February tractor sales robust on strong rural cash flow
All-time high Rabi sowing and healthy Kharif procurement helped maintain momentum in tractor sales.
The momentum in the tractor market continues as we enter the last month of the FY2021. In February, most key tractor makers posted healthy growth both sequentially as well as annually on the back of robust demand and strong cash flows in rural markets.
Mahindra & Mahindra
Mahindra & Mahindra’s February tractor sales are up 24 percent year-on-year at 27,170 units (February 2020: 21,877). Cumulative sales between April 2020 to February 2021 is at 314,015 units, up 13 percent YoY (April 2019-February 2020: 278,483)
Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra said, “Tractor demand continues to be robust with Rabi sowing at an all-time high, supported by healthy reservoir levels and higher liquidity with farmers, on account of timely and robust procurement of Kharif crops. The outlook for the industry continues to be positive given the all-time high estimates of Rabi production and strong rural cash flows. In the exports market, we have sold 976 tractors, a growth of 43 percent over last year.”
Sonalika Tractors sold around 11,821 tractors in February 2021 as compared to 9,650 tractor sales in the same period last year. The company also clocked its highest ever cumulative domestic sales of 106,432 tractors in just 11 months, registering growth of 35.5 percent as compared to the same period last year. It sold around 8154 tractors in the domestic market.
Raman Mittal, executive director, Sonalika Group, said, “The sublime performance that Sonalika has posted month after month throughout in FY2021 is an outcome of our strategic decision to periodically launch customised tractors that are equipped with advanced yet affordable technologies.”
Escorts Agri Machinery domestic sales are at 10,690 units in February 2021 as compared to 8049 units in February 2020. The total sales stood at 11,230 units. This is a 31 percent increase on a year-on-year basis. Exports stood at 540 units in February.
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