Mahindra & Mahindra June sales down 8% at 38,092 units

Excise duty on sports utility vehicles was increased by 3 percent in the Union Budget and that has hurt demand, the company said.
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Jul 01, 2013, 05.40 PM | Source: Moneycontrol.com

Mahindra & Mahindra June sales down 8% at 38,092 units

Excise duty on sports utility vehicles was increased by 3 percent in the Union Budget and that has hurt demand, the company said.

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Mahindra & Mahindra June sales down 8% at 38,092 units

Excise duty on sports utility vehicles was increased by 3 percent in the Union Budget and that has hurt demand, the company said.

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Moneycontrol Bureau

Mahindra & Mahindra 's total sales in June declined 8 percent year-on-year to 38,092 units, a sign that demand for utility vehicles continues to slow in the domestic market.

The India's largest SUV maker sold 36,207 units in the domestic market, down 7 percent.

Its passenger vehicle sales, which includes UVs and the Verito sedan, were down 13 percent to 17,232 units.

Also Read: Maruti Suzuki June sales fall 13% to 84,455 units

SUV sales in the last three months have been hit by the rise in excise duty in the Union Budget, said Pravin Shah, CEO - Automotive Division, M&M, adding, slowdown also continued in the export market.

The challenging times will continue unless drastic measures are taken by the government, he said.

Meanwhile, M&M has increased prices by 0.5 percent from Jul 1, due to a rise in input costs, the maker of Bolero, Xylo and XUV500 SUVs said.

Prices have been increased by Rs 3,000-6,000 across all UVs expect the XUV500, it said.

M&M shares were down 0.5 percent at Rs 965.95 on NSE in afternoon trade.

Don't Miss: Can Ford EcoSport end Mahindra's SUV dominance?

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Mahindra & Mahindra June sales down 8% at 38,092 units

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