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Mahindra sees 21 per cent growth in passenger vehicles sales in March

Mahindra & Mahindra sold 52,718 units in March, a 17 per cent rise against auto sales in the same month in 2015. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 26,885 units in March, a growth of 21%.

The company's domestic sales stood at 48,967 units during March as against 41,105 units in the same month last year. The Medium and Heavy Commercial Vehicles segment sold 879 units, registering a growth of 86%. Exports for March 2016 stood at 3,751 units.

“At Mahindra we are happy to have achieved an overall growth of 17% during March 2016 and 6% for FY2016, despite various challenges,” said Pravin Shah, president & chief executive (Automotive), M&M Ltd. “The last financial year was significant for us considering the number of new product launches, which were well received by our customers, leading to a positive growth both in domestic and overseas markets.”

Going forward, the company hopes to see good opportunity with its 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,” added Shah.