Mahindra Posts 14% Growth in Automotive Sales during First Half of FY2019 whereas Mahindra’s Farm Equipment Sector September sale decline by 18%
Deepthi | Myequity news | Date : 01-10-2018 13:40:00 IST
Mahindra & Mahindra Ltd. auto sales performance for September 2018 stood at 55,022 vehicles, compared to 53,752 vehicles during September 2017, a growth of 2%. For the first half of the financial year, the company posted a growth of 14%, having sold 2, 90,645 vehicles.
The company’s domestic sales touched 51,268 vehicles during September 2018, as against 50,545 vehicles in September 2017. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 21,411 vehicles in September 2018, as against 25,414 vehicles in September 2017.
In the Commercial Vehicles segment, the company sold 22,917 vehicles in September 2018, registering a 19% growth. In the Medium and Heavy Commercial Vehicles segment, M&M sold 1,064 vehicles for the month, a growth of 20%. Exports for September 2018 stood at 3,754 vehicles, a growth of 17%.
Commenting on the monthly performance, Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “We are happy to have closed the first half of FY-2019 with a growth of 14% which was possible due to our power brands and our range of commercial vehicles. Our recently launched Marazzo has been receiving a good response from customers. The month of September has been muted for passenger vehicles due to factors such as low consumer buying sentiment, high fuel prices and the effects of monsoon in many parts of the country. We remain hopeful that the upcoming festive season will augur well for us as well as the automotive industry”.
Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) Domestic sales in September 2018 were at 35,953 units, as against 44,220 units during September 2017. Total tractor sales (domestic + exports) during September 2018 were at 37,581 units, as against 45,788 units for the same period last year. Exports for the month stood at 1,628 units. During the first half of the financial year, the company’s total tractor sales were at 1, 78,829 units.
Commenting on the month’s performance, Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd.
said, “We have sold 35,953 tractors in the domestic market during September 2018.The September numbers reflect the change in season compared to the same period last year. We expect positive momentum in the festive season, which starts in October. In the export markets, we sold 1,628 tractors”. About Mahindra:
The Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It enjoys a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defense, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.