Shares of Mahindra & Mahindra edged up nearly 2 percent after the company reported a 21 percent increase in domestic passenger vehicle sales at 32,588 units in June 2023 over last year. It sold 429 units more than Nomura’s estimate of 62,000 units.
At 2:30pm on July 3, the stock was trading at Rs 1,476.45 per unit.
In a filing to the exchanges, M&M reported a 15.4 percent year-on-year increase in total auto sales for June at 64,429 units. Sales of three-wheelers, including electric 3Ws, stood at 6,377 units, 59 percent more than the June 2022 numbers.
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Tractor sales for the month were up 6 percent at 44,478 units as against brokerage firm Nomura’s estimate of 41,000 units. While domestic tractor sales were up 9 percent at 43,364 units, exports fell by 45 percent to 1,114 units in CY23.
For the quarter ended March, M&M saw a 34.5 percent YoY growth in sales at Rs 121,269 crore, while net profit grew 57 percent YoY to Rs 11,374 crore. The operating profit margins stood at 17 percent while earnings per share (EPS) grew 56 percent to Rs 82.68.
The Nifty auto index is trading 0.27 percent lower at 15,107 as of 2:30 pm, July 3. The index was up by 30 percent in 2023 as against the previous year.
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