On month on month basis, Mahindra & Mahindra’s (M&M) total auto sales climbed 18.17% in November 2024 compared to 96,648 units sold in October 2024.
In the utility vehicles segment, the company sold 46,222 vehicles in the domestic market, registering a growth of 16% YoY and overall, 47,294 vehicles, including exports.
The company sold 22,042 units of commercial vehicles (LCV+MHCV) in November 2024, down 0.76% from 22,211 units sold in November 2023. Three-wheelers (including electric 3Ws) sales grew 22% YoY to 8,043 units in November 2024.
Exports for the month stood at 2,776 vehicles, registering a growth of 53% on YoY basis.
Further, the company's Farm Equipment Sector (FES) announced that its total tractor sales (domestic + exports) during November 2024 was at 33,378 units, up 4% from 32,074 units in November 2023.
Domestic tractor sales grew by 2% to 31,746 units in November 2024, compared to 31,069 units sold in November 2023. Tractor exports jumped 62% to 1,632 units in November 2024, compared to 1,005 units during the same period last year.
Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra, stated, “We have sold 31,746 tractors in the domestic market during November 2024, a growth of 2% over last year. With the Kharif harvest season getting completed, farmers are progressing with Rabi sowing. The marginal decline in the industry is due to the shift in the festive season of Diwali and Dhanteras as compared to the previous year.
With very good reservoir levels and higher MSP for key Rabi crops, farmers sentiments are positive and cash flows healthy. Good progress in Rabi sowing and a good Rabi crop is expected to further boost demand for tractors in coming months. In the exports market, we have sold 1632 tractors, a growth of 62% over last year.”
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.
On a consolidated basis, the company's net profit jumped 35.05% to Rs 3,170.72 crore on a 10.13% rise in income from operations to Rs 37,923.74 crore in Q2 FY25 as compared with Q2 FY24.