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Companies have begun reporting sales figures for the month of June and we at CNBC-TV18 will bring you all the updates right here. Here's a look at the numbers reported so far:
Mahindra & Mahindra
Mahindra & Mahindra Ltd. reported sales figures for the month of June on Wednesday, July 1, which includes numbers for all of its businesses, including tractor sales.
While the SUV division continued its healthy growth trend during the month of June, it is the commercial vehicles division that has delivered a positive surprise.
For the month of June, M&M's Passenger Vehicle sales grew by 28% from last June to 60,393 units. LCV sales were up 36% to 3,508 units, while LCV sales between 2T - 3.5T grew 35% year-on-year to 22,568 units.
Three-wheeler sales for M&M increased by 63% from last year to 13,820 units.
Exports for the quarter stood at 5,918 units, a 125% growth from 2,634 units last year.
Total vehicle sales for the month of June stood at 1,06,207 units, which is in-line with the CNBC-TV18 estimate of 1.03 lakh units.
For the tractor business, part of M&M's Farm Equipment division, the company sold 59,935 units, compared to 53,392 units last year, reflecting a growth of 12%.
Total domestic sales were also up 12% from last year, while exports grew by 8% to 1,758 units.
The management of M&M's farm equipment division said that while it is early to assess the impact of the emerging El Nino conditions, strong government interventions like fertilizer subsidies, targeted support measures at the local level could mitigate some of the risks to farmers and cushion its impact to the Kharif season.
"The recent increases in fuel prices and pressure on freight economics has tempered fleet expansion and vehicle replacement decisions in the near-term," Vinod Sahay, Executive Chairman of SML Mahindra and President of the Aerospace, Advanced Technologies, Trucks, Buses and CE businesses at M&M said, adding that the company is monitoring the evolving cost pressures and broader macroeconomic uncertainties impacting industry sentiments and are also implementing appropriate mitigation measures.
Shares of Mahindra & Mahindra are trading 1.8% higher on Wednesday after the sales report at ₹3,124.4. The stock is still down 17% so far this year.
Escorts Kubota Reports Strong Tractor Growth
For the month of June, Escorts Kubota reported a total of 13,695 units sold for the month of June, which is 19% higher than the 11,498 units sold in June last year.
Most of the growth came from domestic sales, which went up by 19.8% to 13,172 units, the exports business grew by 4.4% from last year to 523 units.
For the June quarter, total sales for Escorts Kubota are up 20.5% from last year to 36,862 units, even as exports business is down 19% in the first quarter.
"Kharif sowing activities have commenced across several regions, although progress has been adversely impacted by the delayed onset of the monsoon," the company said in its exchange filing, adding that while water reservoirs have supported agricultural activity and rural sentiment so far, a deficient monsoon and El Nino remain key monitorables.
Even as rural fundamentals remain stable, growth momentum could moderate in the coming quarters, depending on the monsoon progressing, pace of Kharif sowing and input costs.
This story will be further updated as more numbers are reported.
