Mahindra & Mahindra (M&M) announced that its overall auto sales for the month of January 2024 stood at 73,944 vehicles, registering a growth of 15% as against 64,335 vehicles sold in January 2023.
On a sequential basis, M&M's total auto sales increased 22.86% in January 2024 as against 60,188 units sold in December 2023.In the utility vehicles segment, the company sold 43,068 vehicles in January 2024, recording a growth of 31% YoY.
The company sold 23,481 units of commercial vehicles (LCV+MHCV) in January 2024, up 8.09% as against 21724 units sold in January 2023. Three Wheelers (including electric 3Ws) sales fell by 14% to 5,649 units in January 2024 from 6,562 units sold in the same period a year ago.
Exports for the month stood at 1,746 vehicles (down 42% YoY).
According to Veejay Nakra, president of Automotive Division at M&M, In January, we sold a total of 43,068 SUVs, a healthy 31% growth and total 73,944 vehicle, a 15% growth over last year. We began the year with the launch of 2024 XUV700, with a whole host of new features that elevates comfort, tech and sophistication to the next level.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during January 2024 was at 23,948 units, registering a decline of 17% as against 28,926 units for the same period last year.
Domestic tractor sales declined 17% to 22,972 units and tractor exports dropped 25% to 976 units during the period under review.
Hemant Sikka, president - Farm Equipment Sector, Mahindra & Mahindra said, We have sold 22,972 tractors in the domestic market during January 2024. Retail momentum slowed down on account of tapering of agricultural activities. Rabi crop output is expected to be good with prevailing cold conditions helping the key crop of wheat. Government announcement of a good estimate of Horticulture production, and continued government support to boost rural economy will aid positive sentiments and support tractor demand in the coming months. In the exports market, we have sold 976 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 consolidated net profit declined 15.33% to Rs 2,347.75 crore despite of 14.8% rise in revenue from operation to Rs 34,281.20 crore in Q2 FY24 over Q2 FY23.
The scrip declined 0.23% to currently trade at Rs 1,650 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
