Shares of automobile major Mahindra & Mahindra, a part of Mahindra Group, rose 0.5% to hit a 52-week high of ₹1,366 in intraday trade on Tiesday after the company reported a 60% rise in domestic vehicle sales in October this year. The market capitalisation (m-cap) of billionaire industrialist Anand Mahindra-led company soared to ₹1.68 lakh crore.

According to the regulatory filing, the domestic passenger vehicle sales of the automobile major stood at 32,298 units in October for FY23, as against 20,130 units in the same period last year. Of this, the company’s utility vehicles sales surged 61% to stand at 32,226 units as compared to 20,034 units in the same period last year. However, the company’s car and van sales declined 25% to 72 units as against 96 units in October last year. In the commercial vehicles segment, the automobile maker sold 20,980 units in October this year.

Meanwhile, on a month-on-month basis, the company’s domestic vehicle sales registered a decline of 99.8% as against 64,486 units in September this year. In September 2022, the company registered the highest-ever passenger vehicle sales.

The company’s exports of passenger vehicles declined 13% to stand at 2,755 vehicles, as against 3,174 units in October last year.

Veejay Nakra, president of the automotive division of Mahindra & Mahindra Ltd. says, “Our sales volume continued to grow in October on the back of strong festive demand. We sold 32,226 SUVs in October, registering a growth of 61% fueled by robust demand across our portfolio. Our Commercial Vehicles also registered strong growth for the month.”

Notably, the development comes almost a month after Mahindra & Mahindra surpassed Tata Motors to become the second most-valued automobile company in the country after Maruti Suzuki India.

Meanwhile, in June, this year global brokerage firm CLSA maintained the buy rating for the automobile maker, with a target price of ₹1,312.

The automobile maker is yet to announce its quarterly results for the July to September quarter. In the April to June quarter, the company’s standalone net profit surged 67% at ₹1,430 crore, whereas the company’s revenue from operations was up 66.7% to ₹19,612.64 crore

Mahindra & Mahindra automobiles

Mahindra & Mahindra hits 52-week high on robust monthly sales