Mahindra & Mahindra informed that issues regarding the semiconductor shortage continued to be a challenge for the entire industry.
Heavy-duty automobile manufacturer Mahindra & Mahindra reported a 4.31 per cent dip in vehicle sales in November to 40,102 compared to the previous month. It had sold 41,908 vehicles in October. The number is inclusive of all passenger and commercial vehicles along with exports.
"The issues around semiconductor-related parts continue to remain a challenge for the industry. We are monitoring the situation closely and taking appropriate steps," Chief Executive Officer of the company's automobile division, Veejay Nakra stated.
Segment-wise break-up reveals that at 19,384 vehicles, the company registered a 4.5 per cent dip in sales in November as compared to October.
Passenger vehicle sales, which includes UVs, cars and vans, recorded a 3.4 per cent decline to 19,548 vehicles during the same time period.
Exports for the month stood at 3,101 vehicles, registering a 2.3 per cent decline.
At the time of publishing, the company's stock was trading 0.11 per cent lower at Rs 834.80.
Mahindra & Mahindra's profit had more than tripled on a year-over-year basis to Rs 1,929 crores in the September-end quarter.
The company had reported a 15 per cent rise in revenues on a year-over-year basis in the September-end quarter at Rs 13,305 crore. Consolidated revenue had gone up 12 per cent to Rs 21,470 crore during the same period.
"We have seen significant all-around improvement in our performance this quarter. Our strong show in the auto and farm sectors was complemented well by the improved performance in the group companies. Our investments in digital platforms are doing well and present a meaningful opportunity to create and unlock value," the company had stated.