Mahindra & Mahindra sold 56,005 cars in February 2019; passenger vehicles, exports perform best
In the month of February 2019, the passenger car maker Mahindra & Mahindra (M&M) saw 10% growth in their sales.
In the month of February 2019, the passenger car maker Mahindra & Mahindra (M&M) saw 10% growth in their sales, where the firm sold 56,005 vehicles versus 51,127 vehicles the same month last year. Despite their positive auto sales, the company's stock price declined. At 1401 hours, the company was trading at Rs 643.80 per piece down by Rs 2.75 or 0.43% on Sensex. However, the stock has fallen by nearly 1% after touching an intraday low of Rs 642 on the index.
Under domestic category, Mahindra posted growth of 9% with a sales of 52,915 units in comparison to 48,473 units in February 2018. Meanwhile, exports for the latest month stood at 3,090 units - a rise of 16% against 2,654 units a year ago same month.
Rajan Wadhera, President, Automotive Sector, M&M Ltd. said, “The month of February has augured well for Mahindra. We have witnessed a strong double digit growth of 16% in our UV portfolio, on the back of our newly launched XUV300 model. Further, the overall growth for the month has been around 10%. On a YTD basis too, we have shown a strong growth of 12% at an overall level.”
The company's passenger vehicles segment which includes UVs, cars and vans, registered a rise of 17% by selling 26,109 units versus 22,389 units in February 2018.
A muted growth was seen in the firm's commercial vehicles segment, where it sold 21,154 vehicles in February 2019 compared to 20,946 vehicles same month last year - which was just a 1% rise.
Meanwhile, the medium and heavy commercial vehicles saw a dip of 17%, wherein it sold 686 units against 828 units the year before.
On year-to-date, total sales of M&M stood at 545,644 units (April - February 2019), increasing by 12% compared to 487,077 units sold in in the corresponding period of previous year.
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