Mahindra & Mahindra's overall auto sales jumped 89% year on year in the month of February 2022 to 54,455 vehicles as compared to February 2021.
The passenger vehicles segment (which includes UVs, Cars and Vans) sold 27663 vehicles in February 2022, registering a jump of 80% from 15,391 units sold in February 2021. In the commercial vehicles segment, Mahindra sold 20,166 vehicles in February 2022, recording a surge of 119%. All the light commercial vehicle segment of 3.5T and the heavy commercial vehicles continued their robust growth trajectory in February 2022.Exports for the month of February 2022 stood at 2814 units, growing 54% year on year from 1,827 units sold in February 2021.
Veejay Nakra, chief executive officer of Automotive Division of M&M said, With an overall sale of 54455 vehicles, we have achieved a growth of 89% in February 2022. All segments showed robust growth including SUVs at 79%, which registered the highest ever monthly volume. We expect demand to continue to remain strong as the Covid situation eases further. We continue to closely monitor the semiconductor related parts supply and take corrective action as appropriate.
M&M's Farm Equipment Sector (FES) sold 20,437 tractors in February 2022, down by 27% compared with 28,146 tractors sold in February 2021. Domestic sales in February 2022 were at 18910 units, as against 27,170 units sold during February 2021. Exports jumped 56% to 1,527 units in February 2022 over February 2021.
Commenting on the performance, Hemant Sikka, president of farm equipment sector of Mahindra & Mahindra said, We have sold 18910 tractors in the domestic market during February 2022. Agri indicators continue to be promising with Rabi sowing at an all-time high and higher liquidity with farmers on account of timely and record procurement of Kharif crops. With record expansion in sown area for third consecutive Rabi season, we are optimistic for an all-time high crop production level. Additionally, Governments focus on increasing cropping intensity of summer crops will bring in additional income in the hands of the farmers. In the exports market, we have sold 1527 tractors, a growth of 56% over last year.
Mahindra & Mahindra (M&M) reported 22% fall in standalone net profit before exceptional items to Rs 1,353 crore in Q3 FY22 as compared with Rs 1,745 crore in Q3 FY21. Revenue rose by 8% YoY to Rs 15,239 crore during the quarter.
Mahindra & Mahindra is the world's largest tractor company by volume.
Shares of Mahindra & Mahindra were trading 1.39% higher at Rs 801.95 on BSE.
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