Mahindra's March sales up 17 percent

Automobile manufacturer Mahindra and Mahindra (M&M) on Friday reported a rise of 17 percent in total sales for March.

The company sold 52,718 units during the month, from an off-take of 45,124 units during the corresponding period last year.

According to the automobile manufacturer, its total sales in the last fiscal grew by six percent to 494,098 units.

"At Mahindra we are happy to have achieved an overall growth of 17 percent during March 2016 and 6 percent for fiscal 2016, despite various challenges," said Pravin Shah, president and chief executive (automotive), M&M.

"The last financial year was significant for us considering the number of new product launches, which were well received by the customers, leading to a positive growth both in domestic and overseas markets."

Shah elaborated that the likely softening of interest rates in the upcoming monetary policy will help the automobile industry to maintain its growth momentum in the financial year 2016-17.

For last month, the company's domestic sales rose by 19 percent to 48,967 units, from 41,105 units sold in March last year.

Similarly, sales of passenger vehicles (which comprise utility vehicles, cars and vans) increased. The passenger vehicles sales edged higher by 21 percent to 26,885 units, from 22,183 units during the like month of 2015.

In addition, commercial vehicles segment's sales augmented by 24 percent to 17,438 units, from an off-take of 14,114 units during March 2015.

However, three-wheelers' off-take declined by three percent to 4,644 units from 4,808 units clocked in the like period of last year.

Exports plunged by seven percent to 3,751 units from 4,019 units shipped-out during March 2015.