Mixed July figures for Mahindra

Mahindra & Mahindra Farm Equipment Sector (FES) published its tractor sales figures for July 2023. Domestic sales slightly increased, whereas exports dropped significantly, both for the month July, as well as YTD.

Commenting on the performance, Hemant Sikka, President Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 24168 tractors in the domestic market during July, with a growth of 11% over last year.  The cumulative seasonal rainfall spread across the country has recovered very well in the month of July and this has helped sowing of kharif acreage to pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops including paddy and oil seeds have recovered, though pulses is still lagging in sowing. Terms of trade are now in favour of farmers, with continued decrease in input costs. The sentiments are positive in rural economy, and this is likely to support demand in the coming months.”

In the exports market, Mahindra sold 1007 tractors, a significant decrease compared to July 2022.