Mahindra & Mahindra Ltd. saw sales fall 14.5% in October to 44,359 units even as the automaker said it is seeing better demand during the festive season.
Domestic passenger vehicle sales rose 1% over last year to 18,622 units, according to its stock exchange filing. Sales of utility vehicles too rose 3% to 18,317 units.
“For Mahindra, the festive season has started on a positive note with deliveries and bookings being higher than last year,” said Chief Executive officer of Automotive Division Veejay Nakra in the media statement. “Going forward, this augurs well for a robust festive demand which in turn will help the industry in the short term.”
While car and SUV sales rose, M&M's commercial vehicle sales continued to struggle. Sales of CVs fell 23.5% to 23,716 units. Exports declined 25% to 2,021 units.
Tractor Division
Mahindra's farm equipment arm sold 46,558 units during October, a growth of 2% over last year.
- Domestic sales rose 2% to 45,588 units.
- Exports rose 23% to 970 units.
“We continue to witness unprecedented retail demand which is likely to be higher than wholesale numbers on back of expectations of a higher Kharif output and good cash flow in the market,” said Mahindra Farm Equipment Sector President Hemant Sikka. “Auspicious festival days ahead, coupled with mechanisation requirements for ongoing Kharif harvesting and impending Rabi sowing season augurs well for the industry.”
November 01, 2020 at 06:26PM
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