M&M and Escorts report strong domestic growth in FES for Nov 18

Mahindra & Mahindra’s Farm Equipment Sector (FES) has reported an 18 percent growth in its domestic sales for the month of November with 25,159 units. Escorts, in the same month, has reported a 54.6 percent growth with domestic sales clocking 7,641 units.

Mahindra’s cumulative domestic sales till the month of November were 242,733 units, a YoY growth of 10 percent. During the same period, Escorts reported a YoY growth of 25 percent in its domestic sales.

The fall and the Rise

Mahindra has reported a 54 percent decrease in its exports in the month of November with just 790 units in 2018 as against 1,723 units in 2017. Escorts, on the other hand, experienced a 104.5 percent growth in its exports with 186 more units sold in 2018 as against 2017.

Commenting on the month’s performance, Rajesh Jejurikar, president - Farm Equipment Sector, Mahindra & Mahindra said, “In November, Mahindra FES registered a volume of 25,159 tractors in the domestic market with a growth of 18%. The total volume inclusive of exports stands at 25,949 tractors with a growth of 13%. Retail demand remained positive through the festive season. We expect the structural factors such as government's continued focus on rural and agriculture spends and momentum on key crop prices will ensure the demand uptick for tractors continues into Q4 of the current fiscal.”