Mahindra & Mahindra (M&M) announced that its overall auto sales (passenger vehicles+ commercial vehicles+ exports) for March 2021 stood at 40,403 units, up 505% compared with 6,679 units in March 2020.
Sequentially, the company's auto sales surged 40.40% in March 2021 from 28,777 units sold in February 2021.
In the utility vehicles (UVs) segment, M&M sold 16,643 vehicles in March 2021, compared with 3,111 vehicles in March 2020, registering a growth of 435% YoY (year-on-year). The passenger vehicles segment (which includes UVs, cars and vans) sold 16,700 vehicles in March 2021, recording a growth of 394% over 3,383 units during the same period last year. Total exports for the month of March 2021 were at 2,126 vehicles, up by 284% from 554 vehicles sold in the same period last year.
"The growth in March 2021 over March 2020 has been unprecedented and is not comparable given the onset of pandemic during mid-March last year," the company said in its exchange filing.
Veejay Nakra, the chief executive officer of Automotive Division, M&M, said that: "At Mahindra we are witnessing very good momentum in demand and have a strong pipeline of bookings across our SUV range of Bolero, Scorpio, XUV300, All-New Thar and also the Bolero Pik-up. Infact Bolero volumes for March has been the highest in this financial year and despite supply constraints we have been able to ramp up production of Bolero Pik-up significantly during the month. We expect supply challenges to remain for the next two to three months and then ease out gradually."
Mahindra's Farm Equipment Sector (FES) said that its total tractor sales (domestic + exports) during March 2021 were at 30,970 units, up by 128% from 13,613 units for the same period last year. While total domestic tractor sales increased by 122% to 29,817 units, total tractor exports increased by 491% to 1,153 units in March 2021 over March 2020.
Commenting on the performance, Hemant Sikka, the president of Farm Equipment Sector, M&M, said that: "We have sold 29,817 tractors in the domestic market during March 2021 with a growth of 122% over last year. Impact of lower base coupled with continued positive sentiments driven by healthy reservoir levels, higher MSP and increased liquidity, have led to strong wholesale growth in March. Tractor demand is expected to remain strong as Rabi harvesting is progressing well along with the onset of sowing of summer crops in select markets. In the exports market, we have sold 1,153 tractors, a growth of 491% over last year."
Shares of M&M were down 1.13% to Rs 786.15 on BSE.
M&M reported 6.5% fall in net profit to Rs 159.60 crore on a 11.3% rise in net sales to Rs 21,625.95 crore in Q3 FY21 over Q3 FY20.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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