A month-on-month recovery in demand and production and low base of last year aided the recovery. “We have been able to meet the uplift in demand by managing the supply chain challenges and going forward, will continue our focus on it,” said Veejay Nakra, chief executive officer, automotive division.
Meanwhile, Mahindra’s tractor sales continued the strong volume march. They rose to 23.503 units during the month as from 13,871 units a year ago. These are record sales for the company that came on back of positive sentiment, increase in the Kharif sowing area that indicates bumper harvest, a good monsoon and a base effect, said Hemant Sikka, president, farm equipment sector at Mahindra and Mahindra.
“We expect rural sentiments to remain positive and translate into robust tractor demand as we move into the festive period,” said Sikka. Company’s exports during the month rose 1 per cent to 955 units over the last year.
At the time of filing the story, Mahindra’s shares were trading at Rs 614 a piece, up 1.24 per cent.