Mahindra & Mahindra (M&M) has reported a 28.74 per cent increase in total sales at 53,438 units in October, its highest ever in a month. The company had sold 41,506 units in the same month last year.
M&M's domestic sales were up 30.4 per cent during the month at 51,316 units, against 39,352 units in October 2011.
Commenting on the numbers, Mahindra & Mahindra Chief Executive (Automotive Division) Pravin Shah said: "We are thankful to our customers whose support and acceptance of all our newly launched products has been instrumental in achieving our all time high monthly sales during October 2012".
The passenger vehicles segment registered an increase of 43.59 per cent at 26,932 units, against 18,756 units in the year-ago month.
Exports in the last month witnessed a marginal decline at 2,122 units from 2,154 units in the same month last year, it said.
On the current market situation, Shah said the recent reduction of 25 basis points in cash reserve ratio by the Reserve Bank of India is a positive step.
"This, however, is not likely to result in a decrease of interest rates for corporate or retail credits and hence the current financing rates will still remain high for auto industry customers which is a cause of concern," Shah said.
With inputs from PTI