Sonalika Tractor Sales in FY’24: A Year of Glorious Performance

02 Apr, 2024

With the end of FY'24, The rewarding Sonalika tractor sales in FY’24 have ended, and we have proven facts that FY’24 remained great for the brand.

TractorGyan reviewed the FY’24 Sonalika tractor sales performance and has some fact-based insights to share with you.

Total Sonalika Tractor Sale in FY 2024

For FY’24, Sonalika tractor sales touched new highs with an impressive annual market share of 15.3% (est) for domestic and export markets combined. Throughout the FY’24 year, Sonalika was the only tractor brand in India that showed steady growth and exceeded the industry performance.

Mr. Raman Mittal, Joint Managing Director of International Tractors Limited (Sonalika & Solis) posted on Linkedin and said:

“Our rewarding FY'24 journey has wrapped up at a thrilling high wherein we are elated to have clocked an all time high overall annual market share of 15.3% (est). In the year full of our glorious performance, we have become the only tractor brand to grow in India - the world's biggest tractor market and surpassed industry performance as well.

Our year-on-year growing nature reflects that we have been on the right track with our innovative approach while we aim to do everything that enables every Indian farmer flexibility and ensures agility to emerge successful. Throughout FY'24, we kept setting new precedents - upgrading our heavy duty product portfolio in the domestic market with our widest Tiger range in 40-75 HP, and 5 new tractor series for global markets. Additionally, we also unveiled Rs. 1300 crore investment for two new plants as well as reformative 5 year warranty - and each of them collectively have further enabled us to consolidate our position as a leading tractor brand globally.

We reiterate our respect and commitment to farmers whom we consider as the real heroes as well as remain our real inspiration to achieve future milestones.”

Sonalika Tractor Press Release FY'24

New Delhi, 10th April, 2024: India’s No.1 tractor export brand, Sonalika Tractors is elated to have concluded its comprehensive FY’24 journey by setting a new stellar landmark while promoting its commitment of innovation and leveraging its farmer-centric approach. The company is excited to clocked highest ever overall annual market share of 15.3% (est.) as well as become the only tractor brand to grow in the domestic market in FY’24. The sensational performance has even enabled Sonalika to perform better than the industry performance.

The newest peak at Sonalika also includes an unassailable 34.4% exports market share (est.) clocked during FY’24 among the tractor exporting companies from India. This includes a staggering 6.2% percentile point (est.) change in market share and bolster up the company's position as India’s No.1 tractor exporter with a significant gap with the next brand. Throughout the year, Sonalika kept navigating through the demanding conditions of FY’24 and kept leveraging its out of the box approach -

• By unveiling Rs. 1300 crore investment plan to set up two new plants in Hoshiarpur, which will further strengthen Sonalika’s position of owning the world’s largest tractor plant

• Launching 5 new tractors, including SV series electric tractor, designed for international markets at 1st of its kind ‘ITL Global Partners Summit (GPS 200)’ in India

• Launching the biggest tractor range of 10 new models under the premium Tiger series in 40-75 HP

• Launching Sikander DLX DI 60 Torque Plus with the biggest engine in its category and Industry’s first one price across the country

• Introducing 5 year tractor warranty across its tractor range*

Heading towards establishing a fully mechanised agri ecosystem by delivering all-encompassing agri-solutions, Sonalika’s voyage throughout FY’24 showcases the company’s synergy with farmers at the grass root levels with its heavy-duty tractors and advanced implements.

Sharing his views, Mr. Raman Mittal, Joint Managing Director, International Tractors Limited, said, “We are thrilled to have wrapped up our FY’24 journey with an all-time high overall annual market share of 15.3% (est.). We are elated to have become the only tractor brand to grow in India - the largest tractor market of the world and also beaten industry performance. Whereas in exports, we have further reinforced our position as India’s No.1 export brand with 34.4% market share.

The staggering growth has been enabled by our persistent focus on launching new & advanced products in our premium Tiger range and flagship Sikander DLX series, along with constant upgrades in technology across our widest heavy duty tractor range. Alongside, our unique step of showcasing tractor prices on our website has ensured transparency in tractor purchase, which has constantly increased stakeholder’s trust in our brand. This distinctive approach has also been paving our way towards continuous growth. Moreover, our leadership in tractor exports from India has been powering us to innovate continuously and aggressively across the globe. Since most of these technology innovations are 'Made in India', they are even helping us to prepare for a better future. 

With our heads high and tailwinds of clocking such outstanding achievements, we are even stronger as an organisation and network which is all prepared for achieving new milestones in FY’25 and move faster towards our ‘Mission 2 Lakh.” 

TractorGyan’s Take on the Sonalika Financial Year 2024 Tractor Sales

TractorGyan observed the performance of Sonalika during the entire FY’24 and we observed that the brand gained a glorious stature in the Indian tractor industry over the years. What worked for Sonalika in FY’24 was its constant updates and upgrades.

Sonalika offers a wide range of tractors laced with advanced features and capabilities. In FY’24 Sonalika also launched its Tiger range for the domestic market and five new tractor series for international markets respectively. These new launches helped the brand grab new buyers' attention and eventually surged sales.

The reformative 5-year warranty also fosters trust in the brand and strengthens the brand’s position. Considering the utmost attention Sonalika gives to its commitment to offering quality products, we believe that Sonalika perform well in FY’25 as well.