Mahindra's June sales down six percent

Automobile manufacturer Mahindra and Mahindra (M&M) on Wednesday reported a decline of six percent in its sales for June which stood at 36,134 units -- up from 38,466 units in the corresponding month of 2014.

"With a normal monsoon till date, an overall positive sentiment and a slew of new launches in the automotive industry, we expect buoyancy in demand going forward," said Pravin Shah, chief executive of the automotive division, Mahindra and Mahindra.

"At Mahindra, our recently launched products have been very well received by the customers. We are also happy with our growth in exports and the MHCV (heavy commercial vehicle) segment during the last month," Shah added.

The company's domestic sales were down by nine percent during the month under review and stood at 33,282 units from an off-take of 36,452 units during June, 2014.

However, exports of M&M rose exponentially by 42 percent and stood at 2,852 units being sold abroad from 2,014 units shipped out during the corresponding month of 2014.

Segment-wise the company's passenger vehicle division reported a 15 percent drop in sales during the month under review at 15,880 units from 18,635 units off-take in the corresponding month of 2014.

The commercial vehicle segment declined by four percent at 12,737 units from 13,273 units sold in the like month of last year.

Utility vehicle segment sales' receded by 12 percent at 14,433 units from 16,492 units sold in the corresponding month of last year.

Sales of the medium to heavy commercial vehicle (MHCV) was up 45 percent at 404 units from 279 units off-take in June, 2014.

Three-wheeler sales were up three percent at 4,665 units from 4,544 units sold in the like period of last year.

The company's shares at the Bombay Stock Exchange (BSE) closed the day's trade up 0.71 percent or 9.05 points at Rs.1,290.25 per equity share from its previous close of Rs.1,281.20.