M&M’s March Sales Rise 6% Led By Commercial Vehicles Segment
India's largest maker of sports utility vehicles Mahindra and Mahindra Ltd.'s (M&M) overall sales rose a tepid 6 percent in March on a year-on-year basis led by growth in its commercial vehicles segment.
The automaker sold 56,031 vehicles last month, including domestic sales and exports, compared to 53,718 vehicles in the same period last year, the company said in a stock exchange filing on Sunday. While domestic sales rose 9 percent to 53,322 units, exports dragged with sales falling 28 percent on a year-on-year basis.
Sales of commercial vehicles rose 31 percent to 22,908 in March while the medium and heavy commercial vehicles segment grew 67 percent in the same period.
Sales in both the utility vehicles and passenger vehicles segments slipped 6 percemt.
The automotive industry continues to face several “external challenges”, the latest being the ban on sale of BS-III vehicles has “derailed many planned operations”, M&M's Automotive Sector President Rajan Wadhera said in the stock exchange filing.
The company expects “likely softening in interest rates, revision on fuel prices, GST implementation and the Union Budget's focus on rural” to being back demand.
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