Mahindra & Mahindra (M&M) rose 1.23% to Rs 1,264.65 after the company said that its overall auto sales for the month of December 2022 stood at 56,677 vehicles, registering a growth of 44.74% as against 39,157 vehicles sold in December 2021.
On a sequential basis, M&M's total auto sales declined 2.79% in December 2022 as against 58,303 units sold in November 2022.
In the Utility Vehicles segment, Mahindra sold 28,333 vehicles in December 2022. The Passenger Vehicles segment (which includes UVs, cars and vans) sold 28,445 vehicles in December 2022, up 61% year on year (YoY) from 17,722 units sold in December 2021.
The company sold 20,080 units of commercial vehicles (LCV+MHCV) in December 2022 as against 15,938 units sold in December 2021, recording a growth of 26%. 3 Wheeler (including electric 3Ws) sales soared 104% to 5,052 units in December 2022 from 2,480 units sold in the same period a year ago.
Exports for the month stood at 3,100 vehicles (up 3% YoY).
According to Veejay Nakra, president, Automotive Division of M&M, Continuing interest from our customers have led to strong demand across our portfolio in December 2022. We have seen growth of 61% in our Passenger Vehicles and a 45% overall growth. Due to continuing international disruptions and increasing coronavirus cases, we are keeping a close watch on the dynamic supply chain situation.
Further, M&M's Farm Equipment Sector (FES) announced its tractor sales numbers for December 2022. The company's total tractor sales (domestic + exports) surged 27% YoY to 23,243 units in December 2022 from 18,269 units sold in December 2021.
Domestic tractor sales jumped 30% to 21,640 units and tractor exports rose 1% to 1,603 units during the period under review.
Hemant Sikka, President - Farm Equipment Sector of M&M, said, We have sold 21,640 tractors in the domestic market during December 2022, a growth of 30% over last year. Rabi crop sowing has progressed very well and is higher than last year acreage and also higher than the average of last 5 years. Wheat and oil seeds are expected to be bumper harvest.
He further added, On the back of strong Rabi sowing, good kharif procurement and likely exports of wheat, the sentiments continue to remain upbeat in the farming sector, leading to strong demand for tractors and farm implements. In the exports market, we have sold 1,603 tractors, a growth of 1% over last year.
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.
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