Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, reported a 6% year-on-year (YoY) jump in domestic sales of 35237 units during May 2024 as against 33113 units recorded during May 2023.
The exports stood at 1872 units during May 2024, translating into an 85% spike over 1013 units in May 2023.
Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 35237 tractors in the domestic market during May 2024, a growth of 6% over last year. Coupled with timely arrival of southwest monsoon in Kerala and northeast states and forecast of an above normal monsoon has improved the on-ground sentiments of the farmers. Land preparation activities for Kharif crops are expected to begin on time, which is likely to boost tractor demand in coming months. In the exports market, on the back of OJA exports to the USA, we have sold 1872 tractors, a growth of 85% over last year.”
Sikka earlier told Autocar Professional that the company expects the tractor market in India to grow at a CAGR of over 6% in the mid-to long term, and M&M is preparing to participate in this growth. “We will continue to invest to prepare for future growth. We are market leaders and want to further grow our business with equal focus on the growth of volumes, market share, and margins. The investments made in the Oja and Target platforms will help us bring incremental growth,” he added.