Mumbai/Chennai: An impending price hike, along with robust domestic demand and positive macro-economic growth indicators, led major automobile manufacturers to post healthy sales figures for March 2018.
On Monday, Hyundai Motor India (HMIL) reported a rise of 8.8 per cent in its overall sales including exports for March 2018 to 60,507 units from 55,614 in the corresponding period last year.
The company sold 48,009 vehicles in the domestic market last month, while it exported 12,498 units. Further, HMIL reported the highest financial year domestic sales of 536,241 units compared to 509,707 units sold in 2016-17, registering a growth of 5.2 per cent.
Similarly, Mahindra and Mahindra (M&M) reported healthy off-take for March 2018. Its overall monthly sales grew by 10 per cent to 62,077 units, against 56,202 units sold during the same month of last year.
M&M’s domestic sales rose to 58,653 vehicles and exports edged-up to 3,424 units. For the financial year ended March 31, 2018, M&M’s auto sales stood at 549,154 vehicles compared to 507,598 vehicles during FY2017, registering a growth of eight per cent.
On Sunday, Maruti Suzuki India had reported a 14.9 per cent rise in its March sales at 160,598 units, as compared 139,763 units sold in the same month last year.
According to the company, domestic sales in March stood at 148,582 units, up 16.1 per cent from 127,999 units sold in the same month last year.
The automobile major closed the financial year ended March 31 with its highest ever total sales of 1,779,574 units, at a growth rate of 13.4 per cent.
Another automobile major, Tata Motors, on April 1 had posted a 35 per cent increase in its March sales to 69,440 units, as compared to 51,309 units in the same month last year.
“In March 2018, Tata Motors registered a growth of 35 per cent at 69,440 units as against 51,309 units over last year due to the continued strong sales performance of its commercial and passenger vehicles business in the domestic market,” the company had said in a statement.
Two-and-three-wheeler maker TVS Motor Company closed last month with 27 per cent growth in sales volume.
The company said it sold 326,659 units (315,765 units of two wheelers and 10,894 units of three wheelers) in March, up from 256,341 units (two wheelers — 250,979 units and three wheelers — 5,362 units) sold in March 2017.
Besides, two-wheeler major Hero MotoCorp reported a 20 per cent year-on-year rise in its monthly sales for March 2018 to 730,473 units from 609,951 units in the corresponding month of the previous year.
In the last financial year, the two-wheeler major’s sales grew by 14 per cent to 7587,130 units from an off-take of 6,664,240 units in 2016-17.
In addition, Honda Motorcycle and Scooter India’s (HMSI) total sales. including exports, increased to 440,499 units from 366,090 units sold in the corresponding period of 2017.
On the overall automobile sales trend, Sridhar V, Partner, Grant Thornton India told IANS: “Sales picked up on various positive economic indicators and the year end push post budget indications of a possible upward pricing from April 1 on some vehicle segments on account of increased import duties.”
IANS