NEW DELHI: Homegrown auto major Mahindra & Mahindra (M&M) has a pending order book of 2.26 lakh sports utility vehicles (SUVs) as demand for its blockbuster products: Scorpio N, XUV 700 and Thar remains at an elevated level.
M&M, while announcing its third quarter result (Q3FY24), said that the order book for its SUV has now come down to 2.26 lakh open orders as of February 1, 2024 as against 2.86 lakh backlog it had at the beginning of November 2023.
Among models, Scorpio N (including Classic) has open bookings for 101,000 units followed by Thar (70,000 units) and XUV 7OO (35,000 units.
Mahindra said that now it receives an average of 50,000 bookings per month, and has ramped up its delivery to about 40,000 units.
M&M said that the company is on track to achieve the Q4F24 exit capacity of 49,000 units as against the exit capacity of 39,000 units a year ago. The company has ramp-down production of the XUV 3OO model as a facelift is all set to hit the market soon. The automaker is confident that its SUV portfolio will grow in the mid-to-high teens even as industry body SIAM has projected the PV industry to grow 3-4% and UVs to grow 10-12% in FY2025. Mahindra on Wednesday reported that its standalone net profit surged 60% YoY to `2,454 crore in Q3FY24. The company’s revenue during the quarter grew by 16% to `25,642.4 crore.