Mahindra PV sales improved by 30 percent YoY while Farm Equipment sales were higher by 18 percent YoY
Mahindra has reported increased sales across all segments in March 2023. Growth was especially noteworthy for its SUV lineup that was boosted by the new Mahindra Scorpio N launched late last year.
Mahindra PV Sales March 2023 – Highest Ever SUV Sales
Mahindra passenger vehicle sales stood at 35,997 units in March 2023, up 30 percent from 27,603 units sold in March 2022. Out of this, utility vehicle sales were at 35,976 units, up 31 percent YoY from 27,380 units sold in March 2022. Car and van sales were at 21 units in March 2023, a 91 percent de-growth over 223 units sold in the same month last year. It was also a MoM growth reported by the company as against 30,221 units sold in February 2023.
YTD sales performance was also noteworthy with a 59 percent growth to 3,59,253 units sold in FY 2022-23 period from 2,25,895 units sold in FY 2021-22. This was a 60 percent growth in the utility vehicle segment to 3,59,961 units from 2,23,682 units sold in FY 2021-22. Car and van sales improved by 4 percent to 2,292 units.
Growth was also seen across the company’s commercial vehicle range. CV sales stood at 22,282 units in March 2023, a 12 percent YoY growth while YTD sales stood at 2,48,576 units. Sales in the sub 2T LCV segment dipped by 11 percent YoY to 3,385 units in March 2023 from 3,806 units sold in March 2022. YTD sales saw a 25 percent growth to 40,419 units in FY 2022-23 from 32,339 units sold in the same period last year.
In the 2T-2.5T segments, sales improved 15 percent YoY and 43 percent YTD to 17,428 units and 1,98,121 units respectively. Greater growth was noted in the above 3.5T and MHCV segments sales of which stood at 1,469 units in March 2023 up 77 percent from 829 units sold in March 2022. YTD sales were higher by 56 percent in FY 2022-23 to 10,036 units from 6,435 units sold in FY 2021-22.
Increased demand was also seen in the case of 3W to 5,697 units in the past month, up 41 percent YoY from 4,043 units sold in March 2022. It was a near 2 fold increase in YTD sales to 58,520 units in FY 2022-23 from 30,079 units sold in the same period last year.
Exports of the company however dipped 33 percent YoY to 2,115 units in the past month from 3,160 units shipped in March 2022. Export de-growth was also seen on a YTD basis down 1 percent to 32,107 units in FY 2022-23. Mahindra has accounted for their highest ever annual sale of 4,07,545 units (Domestic +Exports) in FY 2022-23.
Mahindra Farm Equipment Sales March 2023
In this segment, sales stood at 33,622 units in March 2023, a 20 percent YoY growth over 28,112 units sold in March 2022. YTD sales of tractors also grew by 16 percent to 3,89,531 units in FY 2022-23 period from 3,37,052 units sold in FY 2021-22.
Exports on the other hand, dipped 16 percent YoY to 1,392 units in March 2023 from 1,651 units sold in March 2022 while YTD sales saw a marginal increase by 2 percent to 18,014 units from 17,646 units shipped in the same period last year.
This took total sales of farm equipment (domestic + exports) to 35,014 units in March 2023, up 18 percent YoY from 29,763 units sold in March 2022. It was also a 15 percent YTD growth to 4,07,545 units in FY 2022-23 period from 3,54,698 units sold in the same period last year.