M&M passenger vehicles sales rises 17% YoY in Aug

Mahindra & Mahindra (M&M) announced that its overall auto sales (passenger vehicles+commercial vehicles+exports) for the month of August 2021 stood at 30,585 vehicles.

The overall auto sales last month were down 28.84% compared with 42,983 units sold in July 2021. The company had sold 30,426 units in the same month last year.

In the utility vehicles segment, M&M sold 15,786 vehicles in August 2021, up 18% YoY. The passenger vehicles segment (which includes UVs, cars and vans) sold 15,973 units in August 2021, up 17% YoY. Exports for the month of August 2021 were at 3,180 vehicles, a surge of 172% YoY.

Veejay Nakra, the Chief Executive Officer (CEO) of Automotive Division, M&M, said, "We sold 30,585 vehicles overall and registered a growth of 17% in the Passenger Vehicles segment, over same period last year. Demand across our product portfolio continues to remain strong with Thar, XUV 300 and our recently launched Bolero Neo and our Bolero Pik-up range clocking in impressive booking numbers. Growth momentum in exports continued with sale of 3,180 vehicles, registering an increase of 172%. August has been an exciting month with the reveal of the much-anticipated XUV 700 and the all-new visual identity crafted exclusively for our SUV portfolio. Supply of semiconductors continues to be a global issue for the auto industry and has been a major area of focus for us."

Meanwhile, M&M's total tractor sales (domestic+exports) during August 2021 stood at 21,360 units, down 13% as against 24,458 units for the same period last year.

Domestic tractor sales in August 2021 were at 19,997 units, down 15% as against 23,503 units during August 2020. Tractor exports for the month stood at 1363 units, rising 3% YoY.

Commenting on the performance, Hemant Sikka, president - farm equipment sector, M&M said, "We have sold 19,997 tractors in the domestic market during August 2021 over last year. Industry saw a de-growth in August over last year due to high base effect. We saw smart recovery in overall acreage of Kharif crops with most of the key crops posting acreage levels closer to last year sown area, despite erratic monsoon in select markets. With the festive period on the anvil, which also coincides with theharvesting season, we are anticipating a robust demand in the coming months. In the exports market, we have sold 1363 tractors with a growth of 43% over last year."

On a consolidated basis, M&M's net loss stood at Rs 331.74 crore in Q1 FY22 compared with a net profit of Rs 54.64 crore in Q1 FY21. Net sales jumped 60.2% to Rs 19,171.91 crore in Q1 FY22 as against Rs 11,969.04 crore in Q1 FY21.

M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.

Shares of M&M declined 2.98% to Rs 769.45 on the BSE.

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