Mahindra & Mahindra Reports Robust Growth In Auto Sales For September 2023

Automotive giant Mahindra & Mahindra (M&M) has announced impressive figures for its auto sales in September 2023. The company recorded a substantial 17 per cent year-on-year (YoY) growth in overall auto sales, with a total of 75,604 units sold during the month.

One of the standout highlights was the remarkable performance in the passenger vehicle segment, where M&M reported sales of 41,267 units in September 2023. This represented a substantial 20 per cent increase compared to the same month in 2022 when the company sold 34,508 passenger vehicles.

Similarly, M&M's utility vehicle sales also experienced a commendable 20 per cent growth in September 2023, with 41,267 units sold compared to 34,262 units in September 2022.

In contrast to its positive performance in other segments, M&M reported no sales of cars and vans in September 2023, in stark contrast to the 246 units sold in the same category during September 2022.

Despite the strong domestic performance, M&M did face challenges on the export front. Total exports for the company declined by five per cent in September 2023, with only 2,419 units exported, down from 2,538 units in the corresponding month of the previous year.

Turning to financials, Mahindra & Mahindra reported robust results for the quarter ending June 2023. The company's standalone net profit surged to Rs 2,774 crore, reflecting an impressive 98 per cent growth compared to the same period in the previous year when the net profit stood at Rs 1,404 crore.