M&M domestic tractor sales turn positive for first time in FY'20

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), a part of the USD 20.7 billion Mahindra Group, on Tuesday reported marginal improvement in its domestic sales for the first time in the financial year 2019-2020 on the back of good monsoon.

Its tractor sales fell 2 percent year-on-year to 37,011 units.

Domestic tractor sales were flat to 36,046 units. Tractor exports fell 41 percent to 965 units.

“We are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry. This, in addition to factors such as the good monsoon and recently, announced positive government initiatives should help revive the industry in the short term,” Veejay Ram Nakra, chief of sales and marketing of automotive division at M&M said in a statement.
Commenting on the performance, Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 36,046 tractors in the domestic market during September 2019. good monsoons, reservoir levels, and crop prices are all positives going into the festive season. The recent disruption caused by heavy rains has had an impact on short term demand. We believe that the fundamentals are in place for improved momentum over the coming months. In the export market, we have sold 965 tractors.”

"Its tractor sales fell 2 percent year-on-year to 37,011 units."

Domestic tractor sales were flat to 36,046 units. Tractor exports fell 41 percent to 965 units.

“We are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry. This, in addition to factors such as the good monsoon and recently, announced positive government initiatives should help revive the industry in the short term,” Veejay Ram Nakra, chief of sales and marketing of automotive division at M&M said in a statement. Its tractor sales fell 2 percent year-on-year to 37,011 units. Domestic tractor sales were flat to 36,046 units. Tractor exports fell 41 percent to 965 units. “We are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry. This, in addition to factors such as the good monsoon and recently, announced positive government initiatives.
Source bloombergquint

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