Leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra's total sales in November rose 18 percent year-on-year to 48,143 units.
It had sold 40,722 units sold in the like period of last year.
The company Saturday said its domestic sales increased 23 percent and stood at 46,755 units during the month under review from 38,159 units sold during November, 2011.
The exports, however, declined a hefty 46 percent at 1,388 units from 2,563 units shipped out in the corresponding month of last year.
The company expressed concern over high interest rates and said it hoped monetary policy would be eased in the last quarter of 2012-13.
"Till there is a decrease in interest rates for corporate or retail credits, financing rates will remain high for auto customers which is a cause of concern," said Pravin Shah, chief executive, automotive division, M&M.
"However, we expect interest rates to reduce during the last quarter of the current financial year."
Segment-wise, four-wheeler commercial vehicle sales in last month grew by seven percent at 14,353 units from 13,362 units sold during the corresponding period of last year.
The company's passenger vehicles segment sales' zoomed 38 percent which stood at 24,604 units from 17,813 units sold in the corresponding month of 2011.
The company added that it has received 12,000 bookings of the newly launched compact SUV Quanto.