M&M shares rise as automaker posts highest ever auto sales in March

Shares of automaker Mahindra & Mahindra inched higher in early trade on April 3 as investors cheered the company’s highest ever monthly auto sales during March.

The company recorded its highest ever total auto sales of 66,091 units in March, up 21 percent from 56,643 units year ago.

Passenger vehicle sales grew 30 percent on year to 35,997 units while three-wheelers sales jumped 41 percent to 5,697 units from 4,043 units a year ago.

At 11.49 am, shares of M&M were trading at Rs 1,168.65 on the National Stock Exchange, up nearly 1 percent from the previous close. The stock also touched an intraday high of Rs 1,180.

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“The company also clocked the highest ever annual sales of its special utility vehicles (SUVs) at 356,961 units, with an on year growth of 60 percent,” M&M wrote in an exchange filing.

“We are delighted to close the year with a growth of 50 percent for the auto sector on annual basis and the highest ever numbers, in almost all segments of the business. Our SUV business recorded all-time high numbers as it recorded a 60 percent overall growth in FY23, on the back of good demand across the portfolio,” Veejay Nakra, President, Automotive Division, M&M said in the exchange filing.

The company also posted strong growth of 18 percent in the tractor segment as it sold 35,014 units in March. The rise in tractor sales can be accounted to the recovery in the segment post the slump witnessed in recent years.

For FY23, the automaker saw a 59 percent jump in total sales of passenger vehicles which stood at 359,253 units as against FY22’s 225,895 units.