In the utility vehicle segment, domestic sales hit an all-time high of 71,624 units, up 31%, while total SUV sales, including exports, stood at 73,890 units. Commercial vehicle sales rose 14% to 31,741 units, and exports were up 15% at 4,015 units.
CEO Nalinikanth Gollagunta said the company achieved its “highest SUV sales ever in a single month,” supported by new editions of the Thar, Bolero, and Bolero Neo launched in October.
M&M’s farm equipment business also posted strong numbers, selling 72,071 tractors in the domestic market, a 12% increase over last year. Including exports, total tractor sales came in at 73,660 units, up 13% year-on-year. Farm Equipment Business President Veejay Nakra attributed the performance to a good monsoon and the recent GST rate cut, which, along with festive demand, lifted tractor sales.
In the trucks and buses division, the company sold 2,034 vehicles in October, a 14% jump from the previous year, with growth led by intermediate and light commercial vehicles. Executive Chairman Vinod Sahay noted that the festive season and lower GST supported demand recovery despite persistent challenges in the heavy commercial vehicle segment.
Auto major will announce its earnings on Tuesday, November 4 where the company is expected to report a steady set of numbers for the September quarter. Estimates from four brokerages peg profit after tax (PAT) between Rs 3,895 crore and Rs 3,996 crore, reflecting a 1–4% YoY rise and 13–15% sequential growth. Revenue growth is expected to be strong across the board, with estimates in the range of Rs 33,900–Rs 34,400 crore, translating into a 23–25% YoY rise.In a separate development, Mahindra has revealed the name of its upcoming all-electric SUV — the XEV 9S, a new seven-seater model built on the company’s INGLO electric platform. The XEV 9S will make its world premiere on November 27 at Mahindra’s ‘Scream Electric’ event in Bengaluru, it said in a press release on November 1.Unlike Mahindra’s earlier models adapted from internal combustion platforms, the XEV 9S has been designed as an electric vehicle from the ground up. Built on a skateboard-style architecture with a flat floor, it offers more cabin room and flexible seating, including sliding second-row seats. The lower centre of gravity, aided by the battery placement, is expected to improve stability and ride comfort.
At about 9:45 am, shares of the company were trading at Rs 3,559, higher by 2% than the last close on the NSE. M&M shares are up 18% in the last 6 months.
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