Mahindra’s February sales up 16 percent

Mumbai, March 1 (IANS) Automobile manufacturer Mahindra & Mahindra (M&M) on Tuesday reported a rise of 16 percent in its total sales for last month.

The company sold an overall 44,002 units, during the month under review from an off-take of 38,030 units during the corresponding period of last year.

“At Mahindra we are happy to have achieved an overall growth of 16 percent during February, 2016 on the back of strong performance by our range of passenger and commercial vehicles,” said Pravin Shah, president and chief executive (automotive), M&M in a statement.

According to Shah, the proposed imposition of an infrastructure cess ranging from 1-4 percent on passenger vehicles which was announced in the Union Budget, would increase the prices of automotive products immediately.

“An increasing number of duties levied on automobiles is a cause of concern and we see the need for GST sooner than later,” Shah added.

Further, domestic sales grew by 18 percent to 41,348 units during the period under review from 34,918 units sold in February, 2015.

Sales of passenger vehicles (which comprise utility vehicles, cars and vans) rose by 26 percent to 23,718 units from 18,817 units during the like month of last year.

Commercial vehicles segment’s sales increased by 16 percent to 13,864 units from an off-take of 11,945 units during February, 2015.

However, three-wheelers’ off-take declined by nine percent to 3,766 units from 4,156 units clocked in the like period of 2015.

Exports plunged by 15 percent to 2,654 units from 3,112 units shipped-out during February, 2015.

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