Out of 748 MPs, who had voted, Mukherjee secured 527 votes with a value of 3,73,116 against Sangma who secured a vote value of 1,45,848. Mukherjee had an early lead soon after the counting began on Sunday.
Sangma was backed by opposition party BJP and secured votes in BJP-governed states including Gujarat, Madhya Pradesh, Chhattisgarh, and Himachal Pradesh.
"I declare that Shri Pranab Mukherjee has been duly elected to the office of President of India," returning officer and Rajya Sabha secretary general V.K. Agnihotri announced on Sunday after seven hours of counting.
Mukherjee resigned from his role in the UPA government’s finance ministry to run for the presidential election. Prime Minister Manmohan Singh became the acting finance minister in June.
He has previously held other governmental portfolios such as the role of Defence Minister and Foreign Minister. In 2008, he was honoured Padma Vibhushan, the second highest civilian award of India, for his contributions.