Mahindra & Mahindra Ltd.’s shares were up by 0.71 per cent after the company reported sales figures for October 2023. The company achieved a total sales volume of 80,679 vehicles, marking a 32 per cent growth, including exports. In the Utility Vehicles segment, Mahindra recorded 43,708 vehicles sold in the domestic market, marking a 36 per cent growth. The total sales figure, including exports, for this segment reached 44,264 vehicles.
Veejay Nakra, President, Automotive Division, M&M Ltd., commented on this achievement, stating, “In October, we recorded the highest-ever volumes. Both SUVs and CVs achieved their highest-ever sales for the third consecutive month, solidifying our market presence. While we anticipate sustained growth in November due to strong festive demand, we remain vigilant regarding certain supply-related challenges.”
In the Farm Equipment sector, Mahindra & Mahindra Ltd.’s Farm Equipment Sector reported the sale of 49,336 units in the domestic market for October 2023, a decrease of two per cent compared to the same period in the previous year. Total tractor sales, including exports, stood at 50,460 units for October 2023.
Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd., said, “Positive sentiments among farmers, driven by higher aggregate kharif production, increased MSP for key Rabi crops, and ongoing government support, have contributed to the demand for tractors during the festive season.”
The shares were up by 0.71 per cent to ₹1469 at 10.40 am on the BSE.