Mahindra & Mahindra Ltd Records Steady Growth in Automotive Sales for December 2023

The company reported a robust performance in its passenger vehicles segment, with sales climbing to 35,174 units, a substantial 24% increase from December 2022's figures of 28,445 units, as stated in the regulatory filing.

Similarly, sales of utility vehicles showcased impressive growth, reaching 35,171 units in December 2023, up by 24% compared to the 28,333 units sold in the same month the previous year.

Veejay Nakra, President of Automotive Division at M&M, acknowledged ongoing supply challenges on certain components but affirmed collaborative efforts with suppliers to address these hurdles effectively.

Despite a dip in total automotive exports, which declined by 41% to 1,819 units in December 2023 from 3,100 units in December 2022, M&M remains optimistic about sustaining its momentum.

The company also reported a decrease in total tractor sales, down by 18% to 19,138 units in December 2023 compared to 23,243 units in the corresponding period last year.

Domestic tractor sales mirrored this trend, declining by 17% to 18,028 units as compared to 21,640 units in December 2022. Hemant Sikka, President of the Farm Equipment Sector at M&M, attributed the slowdown to the customary tapering of agricultural activities in December. However, he expressed confidence in the sector's resilience, expecting increased demand supported by higher horticulture production and continued government backing for the agriculture industry.

Furthermore, tractor exports also witnessed a decline of 31%, with figures dropping to 1,110 units in December 2023 from 1,603 units in the same month a year earlier, according to the company's statement.

Mahindra & Mahindra Ltd remains proactive in addressing challenges while sustaining growth in its automotive and farm equipment sectors, leveraging industry trends and adapting to market dynamics.