Amid chip shortage, M&M records 6% drop in car sales from November to 40,102 units

Mahindra & Mahindra said that their total car sales (passenger cars, commercial cars, exports combined) for November 2021 stood at 40,102 cars at 40,102 cars, a decrease of 6% from 42,731 cars sold in November 2020.

While sales of domestic passenger cars increased 7% YoY to 19,458 units, sales of domestic commercial cars fell 23% to 17,543 units in November 2021 over November 2020.

The export for November 2021 was at 3,101 cars (+ 90% on an annual basis).

Veejay Nakra, chief executive, auto division, M&M, said: “Our growth in SUVs continues with an 8% increase in November. Demand remains strong across our product portfolio of SUVs, pickups and small commercial vehicles. Momentum in exports continues with a growth of 90%.

M & M’s Farm Equipment Sector (FES) recorded total tractor sales (domestic + exports) of 27,681 units in November 2021, which is lower by 15% compared to 32,726 units for the same period last year.

Domestic sales were at 26,094 units (17% less year-on-year) while exports stood at 1,587 units (up 43% year-on-year) in November 2021.

Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra, said: “The growth over November 2020 is due to high base of last year and persistent rains in some states. Rural sentiment remains positive on account of good Rabi seeds and Escalation in tender for Kharif crops will bring stable cash flows, which is expected to stimulate the demand for tractors going forward. “

M&M Group holds a leadership position in farm equipment, utilities, information technology and financial services in India. It is the largest tractor company in the world in volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

On a consolidated basis, the M & M Group’s net profit for exceptional items increased 43% year-on-year to Rs 1,975 crore in Q2FY22. The group’s net profit after adjustment for exceptional items increased by 214% YoY to Rs 1,929 crore in Q2FY22. Revenue rose 12% to Rs 21,470 crore during the period under review.

The script lost 0.03% to currently trade at Rs 835.50 on the BSE.

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