New Delhi, April 1 (IANS) Automobile manufacturer Mahindra and Mahindra Monday reported an increase of 17 percent in its total sales for the last financial year -- up from 483,164 units sold in 2011-12 to 563,373 units.
"We are happy to have crossed the half-million sales mark for the first time, during FY 2012-13, given the challenges and the pressures the auto industry is currently facing," said Pravin Shah, chief executive, automotive division, Mahindra and Mahindra.
According to Shah, the budgetary proposal to hike three percent in excise duty on sports utility vehicles (SUVs) will be detrimental on sales.
"The three percent additional excise duty on SUVs is clearly a deterrent and by not having a level playing field for all SUVs, it certainly destabilises the market dynamics."
The company also reported a healthy sales growth of 11 percent in March; at 51,904 units from 46,919 units sold during the corresponding month of 2012.
Domestic sales during the month under review also grew by 11 percent at 49,225 units from an off-take of 44,260 units during March, 2012.
Exports of M&M, however, only grew by one percent and stood at 1,679 units from 2,659 units in the corresponding month of 2012.
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