M&M sells 46,804 vehicles in Jan'22

Mahindra & Mahindra (M&M) said that its overall auto sales for the month of January 2022 stood at 46,804 vehicles, up 20% YoY.

The company had sold 39,149 vehicles in January last year.

The passenger vehicles segment (which includes UVs, Cars and Vans) sold 19,964 vehicles in January 2022, down 3% YoY. Exports for the month of January 2022 increased by 25% to 2,861 vehicles as compared with the same period last year.

In the commercial vehicles segment, Mahindra sold 21,111 vehicles in January 2022 with growth of 58%.

Veejay Nakra, chief executive officer, Automotive Division, M&M, We continued our growth trajectory with an overall growth of 20% in January 2022. Our Commercial Vehicles registered growth across all segments and ended the month with an overall impressive growth of 58%. We continue to closely monitor the semi-conductor related parts issue and take corrective action as appropriate.

M&M Farm Equipment Sector sold 22,682 tractors in January 2022, which is lower by 35% as compared with 34,778 tractors sold in January 2021.

Domestic sales in January 2022 were at 21,162 units as against 33,562 units during January 2021, down 37% YoY. Exports for the month stood at 1,520 units (up 25% YoY).

Hemant Sikka, president - Farm Equipment Sector, Mahindra & Mahindra, said, On the back of good rainfall and high moisture content in the soil, rabi sowing has been very good, and this bodes very well for a bumper crop harvest. Continued Government focus on agriculture, rural infrastructure and higher cash flows with rabi harvest, will lead to positive sentiments and increase in tractor demand.

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

On a consolidated basis, the M&M Group's net profit before exceptional items rose 43% year-on-year to Rs 1,975 crore in Q2 September 2021. The Group's net profit after adjusting for exceptional items surged 214% YoY to Rs 1,929 crore in Q2 September 2021. Revenue rose 12% to Rs 21,470 crore during the period under review.

The scrip fell 1.66% to currently trade at Rs 870.30 on the BSE.

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