MM sales: The auto maker's total exports declined 26.46% to 2,118 units last monthMahindra Mahindra on Thursday reported a 9.1 per cent drop in auto sales in April.
In a regulatory filing, the auto maker said its sales stood at 43,721 units, as against 48,097 units in the corresponding period a year ago.
Mahindra Mahindra's domestic sales came in at 41,603 units last month, the company said in astatement during the market hours.
That marked a decline of 7.99 per cent compared with 45,217 units in April 2018.
Mahindra Mahindra said the ongoing elections in the country impacted its sales, however described it as "a temporary phenomenon".
The auto company's shares ended nearly unchanged.( Tata Motors domestic sales drop 20% in April, exports plunge 53%)In the passenger vehicles segment, Mahindra Mahindra reported sales of 19,966 units in April.
Mumbai-based Mahindra Mahindra's passenger vehicles segment includes utility vehicles, cars and vans.In the commercial vehicles segment, MM's sales stood at 17,321 units last month, marking a fall of 8.66 per cent.
The company's commercial sales had stood at 18,963 units in April 2018.( Maruti Suzuki India sales fall 17% in April | Carmaker sees weak year ahead)In the medium and heavy commercial vehicles segment, MM sold 474 vehicles for the month.Total exports declined 26.46 per cent to 2,118 units last month, Mahindra Mahindra said."The ongoing elections have subdued the purchase sentiment during April.
This, according to us, is a temporary phenomenon," said Rajan Wadhera, president, automotive sector, MM."We believe, following the elections the auto industry will see a revival in consumer demand.
Supported by a normal monsoon, we are confident of seeing higher sales in FY20."Shares in Mahindra Mahindra ended largely flat at Rs 645.05 apiece on the National Stock Exchange compared to the previous close of Rs 645.30.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.
Election results will be out on May 23.