M&M declines after December exports skid 41%

Mahindra and Mahindra Limited shares slipped 1.5 percent in the morning trade on January 12, a day after the company reported a 41 percent decline  in exports in December from the year-ago period.

The utility vehicle and tractor manufacturer exported 1,819 units in December 2023, down from 3,100 vehicles in the year-ago period, Mahindra and Mahindra said in an exchange filing on January 11.

At 9.40 am, the stock was trading at Rs 1,603 on the National Stock Exchange, down 1.4 percent from the previous close. In the past year, the scrip has gained 21.5 percent.

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Total production declined 2.1 percent to 44,348 units from 45,299 vehciles in the same period last year. Despite that, the company reported an 8.9 rise in sales at 58,369 units.

In the previous quarter, M&M recorded a 16 percent increase in standalone revenue compared to the same period last year. The topline was primarily driven by a 22 percent year-on-year (YoY) increase in the automotive business, reaching Rs 18,405 crore. Its farm equipment business, however, remained flat.

The company’s auto business delivered its highest-ever quarterly sales volume of 2.12 lakh units, a growth of 18 percent from the same period last year.

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