Mahindra & Mahindra records 28 per cent growth in May sales

Mahindra & Mahindra records 28 per cent growth in May salesIndia's biggest utility vehicles maker, Mahindra & Mahindra has reported an impressive 28 per cent growth in total sales to 43,988 units during May 2012 compared to 34,323 units during the same period last year.

The domestic sales for the company grew 24 percent to 39,938 units during May 2012 compared to same period previous year. The company’s passenger vehicle segment recorded a growth of 27 per cent to 21,154 units during the month.

Pravin Shah, chief cxecutive, Automotive Division, Mahindra & Mahindra Ltd. said, “We are happy to have achieved a growth of 28% during May 2012 in spite of difficult and uncertain market conditions.”

He also said that the all of the brands of the company in the personal category are performing well. The company will soon increase production capacity and also reopen bookings of the XUV500 from 8th of June across the country, this is expected to further boost sales for the company.

Meanwhile, the company has reported an impressive 44 per cent growth in its quarter profits during the fourth quarter of the financial year till March 2012.

The better than expected profit during the quarter was mainly due to an exceptional gain and strong volume growth, which more than offset the rise in input prices. Net profit for fourth quaryer was 8.74 billion rupees compared to the same period in the previous year. Net sales for the company increased 39 percent to 92.4 billion rupees.