Mahindra's February sales down 10 percent

Automobile manufacturer Mahindra and Mahindra on Monday reported a decline of 10 percent in its overall sales including exports for February which stood at 38,033 units from 42,166 units sold during the corresponding period of last year.

According to the company, its domestic sales in the month under review were down 11 percent and stood at 34,918 units from 39,338 units sold during February 2014.

The company's passenger vehicles segment which includes utility vehicle (UV) and Verito's sales declined by 6 percent and stood at 18,103 units in February 2015 as against 19,308 units during February 2014.

The company's exports during the month under review grew by 10 percent at 3,115 units being sold abroad from 2,828 units shipped-out in February 2014.

"The auto industry has not seen any major changes in the union budget 2015-16. However looking at the overall budget proposals including planned spend on infrastructure and social reforms, we expect positive sentiments going forward," said Pravin Shah, chief executive, automotive division, Mahindra & Mahindra.

"Further, with an expected revision in lending rates in the RBI (Reserve Bank of India) policy in early April, the industry should see better times ahead," Shah added.