M&M rises as sales climb 20% YoY to 96,648 units in Oct'24

Mahindra & Mahindra added 1.11% to Rs 2,848.20 after the auto major's overall auto sales grew by 19.79% to 96,648 vehicles sold in October 2024 as against 80,679 vehicles sold in October 2023.

On month on month basis, Mahindra & Mahindras (M&M) total auto sales climbed 10.03% in October 2024 compared to 87,839 units sold in September 2024.

In the utility vehicles segment, the company sold 54,504 vehicles in the domestic market, registering a growth of 25% YoY and overall, 55,571 vehicles, including exports.

The company sold 28,812 units of commercial vehicles (LCV+MHCV) in October 2024, up 12.04% from 25,715 units sold in October 2023. Three wheelers (including electric 3Ws) sales advanced 5% YoY to 9,826 units in October 2024.

 

Exports for the month stood at 3,506 vehicles, registering a growth of 89% on YoY basis.

Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during October 2024 was at 65,453 units, up 29.71% from 50,460 units in October 2023.

Domestic tractor sales grew by 30.38% to 64,326 units in October 2024, compared to 49,336 units sold in October 2023. Tractor exports increased marginally to 1,127 units in October 2024, compared to 1,124 units during the same period last year.

Hemant Sikka, President Farm Equipment Sector, Mahindra & Mahindra, stated, We have sold 64,326 tractors in the domestic market during October, a growth of 30% over last year. The tractor industry has seen very robust growth on the back of many positive factors coming together, notable being a very good monsoon, a good Kharif crop, high reservoir levels which will help in Rabi crops, and the government's announcement of higher MSP on key Rabi crops.

With festive season providing momentum to positive sentiments, we expect demand to remain strong in the coming months. In the exports market, we have sold 1,127 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 company reported 5% decline in standalone net profit to Rs 2,613 crore in Q1 FY25 as compared with Rs 2,759 crore posted in Q1 FY24. Revenue from operations jumped 11% YoY to Rs 27,133 crore in June 2024 quarter.

Powered by Capital Market - Live News