Mahindra & Mahindra (M&M) said that its overall auto sales for the month of November 2022 stood at 58,303 vehicles, registering a growth of 45.39% as against 40,102 vehicles sold in November 2021.
In the Utility Vehicles segment, Mahindra sold 30,238 vehicles in November 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 30,392 vehicles in November 2022, up 56% YoY from 19,458 units sold in November 2021.
The company sold 19,591 units of commercial vehicles (LCV+MHCV) in November 2022 as against 14,979 units sold in November 2021, recording a growth of 30.79%. 3 Wheeler (including electric 3Ws) sales soared 103% to 5,198 units in November 2022 from 2,564 units sold in the same period a year ago.
Exports for the month stood at 3,122 vehicles (up 1% YoY).
According to Veejay Nakra, President, Automotive Division, M&M, said, Our sales volume continued to grow in November powered by robust demand across our portfolio. We sold 30,238 SUVs in November, registering a growth of 56%. We have also registered a strong growth of 31% in our Commercial Vehicles. The supply chain situation continues to be dynamic due to continuing international disruptions. We are keeping a close watch and are taking appropriate steps.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for November 2022. The company's total tractor sales (domestic + exports) jumped 10% YoY to 30,528 units in November 2022 from 27,681 units sold in November 2021.
Domestic tractor sales rose 12% to 29,180 units while tractor exports tumbled 15% to 1,348 units during the period under review.
Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra, said, We have sold 29,180 tractors in the domestic market during November 2022, a growth of 12% over last year. Demand continued to remain strong in the post festival period on account of brisk sowing of rabi crops, fuelled by high moisture content in the soil and healthy reservoir levels and is expected to beat last year's record sowing of 70 million hectares. Procurement of Kharif crop has progressed well, bringing liquidity in the hands of farmers and this augurs very well for tractor industry's growth. In the exports market, we have sold 1,348 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 auto major's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.
Shares of Mahindra & Mahindra were down 0.85% to Rs 1,296.15 on the BSE.
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