The company reported a 2 percent rise in total sales in September 2018 to 55,022 units.
Shares of Mahindra and Mahindra (M&M) slipped 1 percent after company reported weak tractors sales numbers for the month of September.
For the month of September 2018, company's total tractor sales were down 18 percent at 37,581 versus 45,788 units, YoY. Its domestic tractor sales declined 19 percent at 35,953 units against 44,220 units. Meanwhile, its exports was up 4 percent at 1,628 units.
The company reported a 2 percent rise in total sales in September 2018 to 55,022 units. It had sold 53,752 units during the same month last year.
Passenger vehicle (PV) sales dipped sharply by 16 percent to 21,411 units during September as against 25,414 units in the same month last year.
Rajan Wadhera, President, Automotive Sector, M&M, said, “The month of September has been muted for passenger vehicles due to factors such as low consumer buying sentiment, high fuel prices and the effects of monsoon in many parts of the country. We remain hopeful that the upcoming festive season will augur well for us as well as the automotive industry”.
Exports grew by 17 percent to 3754 units as against 3207 units.
Mahindra and Mahindra ended at Rs 847.60, down Rs 13.10, or 1.52 percent on the BSE.
Posted by Rakesh Patil