Shares of automaker Mahindra & Mahindra edged higher in early trade on April 3 as investors cheered the company’s highest-ever monthly car sales in March.

The company sold a record total of 66,091 vehicles in March, up 21% from 56,643 a year earlier.

Passenger car sales rose 30% year-on-year to 35,997 units, while three-wheeler sales jumped 41% to 5,697 units from 4,043 a year earlier.

Shares of M&M were trading at Rs 1,168.65 on the National Stock Exchange at 11:49 am, up nearly 1% from the previous close. The stock also hit an intraday high of Rs 1,180.

“The company’s speciality utility vehicle (SUV) annual sales also hit a record high of 356,961 units, a 60% increase year-over-year,” M&M wrote in an exchange filing.

“We are pleased to end the year with 50% annual growth and the highest numbers in the automotive industry in virtually all business areas. Our SUV business hit an all-time high of 60% across the portfolio. The overall growth in FY23 was backed by good demand in 2019,” M&M Automotive division president Veejay Nakra said in a filing to the exchange.

The company also posted strong growth of 18% in the tractor segment, selling 35,014 units in March. The increase in tractor sales can be attributed to the sector’s recovery after a slump in recent years.

In FY23, the automaker’s total passenger vehicle sales rose 59% to 359,253 units, compared to 225,895 units in FY22.