Mahindra Auto March Sales: Company Records 26% Slump In Export Of Commercial Vehicles

Mahindra Auto March Sales: Company Records 26% Slump In Export Of Commercial Vehicles

The company exported a cumulative of 1,573 this March units compared to 2,115 units in March FY23.

Juviraj AnchilUpdated: Monday, April 01, 2024, 01:24 PM IST
article-image
Mahindra Auto March Sales: Company Records 26% Slump In Export Of Commercial Vehicles |

Mahindra has recorded a massive slump of 26 per cent in the sale of its commercial vehicle and three-wheelers. According to the company's exchange filing on 1 April, the company recorded a slump of 26 per cent in the total number of units that were exported from the company in the commercial vehicle segment. The company exported a cumulative of 1,573 this March units compared to 2,115 units in March FY23.

Passenger Vehicle Sale Sees 13 Per Cent Rise

Nevertheless, when it comes to Passenger Vehicles, the exchange filing says, that the company witnessed an increase of 13 per cent in the total number of units sold in the month of March. In absolute numbers, the company sold 35997 in March of FY23, compared to 40631 in FY24. This includes utility vehicles, along with cars and vans.

Veejay Nakra, President, Automotive Division, M&M Ltd, said, “We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest ever for any commercial vehicle in the load segment in India. In March, we sold a total of 40,631 SUVs, with a growth of 13 per cent and 68,413 total vehicles, a 4 per cent growth over last year", the exchange filing read.

Tractors Sale Drops

In addition the tractor sales of the firm also saw a slump in their fortunes as well. Including domestic sale and exports, farming equipment sale stood at 35014 in March of FY23, compared 26024 units in March of FY24. This resulted in a slump of 26 per cent.

While speaking on the matter, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 24276 tractors in the domestic market during March 2024.

Government announcement of increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. Forecast of a normal South -West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1748 tractors, a growth of 26% over last year.” the exchange filing read.

RECENT STORIES

Mercury EV-Tech Limited Strengthens Market Position with Strategic Acquisitions

Mercury EV-Tech Limited Strengthens Market Position with Strategic Acquisitions

Visionary Advocate Andrew Spira Highlights Universal Basic Income's Success In Alleviating Poverty...

Visionary Advocate Andrew Spira Highlights Universal Basic Income's Success In Alleviating Poverty...

Thane: L&T To Redevelop 31.25 Lakh Sq Ft Land Parcel At Pachpakhadi

Thane: L&T To Redevelop 31.25 Lakh Sq Ft Land Parcel At Pachpakhadi

What Are The Factors To Consider When Investing In Blue Chip Funds?

What Are The Factors To Consider When Investing In Blue Chip Funds?

OYO May Raise Equity Funds From Institutional Investors At USD 3-4 Billion Valuation: Ritesh Agarwal

OYO May Raise Equity Funds From Institutional Investors At USD 3-4 Billion Valuation: Ritesh Agarwal