Mahindra sales slightly recover

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) announced its tractor sales numbers for June 2023. Domestic sales were at 43,364 units, as against 39,825 units during June 2022. Total tractor sales (domestic + exports) were at 44,478 units, as against 41,848 units for the same period last year. Exports for the month stood at 1,114 units however, a substantial decline.

Commenting on the performance, Hemant Sikka, President Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 43,364 tractors in the domestic Indian market during June 2023 with a growth of 9% over last year. Though arrival of South- West monsoon got delayed due to cyclonic disturbances, it has smartly progressed in the last week of June and has now covered the entire country, bringing huge relief to the farmers and aiding in Kharif sowing. As on date, aggregate sowing acreage of Kharif crops is ahead of last year acreage and is progressing at fast pace. In addition, record rabi crops, Government support with increase in MSP for all Kharif crops and improving terms of trade for farmers are positive factors that are expected to support tractor demand going forward.” In the exports market, Mahindra sold 1,114 tractors, a decline of 45 percent over the month of June. Also the YTD figure on the export market is showing a decline.