Mahindra & Mahindra Reports Strong May Performance with 17% YoY Growth in Wholesales, Driven by Robust Domestic and Tractor Sales

Mahindra & Mahindra reported a 17% year-on-year increase in total wholesales, reaching 71,682 units in May. The company dispatched 61,415 units to its dealers in May 2023. In the domestic market, the Mumbai-based auto major’s passenger vehicle sales rose by 31% to 43,218 units last month, compared to 32,886 units in May 2023. Exports increased by 2% year-on-year to 2,671 units in May 2023 from 2,616 units. Additionally, Mahindra’s Farm Equipment Sector (FES) saw a 9% increase in total tractor sales, reaching 37,109 units compared to 34,126 units for the same period last year. Hemant Sikka, President of Farm Equipment Sector at Mahindra & Mahindra, mentioned that the timely arrival of the southwest monsoon in Kerala and northeast states, along with the forecast of an above-normal monsoon, has improved the on-ground sentiments of farmers. This is expected to lead to the timely commencement of land preparation activities for Kharif crops, likely boosting tractor demand in the coming months.