Attendees look at the Mahindra & Mahindra Ltd. KUV100 sports utility vehicle (Photographer: Prashanth Vishwanathan/Bloomberg)

Declining Exports Weigh On Mahindra & Mahindra’s August Sales

Mahindra & Mahindra Ltd. clocked single-digit sales growth in August, weighed down by weak exports.

The automaker’s sales grew 4 percent year-on-year to 42,116 units during the month, the company said in an exchange filing. Domestic sales increased 7 percent to 39,534 units, half of them being passenger vehicles. Exports dropped 29 percent to 2,582 units.

Sales of light commercial vehicles, weighing up to 3.5 tonne, declined 27 percent to 419 units. However, sales of medium and heavy commercial vehicles rose 45 percent to 538 units, the company said.

Our brands continue to gain traction despite several external challenges and as we enter the festive season, we are confident of a good growth over next few months, backed by our diversified product portfolio.
Rajan Wadhera, President, Automotive Sector, Mahindra & Mahindra

Other Key Highlights:

  • Utility vehicles segment recorded 7 percent increase to 18,255 units.
  • Sale of cars and vans combined fell 5 percent to 1,070 units.
  • Commercial vehicles sales volume expanded 17 percent to 16,303 units.
  • Sales of light commercial vehicles weighing less than 3.5 tonne jumped 18 percent to 15,346 units.
  • Passenger vehicles segment, comprising utility vehicles, cars and vans, grew 6 percent to 19,325 units.
  • Three-wheeler sales slumped 17 percent to 3,906 units.
BloombergQuint
Stay Updated With Stock Market News on BloombergQuint