Mahindra Auto reports 9% y-o-y growth in August sales

2 Sep 2024 , 02:38 PM

Mahindra & Mahindra reported on Monday that its total wholesales grew 9% year-on-year to 76,755 units in August. In August 2023, the company’s total deliveries to dealers were 70,350 units. 

The Mumbai-based automaker’s domestic passenger vehicle sales increased 16% to 43,277 units last month, up from 37,270 units in August of last year, according to a statement.

The company’s total exports increased by 26% to 3,060 units last month, up from 2,423 units the previous year.

M&M reported total tractor sales of 21,917 units last month, up 1% from 21,676 units the year before.

The impending festive season, above-average monsoon, bountiful Kharif harvest, and favourable terms of trade for farmers are expected to boost future growth in the tractor business, according to Mahindra & Mahindra President Farm Equipment Sector Hemant Sikka.

Mahindra & Mahindra Ltd. reported a 5% fall in net profit to ₹2,613 crore for the June quarter. The revenue for the quarter increased by 12% to ₹27,039 crore. The EBITDA margin for the quarter increased by 120 basis points year on year to 14.9%.

At around 2.37 PM, Mahindra & Mahindra was trading 1.07% lower at ₹2,775.25 per piece, against the previous close of ₹2,805.40 on NSE. The counter touched an intraday high and low of ₹2,848.80, and ₹2,756.50, respectively.

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