M&M's November sales up 21 percent

Automotive major Mahindra and Mahindra (M&M) on Tuesday reported a rise of 21 percent in its overall sales, including exports, during November.

The company's overall sales stood at 41,590 units from an off-take of 34,292 units during the corresponding month of 2014.

M&M's domestic sales during the period under review rose by 23 percent at 39,383 units from 32,100 units sold in November last year.

The company reported modest growth in exports which inched-up by one percent at 2,207 units from 2,192 units shipped-out during the like month of last year.

Passenger vehicles sales increased by 36 percent at 19,662 unit from 14,473 units sold during November 2014.

Utility vehicles' off-take rose by 37 percent at 18,686 units from 13,613 units sold during during the corresponding period of last year.

Commercial vehicle segment reported a 17 percent rise in off-take during the month under review at 14,801 units from 12,622 units sold in the like period of last year.

However, three wheeler segment sales dipped by two percent at 4,920 units from 5,005 units sold during November 2014.

As per the company, festive season coupled with new product launches as well as moderation in interest rates has seen the auto industry post a positive growth during the last couple of months.

"I believe speedy implementation of goods and services tax (GST) will help and have long term impact on the competitiveness of Indian auto industry," Pravin Shah, president and chief executive (automotive) for M&M, was quoted as saying in a statement.