Mahindra & Mahindra , a leading Indian automotive and farm equipment manufacturer, recently held its 79th Annual General Meeting (AGM) and released its July sales figures, showcasing significant corporate developments and robust market performance.

Key AGM Outcomes

At the AGM, Mahindra & Mahindra shareholders approved several important resolutions:

• Re-appointment of Independent Directors: Ms. Nisaba Godrej and Mr. Muthiah Murugappan were re-appointed as Independent Directors for second terms of five consecutive years each.

• Director Re-appointments: Mr. Rajesh Jejurikar and Mr. Anand G. Mahindra were re-appointed as directors liable to retire by rotation.

• Remuneration Revision: Shareholders approved a revision in the remuneration terms for Mr. Anand G. Mahindra, the Non-Executive Chairman of the company.

• Appointment of Secretarial Auditor: M/s. Parikh & Associates, a peer-reviewed firm of practicing Company Secretaries, was appointed as the Secretarial Auditor for a five-year term.

July Sales Performance

Mahindra & Mahindra reported strong sales figures for July:

Auto Sales

Tractor Sales

Nalinikanth Gollagunta, CEO of Mahindra's Automotive Division, attributed the SUV growth to recent product launches, including the XUV 3XO 'REVX' Series and the commencement of deliveries for new variants of the BE 6 and XUV 9E models.

Veejay Nakra, President of the Farm Equipment Business, noted that the tractor sales performance was driven by sustained land preparation activities and supported by robust cash flows in rural markets following the Rabi crop harvest. The normal progression of the monsoon across most regions also contributed to good demand during the onset of the Kharif sowing season.

Conclusion

The strong domestic and export performance across both automotive and farm equipment divisions underscores Mahindra & Mahindra's resilient business model and its ability to capitalize on market opportunities. As the company continues to innovate and expand its product portfolio, these positive results and shareholder approvals position Mahindra & Mahindra for continued growth in the Indian automotive and agricultural sectors.

Mahindra & Mahindra (M&M), one of India's leading automotive companies, has reported robust growth in its auto sales for July, surpassing analyst expectations. The company's performance in the tractor segment also showed a modest increase, reflecting its strong position in both automotive and farm equipment sectors.

Auto Sales Surge

M&M's total auto sales for July stood at 83,691 units, marking a significant 26% increase from 66,444 units sold in the same period last year. This impressive performance exceeded analyst estimates of 77,700 units, demonstrating the company's strong market position and consumer demand for its vehicles.

SUV Segment Leads Growth

The Utility Vehicles segment was a key driver of M&M's growth, with domestic sales reaching 49,871 units, representing a 20% year-on-year increase. Nalinikanth Gollagunta, CEO of M&M's Automotive Division, attributed this growth to recent product launches, stating, "Our SUV growth has been supported by the recent launch of XUV 3XO 'REVX' Series & the commencement of deliveries for Pack two variants of the BE 6 and XUV 9E models."

Commercial Vehicle and Export Performance

M&M's domestic sales for Commercial Vehicles stood at 21,571 units. The company also reported strong export figures, with total exports reaching 2,774 units in July, an 83% increase compared to the same month last year.

Tractor Division Shows Modest Growth

In the Farm Equipment sector, M&M sold 28,708 tractor units in July, up from 27,209 units in the previous year, representing a 5% year-on-year growth. Domestic tractor sales reached 26,990 units, while exports stood at 1,718 units.

Veejay Nakra, President of the Farm Equipment Business at M&M, commented on the performance: "This performance was driven by sustained land preparation activities, supported by robust cash flows in rural markets following the conclusion of Rabi crop harvesting. Additionally, the normal progression of monsoon across most regions further contributed to good demand during the onset of sowing for the Kharif season."

Financial Performance

While specific financial results for July were not provided, M&M's recent quarterly results for the period ended June 30 showed strong performance:

The company's robust sales performance in July, coupled with strong financial results for the previous quarter, indicates M&M's resilient position in both the automotive and farm equipment markets. As the company continues to innovate with new product launches and expand its market presence, it remains well-positioned for sustained growth in the coming months.