Mahindra & Mahindra passenger vehicle sales up 26% YoY in June to 38,965 units

Commercial vehicle sales declined 2.5 percent at 20,959 units in June 2023 as compared to 20.431 units in the same month a year ago.

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Mahindra & Mahindra (M&M) on July 11 reported a 26 percent increase in passenger vehicle sales at 38,965 units in June 2023, as compared to the same month last year.

The company had posted passenger vehicle sales of 30,888 units in June 2022, M&M said in a regulatory filing.

Total vehicle sales were up 16.7 percent at 59,924 units from 51,319 units in June 2022, M&M said.

Utility vehicle sales last month were at 32,585 units, as against 26,620 units in the year-ago period, a growth of 22 percent, it added.

Sales of cars and vans were at 3 units as compared to 262 units in June last year.

Commercial vehicle sales declined 2.5 percent at 20,959 units in June 2023 as compared to 20,431 units in the same month a year ago.

In its statement, the Mumbai-based auto major said its exports last month stood at 2,505 units, as against 2,777 units in the year-ago period, a drop of 9.7 percent.

The automobile company reported a net profit of Rs 1,549 crore for the quarter ended March 2023, up from Rs 1,268 crore in the same quarter of the previous fiscal. The net profit was up 22.1 percent and up 67 percent YoY including exceptional items. Revenue for the quarter came at Rs 22,571,4 crore, up 31 percent from Rs 17,237 crore in the same quarter of the previous fiscal.

On July 11, Mahindra & Mahindra stock was trading at Rs 1,569.40 on the BSE, up 1.21 percent from the previous close.