M&M logs double-digit November growth; production jumps over 18% YoY

Mahindra & Mahindra (M&M) posted a robust set of operational numbers for November, reporting a 19.6% year-on-year rise in total sales volumes to 91,839 units, compared with 76,797 units a year ago.

Exports

increased 7.5% to 3,036 units, while production rose 18.4% to 96,196 units.

Ahead of the announcement, shares of Mahindra & Mahindra Ltd. closed 1% lower at ₹3,679 on the NSE on Monday.

Separately, earlier in the day, the company announced the name of its next major product in the premium SUV segment — the XUV 7XO. Positioned as the successor to the XUV700, the 7XO is designed to build on the model’s success, with more than 300,000 units already on road in just over four years.

M&M says the new SUV elevates design, technology, comfort and performance to strengthen its leadership in the premium SUV category.

In the September quarter, reported on November 4, the automaker delivered results that exceeded analyst expectations on most metrics. Consolidated revenue rose 21.3% year-on-year to ₹33,422 crore, while net profit climbed 18% to ₹4,521 crore, beating the CNBC-TV18 poll estimate.

Also Read: Mahindra Group stock gets Nomura upgrade, may rise nearly 20%

Monthly segmental data released earlier showed mixed performance versus Street expectations. Total auto sales stood at 92,670 units, below the poll estimate of 1.02 lakh units but still up 19% year-on-year.

Passenger vehicle sales grew 22% to 56,336 units, while commercial vehicle volumes rose 17% to 24,843 units. Tractor sales came in stronger than anticipated, rising 32% year-on-year to 44,048 units, well above expectations.