Mahindra’s Farm Equipment Sector marked a 17% drop in YoY tractor sales; sold total 23948 tractors 

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), the tractor giant of India, has announced the sales data for January 2024. According to the report, Mahindra reported a 17% decline in domestic tractor sales with sales of 22,972 tractor units. The company managed to closed Januray 2023 with the sale of 27,626 tractor units. 

The cumulative tractor sales, combining domestic and export sales, Mahindra Tractor sales is 23,948 units in January 2024. Compared to the total January 2023 sales, Jan-2024 experienced a decrease of 17%. The company sold 28,926 tractor units in January 2023. 

As per the report, Mahindra export tractor sales are 976 units in January 2024 against the 1,300 units exported in January 2023, recorded a drop of 25%.  
 
Hemant Sikka, President of Farm Equipment Sector, Mahindra & Mahindra Ltd. provided his insights on the company’s performance during Jan 2024. He said, “We have sold 22972 tractors in the domestic market during January 2024. Retail momentum slowed down on account of tapering of agricultural activities. Rabi crop output is expected to be good with prevailing cold conditions helping the key crop of wheat. Government announcement of a good estimate of Horticulture production, and continued government support to boost rural economy will aid positive sentiments and support tractor demand in the coming months. In the exports
market, we have sold 976 tractors."  
 

*Exports include CKD

Mahindra Tractor Sales in January 2024 Impact on M&M Share Price

With a drop of 17% in YoY sales, Mahindra’s Farm Equipment sector is likely to hamper the Mahindra & Mahindra share price in February 2024. Compared to the opening mahindra share price of INR 1,729.40 on January 1, 2024. The opening Mahindra & Mahindra share price on February 1, 2024, was INR 1,659.25 which dropped a little further, to INR 1,651.15, as the market closed.

The highest mark that Mahidra’s share prices can touch during January 2024 was INR 1,730.00. The month of January was closed with a share price of INR 1,651.55. With the revelation of these sales numbers, the share prices of Mahindra & Mahindra might experience a slight drop for February.