SUV manufacturer Mahindra & Mahindra said it is confident of doing better than the industry growth rate, and has stuck to its earlier sales growth target of mid to high teens during the concall with analysts after the September quarter results on November 7.
Rajesh Jejurikar, ED, M&M Auto division said the company is facing high demand for its Thar Roxx model, and is looking to ramp up production. "The waiting on Thar Roxx is 9-15 weeks. We are ramping up Thar's production by 1,000-1,500 units due to the high demand." Jejurikar added that there is a demand-supply mismatch for Thar Roxx, and the company is working on it.
Mahindra & Mahindra reported a rise in second-quarter profit, helped by higher sales of its SUVs and a recovery in tractor demand. Track M&M's latest earnings details right here.
However, M&M added that delayed rains in some parts of the country have impacted its LCV sales in the rural markets, but it sees a revival from now onwards.
The SUV maker said it gained market share in both auto as well as tractor businesses, during the September quarter. "Our SUV volumes increased by 18% YoY, maintaining leadership in revenue market share, with an increase of 190 bps YoY on the back of two successful launches - SUV 3XO and Thar Roxx," Rajesh Jejurikar, ED, M&M Auto division said.
The company increased its market share in sub-3.5 tonne LCVs, and achieved the highest-ever market share of 42.5% in the tractor business. Jejurikar said the company is seeing a skew of demand towards the top-end of the variants even in the commercial category of vehicles. In the tractor business, M&M is projecting to achieve double-digit growth in the second half of the fiscal.
The SUV maker also said its EV penetration has gone up to 20% during September quarter. M&M said it has lined up fresh electric launches on November 26-27, and rebranded the Born Electric identity to Electric Origin SUVs.
To a query asked by Moneycontrol on the potential partnership with Volkswagen for the EVs, the company said, "We continue to explore opportunities to expand our partnerships. At the moment, we have nothing new to share but we are not ruling out any possibility."
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