Mahindra & Mahindra (M&M) announced that its overall auto sales for the month of May 2024 stood at 71,682 vehicles, registering a growth of 16.71% as against 61,415 vehicles sold in May 2023.
On a sequential basis, M&M's total auto sales increased 1.71% in May 2024 as against 70,471 units sold in April 2024.In the utility vehicles segment, the company sold sold 43,218 vehicles in the domestic market, a growth of 31% and overall, 44,283 vehicles, including exports.
The company sold 25,793 units of commercial vehicles (LCV+MHCV) in May 2024, which is marginally decreased from 25,913 units sold in May 2023. Three Wheelers (including electric 3Ws) sales grew by 2% to 5,967 units in May 2024 from 5,851 units sold in the same period a year ago.
Exports for the month stood at 2,671 vehicles (up 2% YoY).
According to Veejay Nakra, president of Automotive Division at M&M, said, We sold a total of 43,218 SUVs in May, a growth of 31% and 71,682 total vehicles, a 17% growth over last year. As we opened bookings on 15th May, we were delighted to receive an overwhelming response for the XUV3XO. Within the first hour of opening bookings, we hit the 50,000 mark. The belief that our customers have shown on us reiterate the strong disruptive proposition of XUV3XO. We have started deliveries from 26th May.
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Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during May 2024 was at 37,109 units, registering a growth of 9% as against 34,126 units for the same period last year.
Domestic tractor sales rose 6.41% to 35,237 units and tractor exports surged 85% to 1,872 units during the period under review.
Hemant Sikka, president - We have sold 35,237 tractors in the domestic market during May24, a growth of 6% over last year. Coupled with timely arrival of southwest monsoon in Kerala and northeast states and forecast of an above normal monsoon has improved the on-ground sentiments of the farmers. Land preparation activities for Kharif crops are expected to begin on time, which is likely to boost tractor demand in coming months. In the exports market, on the back of OJA exports to USA, we have sold 1872 tractors, a growth of 85% over last year.
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 companys standalone net profit jumped 31.58% to Rs 2,038.21 crore on 11.24% increase in revenue from operations to Rs 25,108.97 crore in Q4 FY24 over Q4 FY23.
The scrip rose 0.47% to Rs 2,506.45 on Friday, 31 May 2024.
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