Mahindra and Mahindra - September 2012 Sales Update - Angel Broking

Mahindra and Mahindra (MM) continued with its strong sales momentum in the automotive segment registering a 9.5% yoy (5.5% mom) growth in volumes to 48,342 units, which was slightly ahead of our estimates.

- Total volumes however, registered a 0.6% yoy decline (up by a robust 15.8% mom) to 68,427 units led by 18.6% yoy decline in tractor sales. On a mom basis, however, tractor volumes recovered 51.8% to 20,085 units.

- The automotive segment continued to drive the overall volumes of the company led by a 22.4% yoy growth (9.1% mom) in the PV segment, aided by the XUV5OO and the new Verito. The four-wheeler pick-up segment posted a healthy growth of 7.4% yoy (1.1% mom). MM's three-wheeler sales, however, declined 17.2% yoy (flat mom) to 6,048 units.

During the month, MM launched a compact sports utility vehicle, Quanto at an attractive price point of Rs.5.8lakh (ex-showroom Thane). Since its launch, Quanto has received 3,200 bookings.

Source : Equity Bulls

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