MM posts 18% increase in November auto sales, tractor sales beat estimates

Published On: 01, Dec 2017 | Source: moneycontrol.com

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Utility vehicle and tractor maker Mahindra & Mahindra has posted a 18 percent growth year-on-year in November auto sales, which missed estimates but tractor sales were ahead of expectations.

The company sold 38,570 units in November 2017 against 32,564 units sold in year-ago, driven by domestic segment.

Domestic sales grew by 21 percent year-on-year to 36,039 units but exports fell 6 percent to 2,531 units in month gone by.

M&M said passenger vehicle sales increased 21 percent to 16,030 units and commercial vehicle sales jumped 22 percent to 15,554 units compared with year-ago.

Its tractor sales for the month were at 22,754 units, higher by 32 percent over 17,262 units sold in November 2016.

Domestic tractor sales grew by 32 percent to 21,046 units and exports increased 27 percent to 1,708 units YoY.

Auto sales were expected at 41,908 units and tractor sales at 21,738 units for the month, according to average of estimates of analysts polled by CNBC-TV18.

At 13:55 hours IST, the stock price was quoting at Rs 1,418.00, up Rs 7.50, or 0.53 percent on the BSE.