Mahindra & Mahindra (M&M) shares saw a 3% boost after the company reported strong sales figures for October. Total sales reached 96,648 units, up from 80,679 units year-on-year. Tractor sales also surged to 64,326 units compared to 49,336 units last year, exceeding the estimated 49,200 units.
Mahindra & Mahindra achieved new sales milestones in October, posting its highest-ever monthly figures for SUVs and total vehicle volumes. Driven by strong festive demand, the company reported total auto sales of 96,648 units, reflecting a 20% increase compared to the same period last year. This includes 54,504 domestic SUV sales, marking a 25% year-on-year growth and setting a new peak for Mahindra’s SUV sales.
What fueled Mahindra’s growth in October 2024
The momentum was powered by high interest in Mahindra’s new model, the Thar ROXX, which received 1.7 lakh bookings within just one hour of launch. Other popular models like the XUV700, boosted by festive discounts, and the XUV 3XO also contributed to October’s record-breaking numbers.
Mahindra’s lineup in India, featuring models like the Thar, Thar ROXX, Scorpio Classic, Scorpio-N, Bolero, Bolero Neo, XUV700, XUV400, and XUV300, continued to perform well across various segments. The commercial vehicle division also saw strong results, with domestic sales reaching 28,812 units.
This growth follows a strong performance in September 2024, where Mahindra recorded a 24% year-on-year increase in sales, totaling 52,590 passenger vehicles
Goldman Sachs has maintained a ‘Buy’ rating on M&M with a target price of ₹3,600. Kotak Institutional Equities also upgraded M&M’s rating to ‘Buy’ from ‘Add,’ though it revised the target price down to ₹3,150 from ₹3,300.
As of 9:18 am, M&M shares were trading 2.49% higher at ₹2,887.70 on NSE.
