Mahindra & Mahindra (M&M) said that its overall auto sales (passenger vehicles + commercial vehicles + exports) for the month of September 2021 stood at 28,112 vehicles.
The company had sold 35,920 vehicles in September 2020.
In the utility vehicles segment, the company's vehicle sales declined 12% YoY to 12,863 units in September 2021. The passenger vehicles segment (which includes UVs, cars and vans) sold 13,134 vehicles in September 2021, registering a degrowth 12% on a YoY basis.
Exports for the month of September 2021 were at 2,529 vehicles, up 61% from 1,569 vehicles sold in September 2020.
Veejay Nakra, chief executive officer, automotive division, M&M, The challenges around the supply of semiconductors continues to pose difficulties for the auto industry globally. We have taken several steps to mitigate the effect and are working towards managing the situation as best as possible. We have maintained our growth momentum in exports with a 61% increase.
M&M's Farm Equipment Sector (FES) sold 40,331 tractors in September 2021, which is lower by 7% as compared with 43,386 tractors sold in September 2020.
While the domestic tractor sales declined by 8% to 39,053 units, tractor exports rose by 25% to 1,278 units in September 2021 over September 2020.
Hemant Sikka, president, FES, Mahindra & Mahindra, said, Strong revival in rainfall during September brought cheers to the farming community, with the entire rainfall deficit wiped off by end of September and monsoon achieving normal levels.
This is back-to-back normal or above normal monsoon for the third year. Reservoir levels have improved and excess rainfall in September will lead to high moisture content in the soil, leading to strong Rabi sowing.
With initial crop production estimates indicating highest ever Kharif Crop, coupled with the upcoming festive season, we are optimistic of a strong demand in the coming months.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
On a consolidated basis, M&M's net loss stood at Rs 331.74 crore in Q1 FY22 compared with a net profit of Rs 54.64 crore in Q1 FY21. Net sales jumped 60.2% to Rs 19,171.91 crore in Q1 FY22 as against Rs 11,969.04 crore in Q1 FY21.
The scrip rose 3.05% to end at Rs 827.45 on the BSE today.
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