Mahindra & Mahindra posts 20% jump in October sales

New Delhi: Mahindra & Mahindra Sunday reported 20 percent surge in total sales at 51,383 vehicles in October, mainly of account of good demand for its recently launched TUV300.

It had sold 42,780 vehicles in the same month last year, the company said in a statement.

In the domestic market, sales were up by 21 percent to 48,815 units last month as against 40,278 units in October 2014.

Exports were up 3 percent at 2,568 vehicles as against 2,502 units in the same period a year ago.

Sales of passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito, stood at 24,060 units as compared to 20,255 units in October 2014, up 19 percent.

Commercial vehicle sales increased 31 percent to 18,756 units last month against 14,345 units in the year-ago period, M&M said.

"We are happy with our performance during October 2015, which has witnessed a positive growth of 20 percent backed by excellent response garnered from the recently launched TUV300 as well as other brands such as XUV500, Scorpio, Bolero and pickups. We are quite hopeful of this positive growth momentum continuing for the rest of the year," M&M Chief Executive (Automotive Division) Pravin Shah said.

He said the advent of the festive season has provided the much needed fillip for the auto industry especially on the back of the new launches of most manufacturers which has received an encouraging response.

"With the drop in interest rates and the fuel prices remaining benign, we expect the industry to maintain a good growth momentum going forward," Shah added.