Mahindra & Mahindra Farm Equipment Sector (FES) has had a good outing in the just-concluded fiscal year FY2021. Sales numbers for the domestic and export markets, for both March and FY2021 have hit a new high.
In March 2021, Mahindra Tractors sold 29,817 units, up 122% YoY (March 2020: 13,418) and exported 1,153 units, up 491% (March 2020: 491). Cumulative domestic and export numbers at 30,970 units constitute 128% growth YoY (March 2020: 13,613).
For the entire fiscal year 2021, the company has clocked handsome numbers in what was a difficult year for industry. At 343,833 units – just 6,167 units short of the 350,000 units mark – tractor sales in FY2021 were a strong 18% YoY increase over FY2020’s 291,901 units.
Cumulative exports though were somewhat measured: 10,665 units compared to 10,014 units in FY2020 and a 7% YoY growth.
Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra said, “Impact of lower base coupled with continued positive sentiments driven by healthy reservoir levels, higher MSP and increased liquidity, have led to strong wholesale growth in March. Tractor demand is expected to remain strong as Rabi harvesting is progressing well along with the onset of sowing of summer crops in select markets. In the exports market, we have sold 1,153 tractors, a growth of 491% over last year.”