Mahindra & Mahindra Ltd. (M&M) reported March auto sales at 51,904 units, compared to 46,919 units during March 2012, a growth of 11 percent. Cumulative sales for the fiscal year 2013 stood at 563,373 vehicles, up by 17 percent from the 483,164 units in FY12.
The company's domestic sales totaled 49,225 units during March 2013, higher by 11 percent from the 44,260 units in March last year.
The passenger vehicles segment (which includes the UVs and Verito) has registered a growth of 13 percent, having sold 25,847 units in March, compared to last year's 22,961 units.
The 4-wheeler commercial segment, which includes the passenger and load vehicles registered a sale of 17,212 units, while the 3-wheeler segment clocked 4,831 units in March 2013. Exports for the month under review stood at 2,679 units.
Speaking on the performance, Chief Executive-Automotive Division Pravin Shah said, "We are happy to have crossed the half a million sales mark for the first time, during FY13, given the challenges and the pressures the auto industry is currently facing. The three percent additional excise duty on SUVs is clearly a deterrent and by not having a level playing field for all SUVs, it certainly destabilizes the market dynamics. At Mahindra, we hope to create excitement in the market during FY14 especially with the launch of our sub 4 metre Verito and other product offerings."
At the BSE, Mahindra & Mahindra shares are currently trading at Rs.852.90, down 0.96 percent from the previous close.
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