M&M sells 39,157 automobile units in December21

21 Mar 2024 , 05:18 PM

The passenger vehicles segment (which includes UVs, Cars and Vans) sold 17,722 vehicles in December 2021.

In the commercial vehicles segment, Mahindra sold 15,938 vehicles in December 2021 with growth of 14%.

Exports for the month of December 2021 were at 3,017 vehicles.

Veejay Nakra, chief executive officer, Automotive Division, M&M, said, ?We are glad to report an overall growth of 11% in December 2021. We have seen growth in business segments including passenger vehicles, commercial vehicles and international operations, owing to continued strong demand across the product portfolio. The issues around semi-conductor related parts continue to be a challenge for the industry and remains a major focus area for us?.

M&Ms Farm Equipment Sector (FES) sold at 18,269 tractors in December 2021, down by 19% as compared with 22,417 tractors sold in December 2020.

While domestic tractor sales fell by 21% to 16,687 units, exports increased by 27% to 1,582 units in December 2021 over December 2020.

Hemant Sikka, president – Farm Equipment Sector, Mahindra & Mahindra, said, ?De growth in December has been on account of a combination of factors, including high base of last year and both delayed and very heavy rainfall in some geographies.

We expect momentum to recover in the coming months on account of good progress of Kharif procurement bringing liquidity in the hands of farmers and Rabi acreage showing signs of growth 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 worlds largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

On a consolidated basis, the M&M Groups net profit before exceptional items rose 43% year-on-year to Rs 1,975 crore in Q2 September 2021. The Groups net profit after adjusting for exceptional items surged 214% YoY to Rs 1,929 crore in Q2 September 2021. Revenue rose 12% to Rs 21,470 crore during the period under review.

The scrip added 0.87% to end at Rs 837.30 on the BSE on Friday.

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