Mahindra & Mahindra (M&M) said that its overall auto sales for the month of January 2023 stood at 64,335 vehicles, registering a growth of 37.46% as against 46,804 vehicles sold in January 2022.
On a sequential basis, M&M's total auto sales rose 13.51% in January 2023 as against 56,677 units sold in December 2022.In the Utility Vehicles segment, Mahindra sold 32,915 vehicles in January 2023, up 66% YoY despite of disruptions in supply chain of crash sensors and air bag ECUs due to availability of semiconductors.
The Passenger Vehicles segment (which includes UVs, cars and vans) sold 33,040 vehicles in January 2023, up 65% year on year (YoY) from 19,964 units sold in January 2022.
The company sold 21,724 units of commercial vehicles (LCV+MHCV) in December 2022 as against 21,111 units sold in January 2022, recording a growth of 2.9%. 3 Wheeler (including electric 3Ws) sales soared 129% to 6,562 units in January 2023 from 2,868 units sold in the same period a year ago.
Exports for the month stood at 3,009 vehicles, up 5% YoY.
According to Veejay Nakra, president, Automotive Division of M&M, The successful launches of Thar RWD and our first all-electric SUV, XUV400, have received very encouraging response from our customers in the first month of 2023. Our Utility Vehicles saw a growth of 66% and we saw an overall growth of 37%. We continue to keep a close watch on the dynamic supply chain situation.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for January 2023. The company's total tractor sales (domestic + exports) surged 28% YoY to 28,926 units in January 2023 from 22,682 units sold in January 2022.
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Domestic tractor sales jumped 31% to 27,626 units and tractor exports declined 14% to 1,300 units during the period under review.
Hemant Sikka, President - Farm Equipment Sector of M&M, said, We are off to a good start to the year with promising Rabi crop outlook as sowing acreage for key crops of wheat, pulses and oil seeds has already surpassed previous year levels, supported by conducive soil and weather conditions. This bodes well for the coming months, as the farmers start harvesting this bumper crop. In addition, continued government focus and higher investment in this sector will aid positive sentiments and boost tractor demands.
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 auto major's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.
The scrip fell 1.99% to Rs 1,351.10 on the BSE.
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