Mahindra & Mahindra (M&M) rose 1.02% to Rs 1,044.45 after the company's passenger vehicles sales zoomed 236% to 26,904 units in May 2022 over May 2021.
M&M announced that its overall auto sales for the month of May 2022 stood at 53,726 vehicles. In the utility vehicles segment, M&M sold 26,632 vehicles in May 2022, jumped by 244% year on year (YoY). Total exports for the month rose 5% to 2,028 vehicles in May 2022 over May 2021.In the commercial vehicles segment, the company sold 21,149 vehicles in May 2022. All the light commercial vehicle segments of <2T, Pickups (2T to 3.5T), >3.5T and the heavy commercial vehicles continued their growth trajectory in May 2022.
Veejay Nakra, president of automotive division at M&M said, "With sales of 26,632 SUVs in May, we continued the growth momentum with all our brands performing well including XUV700 and Thar. We are witnessing strong bookings and have a robust pipeline. We announced the launch of Scorpio-N, which is generating very high interest levels and promises to be yet another blockbuster from Mahindra. Our commercial vehicles have also registered strong growth across segments. We are closely monitoring the supply chain related issues, which continue to constraint volumes and are taking appropriate actions to mitigate the impact."
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for May 2022. The company's total tractor sales surged 48% YoY to 35,722 units in May 2022. Domestic tractor sales declined soared by 50% to 34,153 units while tractor exports increased by 17% to 1,569 units during the period under review.
Hemant Sikka, president - farm equipment sector, M&M said, "We have sold 34,153 tractors in the domestic market during May 2022, a growth of 50% over last year. This is on the back of 51% growth achieved in the month of April 2022. With the timely arrival of the south-west monsoon and forecast of a normal monsoon, kharif crop is expected to deliver record production. Food prices continue to be high, ensuring better remuneration for farmers for their produce, creating a positive sentiment and higher demand for tractors and agri implements. In the exports market, we have sold 1,569 tractors, a growth of 17% over last year."
M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the world's largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.
On a consolidated basis, M&M's net profit (continuing operations) surged 48% to Rs 2,237 crore on a 21% increase in revenue to Rs 25,934 crore in Q4 FY22 over Q4 FY21.
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