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Mahindra sales rise 17% in March

Mahindra & Mahindra today reported 17% rise in total sales to 52,718 units in March as against 45,124 units sold in the same month of last year.

In domestic market, sales were up 19% at 48,967 units last month compared with 41,105 units in March 2015, M&M said in a regulatory filing.

Exports, however, declined 7% to 3,751 units last month as against 4,019 units in March last year, it added.

Sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, was up 21% at 26,885 units compared with 22,183 units in March 2015.

Commercial vehicle sales surged 24% to 17,438 units last month as against 14,114 units in the year-ago period, M&M said.

For the fiscal 2016, the company's total sales rose 6% to 4,94,098 units as against 4,64,764 units in 2014-15.

Domestic sales during the fiscal rose 5% to 4,58,065 units compared with 4,34,568 units in 2014-15.

M&M Chief Executive (auto division) Pravin Shah said the last financial year was significant for the firm considering the number of new product launches which were well received by the customers leading to a positive growth both in domestic and overseas markets.

"Going forward we hope to see good opportunity with our wide product portfolio. Further, the likely softening of interest rates in the upcoming RBI monetary policy, will help the automotive industry to maintain its growth momentum in FY2017.