Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) produced 21,640 tractors for the domestic Indian market in December 2022, as against 16,687 units during December 2021. Exports for the month stood at 1,603 units. Total sales (domestic + exports) for the full year went up by 1.04%, of which exports accounted for the biggest part.
Commenting on the performance, Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 21,640 tractors in the domestic market during December 2022, a growth of 30% over last year. Rabi crop sowing has progressed very well and is higher than last year acreage and also higher than the average of last 5 years. Wheat and oil seeds are expected to be a bumper harvest. On the back of strong Rabi sowing, good kharif procurement and likely exports of wheat, the sentiments continue to remain upbeat in the farming sector, leading to strong demand for tractors and farm implements. In the exports market, we have sold 1,603 tractors, a growth of 1% over last year.”
Over the full year 2022, Mahindra manufactured 390,533 new tractors, 371,848 for the domestic Indian market and 18,685 for the export market. Domestic sales increased 1.03% compared to 2021, whereas exports rose by 14,7%.
Apart from its own Mahindra brand, the company is also major stakeholder in Swaraj tractors in India and Erkunt / Armatrac from Turkey. Also they cooperate with Mitsubishi tractor and have manufacturing facilities in China.