Kolkata, Feb 16 (IANS): Automobile major Mahindra & Mahindra Ltd (M&M) on Thursday said the sales of its three-wheeler commercial vehicles (CV) are likely to remain low for at least two more quarters.

"Three-wheeler commercial vehicle sales have been taking a beating ever since the demonetisation was announced in November. It is a challenge in the current quarter (January-March) too. I don't see sales picking up before July-September period," said company's Senior Vice President(Sales, Automotive Division) Veejay Nakra.

The auto-maker reported that three-wheeler sales declined 28 per cent year-on-year to 3,056 units in January and were down by 11.6 per cent year-on-year at 13,344 units in the October-December quarter.

Sales of small commercial vehicles in the 700-1,050 kg payload capacity segment would improve in the current quarter ending March, Nakra said at the launch of a new range of small commercial vehicles under the "Supro" brand.

"Small CV sales (below 1,050 kg segment) have been flat since the last few quarters because of the cash curbs and the lag affect of deficient monsoon for the past two years (2014-15 and 2015-16). But sales in this segment should speed up in the current quarter," Nakra said.

The company expects to increase its current market share of about 10 per cent in the 700-1,050 kg payload capacity segment to 30 per cent in the next two years.