M&M auto sales rise 16% YoY to 87,839 units in September; tractor sales up 2%; stock gains

Mahindra & Mahindra Ltd. (M&M) on Tuesday reported total auto sales at 87,839 vehicles for the month of September 2024, registering a rise of 16% from 75,604 vehicles in the same month last year.

M&M’s Passenger Vehicles (PV) sales stood at 51,062 units in the domestic market, a growth of 24% from 41,267 units sold in September 2023. Overall, in the utility vehicles segment, the auto major sold 52,590 units, including exports.

Total Commercial Vehicles (CV) sales in September increased 6% to 33,750 units from 31,918 units, year-on-year (YoY).

“As we enter into the festivities of Navratri, we open bookings for the much-awaited Thar RoXX on 3rd October,” said Veejay Nakra, President, Automotive Division, M&M Ltd.

M&M’s exports last month spiked 25% to 3,027 units from 2,419 units, YoY.

Tractor Sales

M&M’s Farm Equipment Sector (FES), reported a 2% rise in its total tractor sales at 44,256 units last month from 43,210 units, YoY.

Domestic tractor sales in September 2024 increased 3% to 43,201 units, as against 42,034 units during September 2023. Exports for the month dropped 10% to 1,055 units from 1,176 units, YoY.

“Monsoon rainfall has seen an increase of 7.5% over LPA and this has helped increase in Kharif sowing of all crops except cotton. Reservoir levels have recovered very well and are now at 13% higher than LPA, which augurs very well for a bumper Rabi crop. On the back of good kharif crop and likely strong Rabi crop, rural sentiments are positive. With positive terms of trade for farmers and upcoming festivals, we expect robust demand for tractors going forward,” said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd.

M&M share price increased over a percent after the release of September auto sales data. M&M stock price gained as much as 1.56% to ₹3,144.60 apiece on the BSE.

Mahindra & Mahindra shares have seen a stellar rally as the stock jumped over 11% in one month and more than 80% year-to-date (YTD). In the past one year, M&M shares have doubled investors’ money with over 101% returns.

At 9:55 am, M&M shares were trading 0.96% higher at ₹3,125.95 apiece on the BSE. 

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