Mahindra posts 11% jump in Jan sales
Auto-maker Mahindra & Mahindra on Friday reported 10.70 percent increase in its total sales at 49,503 units in January 2013.
New Delhi: Auto-maker Mahindra & Mahindra on Friday reported 10.70 percent increase in its total sales at 49,503 units in January 2013.
The company had sold 44,718 units in the same month in 2012, Mahindra & Mahindra (M&M) said in a statement.
"We are happy to have grown in some of our major segments during January 2013... The recently announced reduction of 25 bps both in the repo and CRR rates is a positive step and is expected to bring in the much desired momentum in the market," M&M Chief Executive (Automotive Division) Pravin Shah said.
The Industry has already seen reductions in auto loan rates by some banks and it will help improve customer sentiments, he added.
In the domestic market, the company registered a 15.64 percent rise in sales to 47,841 units during the month compared to 41,369 units in the year-ago period, M&M said.
Total sales of passenger vehicles including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 26,555 units against 19,975 units in January 2012, translating into 32.94 percent increase.
The company, however, said sales of its three-wheelers declined by 5.14 percent to 5,811 units during January 2013 from 6,126 units in the same month last year.
Sales of the company's Gio and Maxximo mini-trucks and other four-wheeler commercial vehicles went up by 5.29 percent last month to 14,451 units from 13,725 units in the year-ago period, the statement said.
Commercial vehicle sales from Mahindra Navistar Automotives Ltd stood at 1,024 units during the month against 1,543 units in the same month a year ago, a fall of 33.64 percent.
M&M's exports dipped by 50.36 percent to 1,662 units during the month from 3,348 units in January 2012.