Automobile major Mahindra & Mahindra Ltd. (M&M) reported total auto sales for the month of June 2023 at 62,429 vehicles, registering a growth of 15.4% from 54,096 units sold in the same month last year.
The company’s total exports in June declined 10% to 2,505 units from 2,777 units, YoY.
Total passenger vehicle sales in the domestic market during June increased 21% to 32,588 units from 26,880 units, YoY.
Sales of Utility Vehicles rose 22% to 32,585 vehicles in the domestic market, while sales of Cars and Vans plunged 99% to just 3 units during the month.
“The sales volume for SUVs were restricted by a short-term disruption in engine-related parts at the supplier end. The semiconductor supply constraints on specific parts like Air Bag ECU continued this month as well,” said Veejay Nakra, President, Automotive Division, M&M.
Also Read: Bajaj Auto June sales fall 2% YoY to 3.4 lakh units on lower exports; two-wheeler sales decline 7%
M&M’s Farm Equipment Sector (FES) registered total tractor sales for June 2023 at 44,478 units, a growth 6.3% from 41,848 units for the same period last year.
Domestic tractor sales in June rose 9% to 43,364 units from 39,825 units, while exports decreased 45% to 1,114 units from 2,023 units, YoY.
“As on date, aggregate sowing acreage of Kharif crops is ahead of last year acreage and is progressing at fast pace. In addition, record rabi crops, Government support with increase in MSP for all Kharif crops and improving terms of trade for farmers are positive factors that are expected to support tractor demand going forward,” said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd.
At 11:20 am, the shares of M&M were trading 1.32% higher at ₹1,472.95 apiece on the BSE.
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Updated: 03 Jul 2023, 11:27 AM IST