M&M total sales rises 11% YoY to 69,397 units in June 2024

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Mahindra & Mahindra (M&M) announced that its overall auto sales for the month of June 2024 stood at 69,397 vehicles, registering a growth of 11.16% as against 62,429 vehicles sold in June 2023.

On a sequential basis, M&M's total auto sales decreased 3.19% in June 2024 compared to 71,682 units sold in May 2024.

In the utility vehicles segment, the company sold 40,022 vehicles in the domestic market, a growth of 23% and overall, 42,619 vehicles, including exports.

The company sold 20,594 units of commercial vehicles (LCV+MHCV) in June 2024, fell 1.74% from 20,959 units sold in June 2023. Three Wheelers (including electric 3Ws) sales declined by 3% to 6,184 units in June 2024 from 6,377 units sold in the same period a year ago.

Exports for the month stood at 2,597 vehicles, up 4% on year on year basis.

According to Veejay Nakra, president of Automotive Division at M&M, said, We sold a total of 40,022 SUVs in June, a growth of 23% and 69,397 total vehicles, a 11% growth over last year. June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pik-Ups, a category creator and a market leader in the LCV segment.

Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during June 2024 was at 47,319 units, registering a growth of 6.38% as against 44,478 units for the same period last year.

Domestic tractor sales rose 6% to 45,888 units and tractor exports surged 28% to 1,431 units during the period under review.

Hemant Sikka, president - The government's announcement of increased foodgrain production, an increase in MSP for major Kharif crops, and further advancement of the Southwest monsoon across the country brings positive sentiments with farmers. With retail momentum having picked up, supported by land preparation and an increase in Kharif crop sowing, demand for tractors is likely to remain strong in the upcoming months.

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The companys standalone net profit jumped 31.58% to Rs 2,038.21 crore on 11.24% increase in revenue from operations to Rs 25,108.97 crore in Q4 FY24 over Q4 FY23.

The scrip rose 0.16% to currently trade at Rs 2,872.75 on the BSE.

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