Mahindra & Mahindra (M&M) on Thursday reported a 3 percent decline in domestic tractor sales at 33,113 units in May.
The company sold 34,153 units in the domestic market in the same month last year, M&M said in a statement. Exports of tractors dipped to 1,013 units in May 2023 as compared to 1,569 units in May 2022, down 35 percent.
"Record high Rabi crop output, good reservoir levels, improved terms of trade for farmers, and IMD's prediction of a normal southwest monsoon, augur well for the upcoming Kharif season," Hemant Sikka, President - Farm Equipment Sector, M&M said.
During the month under review, total sales of the company declined 4 percent at 34,126 units, as compared to 35,722 units in May 2022. As per market estimates, states such as Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana have benefited due to better realisation for crops such as wheat (15–20 percent higher than the average), barley, and mustard.