Mahindra’s Auto Sector registers 19pc growth

Mahindra & Mahindra Ltd. (M&M Ltd.), announced a 19pc rise in its auto sales numbers, which stood at 47,059 units during July 2012 as against 39,633 units during July 2011. The company’s domestic sales stood at 42,799 units during July 2012, as against 37,323 units during July 2011, an increase of 15pc. The Passenger Vehicles segment (which includes the UVs and Verito) has registered a growth of 27pc, having sold 22,011 units in July 2012, as against 17,312 units during July 2011. Speaking on the performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. noted, “We are happy to have achieved a growth of 19pc during July 2012 in spite of difficult and uncertain market conditions continuing. Incidentally, July 2012 is the second highest monthly sales for us. The Auto Industry needs to be concerned about slower economic expansion and consumer sentiments which are not so positive. A cut in interest rates would have helped lower the cost of manufacturing and product, thereby improving industry confidence.”