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On a sequential basis, M&M's total auto sales declined 12.52% in November 2023 as against 80,679units sold in October 2023.
In the Utility Vehicles segment, the company sold 39,981 vehicles in November 2023, registering a growth of 32% YoY.
The company sold 22,211 units of commercial vehicles (LCV+MHCV) in November 2023, up 13.37% as against 19,591 units sold in November 2022. 3 Wheeler (including electric 3Ws) sales jumped 26% to 6,568 units in November 2023 from 5,198 units sold in the same period a year ago.
Exports for the month stood at 1,816 vehicles (down 42% YoY).
Veejay Nakra, president, Automotive Division, M&M, ?We continue our growth trend, backed by strong demand for our SUV portfolio. In November, we sold a total of 39,981 units, a growth of 32%. While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges.?
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during November 2023 were at 32,074 units, recording a growth of 5% as compared to 30,528 units sold in the same period previous year.
Domestic tractor sales increased by 6% to 31,069 units and tractor exports dropped 25% to 1,005 units during the period under review.
Hemant Sikka, president ? Farm Equipment Sector, M&M said, ?We have sold 31,069 tractors in the domestic market during November 2023, a growth of 6% over last year. The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali. Terms of trade continue to be favourable for farmers; while rural spending by Government and progress in Rabi sowing are the factors to watch out for.?
Mahindra & Mahindra is among the top tractor manufacturers in the world and is a leading manufacturer of goods LCVs in India. It also manufactures UVs, medium and heavy CVs, three-wheelers, two-wheelers and passenger cars.
M&M?s standalone net profit surged 66.92% to Rs 3,451.88 crore in Q2 FY24 as against Rs 2,068 crore recorded in Q2 FY23. Revenue from operations increased 16.59% year on year (YoY) to Rs 25,772.68 crore in the quarter ended 30 September 2023.
The scrip added 0.19% to Rs 1,650.75 on the BSE.
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