Auto Sales In March 2023: M&M Ends Record Year With Highest-Ever SUV Sales

Mahindra & Mahindra Ltd.'s total passenger vehicle sales rose 30% to 35,997 units in March, it's highest-ever in a month.

“We are delighted to close the year with a growth of 50% for the Auto Sector on annual basis and the highest ever numbers, in almost all segments of the business. Our SUV business recorded all-time high numbers, with a growth of 31% in March 2023," Vijay Nakra, president of automotive division at the company, said in a statement.

Sales Snapshots (YoY):

• Tractor sales grew 18% to 35,014 units.

• Three-wheeler dispatches up 41% to 5,697 units.

• Sales of medium capacity light commercial vehicle rose 15% to 17,428 units.

• Total passenger vehicles sales in FY23 jumped 59% to 3.59 lakh units.

• Tractor sales in FY23 rose 15% to 4.08 lakh units.

"Increase in crop output, mandi prices staying firm, Government support for increase in MSP for major crops and increase in wages under MGNREGA scheme will help improve the financial security of rural households and boost tractor demand in the coming months," Hemant Sikka, president of the farm equipment sector, said in a release.

Ashok Leyland Ltd.'s dispatches to dealerships jumped 19% year-on-year to 23,926 units in March with both heavy and light commercial vehicles registering growth.

Sales Highlights (YoY):

• Domestic Sales grew 23% to 22,885 units.

• Total medium and heavy commercial vehicles sales grew 20% to 16,773 units.

• Light commercial vehicle dispatches rose 17% to 7,153 units.

• Total sales in FY23 jumped 50% to 1.92 lakh units.

Hero MotoCorp Ltd.'s total dispatches to dealerships jumped 15% to 5.19 lakh units, boosting the wholesale sales for the financial year 2022-23 to 53.29 lakh units. The FY23 sales grew at 8%.

Sales Snapshots (YoY):

• Motorcycle sales grew 14.13% to 4.86 lakh units.

• Scooter sales jumped 37% to 33,446 units.

• Exports more than halved to 16,612 units.

Eicher Motors Ltd.'s total motorcycle sales rose 7% year-on-year to 72,235 units in March with significant jump in dispatches in overseas markets.

The company's total sales jumped 39% to 8.35 lakh units in FY23 with growth in both domestic and foreign markets. This is the highest ever sales for the motorcycle maker in a single financial year, beating even the record sales of FY 2018-19.

Sales Highlights (YoY):

• Domestic sales grew 2% to 59,884 units.

• Exports jumped 34% to 12,351 units.

TVS Motor Co. Ltd.'s total dispatches rose 3% year-on-year to 3.17 lakh units in March even as the weakness in the overseas market limited company's overall sales.

The company's electric scooter iQube continued to attract customers as it sold 15,364 units in the month against 1,799 units sold last year.

Sales Snapshots (YoY):

• Two-wheeler dispatches grew 5% to 3.08 lakh units.

• Domestic two-wheeler sales jumped 22% to 2.41 lakh units.

• Total exports fell 31.6% to 75,037 units.

Eicher Motors Ltd.'s arm VE Commercial Vehicles Ltd.'s dispatches to dealerships rose 35% to 11,906 units in March.

Sales Highlights (YoY):

• Domestic sales grew 42% to 11,263 units.

• Exports fell 36.5% to 414 units.

Tata Motors Ltd.'s total domestics sales rose 3% year-on-year to 89,351 units in March with flat commercial vehicle sales and rise in dispatches of passenger vehicles.

The company said the growth rate for passenger vehicles may moderate due to high base effect, higher interest rates, rising inflation and cost impact from progressive regulatory norms.

But the market leader for electric cars remained positive on the electrification trend driving higher sales.

"We expect the demand for personal vehicles to remain robust with the trend of electrification further strengthening as more options are made available to customers plus support from a rapidly growing and improving ecosystem," Shailesh Chandra, managing director of Tata Motors Passenger Vehicles, said in a release.

Tata Motors March Sales (YoY):

• Total commercial vehicle sales flat at 46,823 units.

• Passenger vehicle sales grew 4% to 44,225 units.

• PV sales in FY23 jumped 45% to 5.4 lakh units.

• CV sales in FY23 rose 16% to 4.1 lakh units.

Maruti Suzuki India Ltd.'s total dispatches to dealerships remained flat at 1.70 lakh units in March with domestic sales falling marginally. A consensus estimate of analysts expected the sales to rise over 1% year-on-year.

The sales in the mini and compact segment, under which it sells mostly hatchbacks, fell more than 14% to 83,714 units.

Maruti Suzuki March Sales (YoY):

• Domestic sales fell nearly 2.7% to 1.40 lakh units.  

• Utility vehicle sales jumped 48% to 37,054 units.

• Exports rose 13.7% to 30,119 units.

• Total dispatches in FY23 rose 19% to 19.66 lakh units.

Escorts Kubota Ltd.'s dispatches to dealerships rose 2.3% to 10,305 units in March as sales were impacted due to unseasonal rainfall.

"Despite the festive season in March, retail sales were impacted due to unseasonal rainfall and crop damage in certain regions," the company said in an exchange filing.

However, the tractor maker expects the demand momentum to continue in the current quarter with support from government, better crop prices, improved finance availability and good water reservoir levels.

Escorts Kubota March Sales (YoY):

• Domestic sales grew 1.2% to 9,601 units.

• Exports rose 19% to 704 units

• Sales rose 9.6% to 1.03 lakh units in FY23.

Indian automakers are announcing their March sales figures today.

Analysts expect the financial year 2022-23 to end with muted sales despite the auspicious period of Navratri falling in the same month. Passenger vehicle sales will remain flat in March, while two-wheeler dispatches will grow in low single digits, according to the analysts.

Tractor sales in the month will reflect demand sentiments in the rural market amid reports of seasonal rains impacting crops in certain states. Commercial vehicles are likely to remain the most promising category in terms of sales in March.