M&M’s Farm Equipment Sector (FES) reported a 21.6 percent fall in total tractor sales in August at 21,360 units, as against 24,458 units in the same period last year.
Domestic automobile major Mahindra & Mahindra (M&M) reported total auto sales of 30,585 units for the month of August 2021, a growth of 17 percent from 30,426 units sold in August 2020. On a monthly basis, the company’s total auto sales declined 28.8 percent from 42,983 units in July.
The company’s sales missed expectations as CNBC-TV18 Analysts’ Poll had estimated a sales of 40,090 units for the month.
Total exports surged Total to 3,180 units as compared to 1,169 units, YoY.
In the Passenger Vehicles segment (which includes UVs, Cars and Vans), M&M sold 15,973 vehicles in August 2021, up 17 percent from 13,651 units, YoY.
“Demand across our product portfolio continues to remain strong with Thar, XUV 300 and our recently launched Bolero Neo and our Bolero Pik-up range clocking in impressive booking numbers,” said Veejay Nakra, Chief Executive Officer, Automotive Division, M&M.
“Supply of semiconductors continues to be a global issue for the auto industry and has been a major area of focus for us,” he added.
Meanwhile, M&M’s Farm Equipment Sector (FES) reported a 21.6 percent fall in total tractor sales in August at 21,360 units, as against 24,458 units in the same period last year.
Domestic tractor sales fell 15 percent to 19,997 units from 23,503 units, while exports rose 43 percent to 1,363 units from 955 units, YoY.
“Industry saw a de-growth in August over last year due to high base effect. We saw smart recovery in overall acreage of Kharif crops with most of the key crops posting acreage levels closer to last year sown area, despite erratic monsoon in select markets. With the festive period on the anvil, which also coincides with the harvesting season, we are anticipating a robust demand in the coming months,” said Hemant Sikka, President — Farm Equipment Sector, M&M.
At 1:55 pm, the shares of M&M were trading 2.67 percent lower at Rs 771.85 apiece on the BSE.
First Published: IST