Mahindra Reports 21% Decline in Total Sales in September
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Homegrown auto major Mahindra and Mahindra (M&M), on October 1, reported a 21 per cent decline in total sales at 43,343 units in September. The company had sold 55,022 units in the corresponding month last year, M&M said in a regulatory filing. In the domestic market, sales were down 21 per cent at 40,692 units last month as compared to 51,268 units in September 2018. Exports also registered a decline of 29 per cent at 2,651 units as against 3,754 units in the year-ago month. In the passenger vehicle segment, which includes utility vehicles, cars and vans, the company sold 14,333 units last month as compared to 21,411 units in the same month last year, down 33 per cent. In the commercial vehicle segment, the company sold 18,872 units as against 22,917 units in the same month a year ago, down 18 per cent.
Reflecting on the sales performance, M&M Chief of Sales and Marketing, Automotive Division, Veejay Ram Nakra said, "we are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry." This, in addition to factors such as the good monsoon and recently, announced positive government initiatives should help revive the industry in the short term, he added.
Mahindra & Mahindra also reported a 2 per cent decline in total tractor sales at 37,011 units in September. The company had sold 37,581 units in the same month last year, M&M said in a regulatory filing. Sales of tractors in the domestic market were marginally up at 36,046 units as compared to 35,953 units in the year-ago month, it added. However, exports declined 41 per cent at 965 units as compared to 1,628 units in September 2018, the company said.