Mahindra First Choice posts 40% rise in sales in FY17

Mahindra group's used-car chain Mahindra First Choice Wheels on Tuesday reported a 40% growth in sales in 2016-17 at 2.2 lakh units with revenue crossing Rs 100-crore mark. 

The company ended the year with over 1,200 franchise outlets and completed over 1.2 million inspections, Mahindra First Choice Wheels (MFCWL) said in a statement.

There was strong growth in technology enabled businesses that includes auctions (eDiig.Com), inspections (Autoinspekt.Com) and IndianBlueBook.Com, it said.

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Revenue growth in 2016-17 for the technology enabled businesses was over 200%, enabled by higher customer adoption of its solutions and launch of new products and services and the company's overall revenue for the fiscal crossed Rs 100 crore, MFCWL added.

MFCWL's 1,220 franchisees operate in over 650 towns with high regional penetration pan-India. Its dealer network grew 65%.

"FY17 was a pivotal year for MFCWL in which we have proven our business model by demonstrating revenue and margin growth with profitability. We believe we have a strong sustainable business model in a challenging industry and we hope to demonstrate sustained growth performance in FY18", MFCW CEO and Managing Director Nagendra Palle said.