Mahindra and Mahindra has retained the crown as India’s largest SUV manufacturer as the carmaker released its third quarter results today. The carmaker said its SUV sales grew by more than 30 per cent on the back of festive season demand. The Scorpio brand, which includes SUVs like Scorpio-N and Scorpio Classic, has helped Mahindra to bounce back in the segment. The carmaker clocked more than 30 per cent profit on asset in its Q3 results, despite tractor sales going down.
Mahindra and Mahindra’s standalone profit after tax rose 60.6 per cent to ₹2,454 crore in the three months between October and December last year. However, the carmaker missed analysts’ estimate of ₹2,512 crore. During the same quarter in 2022, Mahindra and Mahindra had reported a profit after tax of ₹1,984 crore.
Mahindra said it led the SUV segment with revenue market share of 21 per cent in the third quarter. Reacting to the surge in SUV sales, thanks to the popularity of the Scorpio brand, Mahindra attributed its success to its utility vehicles. “Our businesses have delivered a solid operating performance this quarter. Auto continues to gain market share and grew rapidly to double its profit,” said Anish Shah, Managing Director and CEO at Mahindra and Mahindra. Besides Scorpio-N, Mahindra also manufactures SUVs like XUV700, Thar, XUV300, Bolero, Bolero Neo and XUV400 EV.
Mahindra Scorpio SUVs have the highest demand among all other vehicles the carmaker sells in India. According to the latest report, Scorpio-N and Scorpio Classic are garnering more than one lakh pending booking even after nearly two years since they were launched. The two models clock around 16,000 unit bookings every month. Mahindra Bolero is also one of the most popular model from the carmaker clocking more than 11,000 bookings every month with its Bolero and Bolero Neo SUVs. The XUV300 and XUV400 electric SUV are also registering high interest with around 9,0000 bookings every month. The XUV700 SUV has around 7,000 bookings each month.
Overall, Mahindra and Mahindra has said it has more than 2.26 lakh pending bookings for its SUVs, led by Scorpio and Thar models. According to the carmaker, the cancellation of bookings are at around 10 per cent. This means Mahindra has received cancellation request for one in every 10 bookings.
