Tata Motors, Mahindra Report Sales Increases In March
04/01/2012| 08:35am US/Eastern
Indian auto makers Tata Motors Ltd. (500570.BY) and Mahindra & Mahindra Ltd. (500520.BY) reported higher sales for March, the companies said in separate statements Sunday.
Tata Motors, India's biggest auto maker by revenue, sold 100,414 vehicles in March, up 20% from the year ago period. The company sold 10,475 units of the Nano minicar, up 20% on the year.
The company's local sales of Tata commercial and passenger vehicles rose 23% at 95,047 units, while total exports for the month fell 10% to 5,367 units.
Tata Motors said sales for the fiscal year ended March 31, rose 13% at 906,768 units.
Mahindra & Mahindra said total sales for March rose 25% to 47,001 units. Sales of its utility vehicles and the Verito sedan increased 33% to 23,020 units.
The company said it sold total 483,246 units in the fiscal year, up 28% from the prior period.
Earlier last month, most Indian auto makers increased the prices of cars and sport-utility vehicles to pass on a rise in factory gate tax.
The decision followed Finance Minister Pranab Mukherjee's announcement to increase the base excise tax on most goods produced in India to 12% from 10%.