M&M gains as total sales grows 18% YoY in July

On a sequential basis, M&M's total auto sales rose 5.92% in July 2023 as against 62,429 units sold in June 2023.

In the Utility Vehicles segment, Mahindra sold 36,205 vehicles in July 2023, up 30% YoY.

The company sold 20,898 units of commercial vehicles (LCV+MHCV) in July 2023, down 0.23% as against 20,946 units sold in July 2022. 3 Wheeler (including electric 3Ws) sales jumped 49% to 6,481 units in July 2023 from 4,351 units sold in the same period a year ago.

Exports for the month stood at 2,540 vehicles (down 9% YoY).

Veejay Nakra, president, automotive division, M&M, ?It has been a record-breaking month for us. We are excited to clock the highest-ever SUV domestic sales of 36,205 in a month. The XUV700 tribe grew to 1 lakh strong, in a record time of 20 months. Also in July, the Scorpio brand achieved the highest sales in a month since its launch. We continue to receive robust demand for our key brands. We will keep a close watch on the availability of semi-conductors and select parts to ensure sustained scaleup.?

Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for July 2023. The company's total tractor sales (domestic + exports) rose 8% YoY to 25,175 units in July 2023 from 23,307 units sold in July 2022.

Domestic tractor sales added 11% to 24,168 units and tractor exports dropped 38% to 1,007 units during the period under review.

Hemant Sikka, President - Farm Equipment Sector, M&M said, ?The cumulative seasonal rainfall spread across the country has recovered very well in the month of July and this has helped sowing of kharif acreage to pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops including paddy and oil seeds have recovered, though pulses is still lagging in sowing. Terms of trade are now in favour of farmers, with continued decrease in input costs. The sentiments are positive in rural economy, and this is likely to support demand in the coming months.?

M&M 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.

The company's standalone net profit rose 22.1% to Rs 1,548.97 crore on 30.94% jump in revenue from operations to Rs 22,571.37 crore in Q4 FY23 over Q4 FY22.

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