Auto major Mahindra & Mahindra on Tuesday reported a 16 per cent decline in automotive sale for the month of August, compared to the same month last year. In a release, the company said in the passenger vehicles segment, Mahindra recorded sale of 13,651 vehicles in August 2020, compared to 13,507 vehicles in August 2019,registering a growth of about a per cent. Meanwhile, in the commercial vehicles segment, the company recorded a 4 per cent growth, selling 15,299 vehicles in August 2020, as against 14,684 vehicles same month last year.
"We continue to see good recovery in demand both for SUVs and Pick-ups in the Small Commercial Vehicles segment. For August, we have registered growth in both SUVs and Pick-ups. We have been able to meet the uplift in demand by managing the supply chain challenges," Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd said.
The company however reported impressive growth in tractor sales. Combining domestic sales and export, 24,458 tractors in August, compared to same month last year, a jump of 65 per cent.
Mahindra & Mahindra's stock finished slightly higher on Tuesday, closing 0.42 per cent above previous closing.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
