M&M's March sales down 88% to just 7,401 units

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SME Times News Bureau | 01 Apr, 2020
Mahindra & Mahindra on Wednesday reported a massive decline of 88 per cent in its total vehicle sales in March to 7,401 units due to the Covid-19 outbreak.

The company had sold 62,952 units in March 2019.

Its domestic sales last month stood at 6,130 units, 90 per cent lower than 59,012 vehicles sold in February 2019, the company said in a regulatory filing.

Segment-wise, in passenger vehicles which includes UVs, cars and vans, Mahindra sold 3,384 vehicles during the month under review, compared to 27,646 in March 2019.

In the commercial Vehicles segment, the company sold 2,325 vehicles in March 2020, as against 24,423 units in March 2019.

Additionally, exports for March 2020 declined by 68 per cent on a YoY basis to 1,271 vehicles.

Commenting on the performance, Veejay Ram Nakra, Chief Executive Officer, Automotive Division, M&M said: "Our performance in March has been muted on account of the impact of the current lock-down related to Covid-19 and the disruption in our BS VI ramp-up plan."

"The latter was planned between February and March but was affected due to the challenges of parts supply from global and local suppliers. We have been able to clear our BS-IV inventory, but for fewer than 100 vehicles. However, there are many vehicles that are sold, but not yet registered because of the closure of RTOs."