M&M auto sales increase 10% in Sept

Passenger vehicles segment registers 22% growth

Auto major Mahindra & Mahindra today reported a 10% increase in total sales at 48,342 units in September.

The company had sold 44,137 units in the same month last year.

The company's domestic sales stood at 45,263 units during the month against 41,136 units in September 2011, up 10%, it said in a statement.

The passenger vehicles segment (which includes the UVs and Verito) registered a 22% increase at 23,808 units against 19,447 units in the year-ago month.

Exports in September witnessed a marginal increase to 3,079 units from 3,001 units in the same month last year, it said.

Commenting on the numbers, Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah said, "We are happy with the performance and growth that we have achieved during September 2012 over the festive season month of September 2011".

Post reduction in CRR, banks have started cutting lending rates and are also looking at reducing vehicle loan rates, he added.

"We are hopeful of a good performance in the upcoming festive season," Shah said.