Mahindra and Mahindra February sales up 11 percent
Mumbai, Mar 1 : Leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra Friday reported a healthy 11 percent sales growth last month with 47,824 units.
Sales of SUVs stood at 43,087 units in the corresponding period last year.
According to the company, domestic sales increased by 10 percent and stood at 44,399 units during February this year from 40,461 units sold during the corresponding month of last year.
Exports rose by 30 percent at 3,425 units from 2,626 units shipped out in the corresponding month last year.
The company said it was disappointed with Finance Minister P.Chidambaram's budget proposal to raise excise duty on SUVs from 27 to 30 percent. However, SUVs registered as taxis are exempted from the duty.
"Levying a three percent higher duty on SUVs on the basis of higher ground clearance is disappointing as it slows down further growth and does not provide equal competitive space to all players," said Pravin Shah, chief executive, automotive division, Mahindra & Mahindra.
Segment-wise, four-wheeler commercial vehicle sales in last month grew 12 percent at 15,167 units from 13,522 units sold during the same period of last year.
The company's passenger vehicles segment reported a healthy sales growth of about 14 percent at 23,421 units from 20,573 sold in the corresponding month of 2011.