SUV and tractor sales drive Mahindra’s growth, with positive outlook fueled by strong agricultural sentiment and global recognition for sustainability.
Mumbai, January 1: Mahindra & Mahindra (M&M Ltd.) reported a 16% year-on-year growth in overall automotive sales for December 2024, selling a total of 69,768 units, according to an exchange filing on Wednesday.
Automotive Division Performance
In the utility vehicle (SUV) segment, Mahindra sold 41,424 units in the domestic market, marking an 18% growth compared to last year. Including exports, the total SUV sales stood at 42,958 units.
The commercial vehicle (CV) segment also performed steadily, with 19,502 units sold in the domestic market.
Veejay Nakra, President, Automotive Division, M&M Ltd., expressed satisfaction with the company’s performance:
“We sold 41,424 SUVs, a growth of 18%, and 69,768 total vehicles, a growth of 16% in December. The year ended on a high, as we became the only Indian auto company to attain the Dow Jones Sustainability Index (DJSI) world leader status within the auto sector. This global recognition underscores our commitment to sustainability and excellence.”
Tractor and Farm Equipment Sector Performance
Mahindra’s Farm Equipment Sector (FES) also showcased robust growth.
- Domestic tractor sales: 22,019 units in December 2024, compared to 18,028 units in December 2023—a 22% growth.
- Total tractor sales (domestic + exports): 22,943 units, up from 19,138 units in the same period last year.
- Exports: 924 units in December 2024.
Hemant Sikka, President – Farm Equipment Sector, M&M Ltd., highlighted the positive market conditions:
“We have sold 22,019 tractors in the domestic market during December 2024, a growth of 22% over last year. Positive cash flow momentum from the Kharif harvest and strong sowing activity for the Rabi season have significantly boosted demand.”
Sikka added that favorable reservoir levels and positive agricultural sentiment are expected to drive further growth in the tractor industry in the coming months.
Outlook for 2025
- Passenger vehicle exports rose by 22% in FY25, reaching 402,360 units.
- Mahindra remains optimistic about sustained growth across its automotive and farm equipment divisions, supported by favorable economic and agricultural conditions.
With a strong performance across key verticals and global recognition for sustainability, Mahindra & Mahindra is set to continue its growth trajectory in 2025.
