Mahindra's 2014-15 sales down 8 percent

Automobile major Mahindra and Mahindra (M&M) Wednesday reported a decline of eight percent in its total sales for 2014-15, which stood at 464,848 units from 507,176 units sold in the previous fiscal.

According to the company, domestic sales during the year ending March 31, 2015, decreased by nine percent at 434,652 units from 477,517 units in 2013-14.

Exports during the period under review grew by two percent at 30,196 units from 29,659 units shipped out in 2013-14.

However, for the month of March, the company's total sales decreased by 12 percent at 45,212 units from 51,636 units sold in the corresponding month of 2014.

Domestic sales in the month under review plunged by 15 percent at 41,193 units from an off-take of 48,490 units reported in March 2014.

Exports during last month rose by 28 percent at 4,019 units from 3,146 units shipped out during corresponding month of last year.

Sales in passenger cars segment, which comprises brands like Verito and utility vehicles (UVs), were lower by 10 percent at 21,030 units from an off-take of 23,433 in the corresponding month of 2014.

The off-take of four-wheeler commercial vehicles, which are used for ferrying passenger and cargo, was lower by 19 percent at 14,279 units from sales of 17,649 units in March 2014.

Sales of three-wheeler plunged by 24 percent at 4,808 units from an off-take of 6,305 units in the corresponding month of 2014.

The company said that it expects the automobile industry to perform better during the current fiscal year.

"With factors such as expectation of normal monsoon, settling down of petrol and diesel prices and the likely softening of interest rates, we expect the auto industry to perform better in FY2016," said Pravin Shah, chief executive, automotive division, Mahindra and Mahindra.

"As a lead indicator, we have already seen the impact in segments such as the HCV, which is on a recovery path," Shah added.

The company's scrip at the Bombay Stock Exchange (BSE) was up 0.91 percent around 2.30 p.m. at Rs.1,198 per equity share from Rs.1,187.15 per equity share.