Mahindra & Mahindra has recorded 24% rise in total vehicle sales to 72,923 units in February 2024 from 58,801 units sold in the same period last year.
In the utility vehicles segment, Mahindra sold 42,401 vehicles in the domestic market, a growth of 40% and overall, 42,941 vehicles, including exports. The domestic sales for commercial vehicles stood at 22,825 units, up 10% YoY. Exports for the month aggregated to 1,539 vehicles, down 32% YoY.
Veejay Nakra, president, Automotive Division, M&M: We sold a total of 42,401 SUVs in February, with a growth of 40% and 72,923 total vehicles, a 24% growth over last year. In our endeavour to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month.
M&Ms Farm Equipment Sector (FES) sold 21,672 tractors in February 2024, lower by 16% as compared with sales of 25,791 units reported in February 2023.
While the companys domestic tractor sales fell by 18% to 20,121 units, tractor exports increased by 32% to 1,551 units in February 2024 over February 2023.
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Hemant Sikka, president Farm Equipment Sector, Mahindra & Mahindra, said: Southern and western states continue to face agri stress due to erratic and deficient monsoon. However, Rabi crop outlook is very good, with wheat crop likely to be a bumper crop.
Harvesting has started in few states with the government supporting early procurement of wheat crop. Continued government support through various rural schemes and enhanced institutional credit will further help boost tractor demand going forward.
The Mahindra Group is one of the largest multinational federation of companies. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the worlds 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 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.
The scrip added 0.64% to currently trade at Rs 1946.10 on the BSE.
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