Mahindra Records 20% Jump In Sales Of SUVs; Overall Sold 75,604 Vehicles In September 2023

Mahindra & Mahindra (M&M) posted highest highest-ever sales in SUVs 41,267 vehicles in September 2023, rising by 20% year-on-year. This would be the third consecutive month where M&M has recorded the highest-ever SUV sales. Overall, riding on the back of strong SUV sales, M&M's total sales in September month stood at 75,604 vehicles, registering a growth of 17% YoY.

In September 2023, M&M sold 41,267 vehicles in the domestic market, and overall, 42,260 vehicles, including exports. While commercial vehicles were sold to the tune of 23,997 units domestically.

On the performance, Veejay Nakra, President, Automotive Division, M&M Ltd., "We are excited to achieve our highest ever sale of SUVs for the third consecutive month. This month we saw a growth of 20% with 41,267 vehicles. We also registered an overall growth of 17%."

Nakra added, "In September, we also crossed the 1 lakh unit mark for our Bolero Maxx Pik Up trucks, making it the fastest-selling pick up in the country to reach that mark."

Looking ahead, Nakra said, "While demand for our key SUV brands continues to be strong, we are keeping a close watch on the availability of semiconductors and select components to meet the strong festive season demand."

From April to September 2023, M&M sold a huge 2,14,904 units of utility vehicles, recording a growth of 29% from 1,67,052 SUVs sold in the corresponding period of the previous year. Overall, passenger vehicle sales stood at 2,14,914 units in H1FY24, up by 27% as against sales of 1,68,723 units in H1FY23.

However, M&M's overall export in the first half of FY24 dropped by 9% to 14,316 units compared to 15,756 units in H1FY23.

Mahindra Group is one of the largest and most admired multinational federations of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

Last week, on BSE, M&M shares closed at Rs 1553.65 apiece, marginally down on Friday from its previous closing. The company has a market cap of over Rs 1.93 lakh crore.

Although, M&M shares ended September with a slight decline of 1.42% on BSE, however, their half-yearly performance is robust with an upside of nearly 33%. Year-to-date, the stock gained over 23% on the exchange.