Mahindra Reports Record Sales in October

New Delhi, Nov 1 (PTI) Mahindra & Mahindra on Wednesday said its total wholesales increased 32 per cent year-on-year to 80,679 units in October, its highest-ever dispatches in a month.

The Mumbai-based auto major had dispatched 61,114 units to dealers in October 2022.

In a statement, the company said it recorded its best-ever monthly sales performance for both -- sports utility vehicles and commercial vehicles -- in October.

The utility vehicle dispatches rose by 36 per cent year-on-year to 43,708 units in October compared to 32,226 units in the year-ago period, it added.

Its exports, however, declined by 33 per cent to 1,854 units last month from 2,755 units in October 2022.

"Both SUVs and CVs individually achieved highest-ever volumes for the third consecutive month at 43,708 and 25,715 vehicles, respectively. While the strong festive demand should see us continue our growth momentum in November, we will keep a close watch on select supply-related challenges," M&M Automotive Division President Veejay Nakra said.

The company's tractor wholesales witnessed a 3 per cent year-on-year dip at 51,994 units in October.

The company had dispatched 50,460 units in October 2022.

Domestic sales dropped 2 per cent year-on-year to 49,336 units last month, while exports witnessed a 23 per cent decline to 1,124 units from 1,455 units a year ago.

"Higher aggregate kharif production, higher MSP for key Rabi crops and government's continued support to the agri economy in H2 of this year are leading to positive sentiments among farmers during the ongoing festive season, supporting tractor demand," M&M Farm Equipment Sector President Hemant Sikka noted.