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Mahindra's October sales up 29 percent

Posted on Nov 01, 07:42PM | IANS

Leading sports utility vehicle manufacturer Mahindra and Mahindra Thursday reported a healthy 29 percent sales growth in October, which stood at 53,438 units from 41,506 units sold in the like period of last year.

According to the company, its domestic sales increased by 30 percent and stood at 51,316 units during the month under review from 39,352 units sold during October, 2011.

"Acceptance of all our newly launched products has been instrumental in achieving our all-time high monthly sales during October 2012," said Pravin Shah, chief executive, automotive division, M and M.

The exports, however, declined marginally by one percent at 2,122 units from 2,154 units shipped out in the corresponding month of last year.

The company hoped the cash reserve ratio (CRR) rate by 25 basis points would help sales.

"The current financing rates will still remain high for auto industry customers, which is a cause of concern. The reduction of 25 basis points in CRR in the recently announced credit policy is a positive step," Shah said.

Segment-wise, four-wheeler commercial vehicle sales in last month grew 26 percent at 16,561 units from 13,101 units sold during the corresponding period of last year.

The company's passenger vehicles segment too reported a healthy sales growth of about 44 percent, which stood at 26,932 units from 18,756 units sold in the corresponding month of 2011.

The company added that it has increased the production of XUV500 to 5,000 units per month starting October 2012.