Mahindra’s new generation Scorpio, which was launched on September 25th, has received 12,000 bookings. For the month of October 6,000 units of the Scorpio has been billed, according to Dr. Pawan Goenka, ED, Mahindra & Mahindra. “It will be the best-ever month for Scorpio,” says Dr. Goenka. Mahindra will focus on activities to sustain the demand for the Scorpio in a market where the duration of a good run of new products is shrinking.
It is to be noted that the Scoripio, along with the Bolero, XUV and Pick Ups make up for 80 percent of volumes in Mahindra’s automotive sector. The Xylo, Quanto, Verito and Verito Vibe have not met expectations. Some of these models will see major refreshes in the coming year.
In a press meet to announce the company’s quarterly results, Dr. Goenka also said that the truck industry is witnessing a turnaround. There is a growth in the truck industry for the first two quarters of this financial year. This augurs well for Mahindra’s struggling M&HCV business. It has managed to increase its market share from 1.5 to 2.5 percent. Mahindra has lined up some new introductions in the M&HCV space during the second half of this financial year. Key among them will be a new variant which the company didn’t share any information about but said it will be an interesting one and a product in a new tonnage segment. Mahindra currently does not have presence in the 9 ton to 16 ton segments. The company is keen to enter it but it will happen in about 3 years, says Dr. Goenka.
Mahindra and Mahindra saw its overall revenue grow 5.6 percent to Rs. 9200 crore during Q2 of the current financial year. Its net profit grew 1.7 percent to Rs. 974 crore while operating margin fell to 12 percent during Q2 from 13.5 percent during the same period last year.