Mumbai, Aug 1 (IANS) Automobile manufacturer Mahindra and Mahindra (M&M) on Monday reported a rise of 14 per cent in its total sales for July.
The company sold 39,458 units during the month under review from an off-take of 34,652 units during the corresponding period of last year.
According to Pravin Shah, President and Chief Executive (Automotive), M&M, the growth is being driven by the various product launches of the last financial year, along with a strong performance in the heavy commercial vehicles (HCV) segment.
“We are happy to have achieved a growth of 14 per cent during July 2016 in the midst of various regulatory challenges. The advent of a good monsoon so far, has brought in positive sentiment for the economy and that is somewhat reflected in our performance,” said Shah.
“With a strong performance in our HCV business as well as our exports, we are hopeful of a positive outlook during the rest of the financial year.”
For last month, the company’s domestic sales rose by 14 per cent to 35,305 units, from 31,087 units sold in July last year.
Similarly, sales of passenger vehicles (which comprise utility vehicles, cars and vans) edged higher by 20 per cent to 17,356 units, from 14,456 units during the like month of 2015.
In addition, commercial vehicles segment’s sales rose by eight percent to 13,168 units, from an off-take of 12,148 units during July 2015.
Moreover, three-wheelers’ off-take increased by seven per cent to 4,781 units from 4,483 units clocked in the like period of last year.
The company’s exports surged by 16 per cent to 4,153 units from 3,565 units shipped-out during July 2015.