Companies

Mahindra & Mahindra’s sales fall 25 per cent in August

PTI New delhi | Updated on September 01, 2019 Published on September 01, 2019

File photo   -  REUTERS

Homegrown auto major Mahindra and Mahindra (M&M) on Sunday reported a 25 per cent fall in total sales to 36,085 units in August. The company had sold 48,324 units in the corresponding month last year, M&M said in a statement.

In the domestic market, sales were down 26 per cent to 33,564 units last month, compared to 45,373 units in August 2018. Exports declined 15 per cent to 2,521 units, against 2,951 in the year-ago month.

In the passenger vehicle segment, which includes utility vehicles, cars and vans, the company sold 13,507 units last month as compared to 19,758 vehicles in the same month of 2018, a drop of 32 per cent.

In the commercial vehicle segment, the company sold 14, 684 vehicles as against 20,326 units a year ago, down 28 per cent. Veejay Ram Nakra, M&M Chief of Sales and Marketing, Automotive Division, said,“The auto industry continues to be subdued in the month of August due to several external factors. We are optimistic and hopeful of a good festive season going ahead.”

Tractor sales down

Meanwhile, the company also reported a a 17 per cent decline in total tractor sales in August at 14,817 units. The company had sold 17,785 units in the same month last year, M&M said in a statement. The domestic tractor sales were at 13,871 units as against 16,375 units in the year-ago month, down 15 per cent, it added.

Exports during the month stood at 946 units as compared to 1,410 units in August last year, down 33 per cent, M&M said.

Commenting on the outlook, Rajesh Jejurikar, M&M President, Farm Equipment Sector, said, “The improved monsoon spread and sowing pattern for the kharif crop is likely to help boost rural sentiment going into the festive season. The recently announced fiscal measures by the government may also provide the necessary stimulus for tractor demand uptick.”

Published on September 01, 2019
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