Mahindra & Mahindra (M&M)

Mahindra & Mahindra (M&M) reported muted growth of 7.1% Y-o-Y in total sales to 44,152 units (41,243 units) in June, aided by 19.8% Y-o-Y growth in auto volumes. The utility vehicle (UV) segment declined by 3.6% Y-o-Y to 17,010 units (17,653 units) during the month, mainly on account of supply constraints (fuel injection system, casting and tyres) from auto component manufacturers. However, the three-wheeler segment, including the newly launched GIO and Maximmo, posted robust 125% Y-o-Y volume growth to 7,559 units (3,357 units) in June. Domestic tractor sales declined by 13.5% in June, as the company continues to experience supply constraints for casting and tyre components. M&M performed exceptionally well on the exports side, growing nearly 175.7% Y-o-Y on an overall basis.