Mahindra's January sales up 11 percent

Last Updated: Fri, Feb 01, 2013 11:30 hrs

Mumbai, Feb 1 (IANS) Leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra Friday reported a healthy 11 percent sales growth in January, a company spokesperson said Friday.

Sales of SUVs stood at 49,503 units from 44,718 units sold in the same period last year.

According to the company, its domestic sales increased by 16 percent and stood at 47,841 units during January this year under review from 41,369 units sold during January 2012.

The exports, however, declined sharply by 50 percent at 1,662 units from 3,348 units shipped out in the corresponding month last year.

The company hoped the repo and cash reserve ratio (CRR) rate cuts by 25 basis points would help sales.

"The recently announced reduction of 25 BPS (basis point) both in the repo and CRR (cash reserve ratio) rates is a positive step and is expected to bring in the much desired momentum in the market," said Pravin Shah, chief executive, automotive division, M&M.

"The industry has already seen reductions in auto loan rates announced by some banks which will help improve customer sentiments," he added.

Segment-wise, four-wheeler commercial vehicle sales in last month grew five percent at 14,451 units from 13,725 units sold during the same period of last year.

The company's passenger vehicles segment reported a healthy sales growth of about 33 percent at 26,555 units from 19,975 sold in the corresponding month of 2011.

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