crore in Q3 December 2021 over Q3 December 2020.

Powered by Capital Market - Live News