Mahindra & Mahindra on Tuesday reported an 8 percent decline in total tractor sales to 25,175 units in July. The company sold a total of 23,307 units in the same month last year, M&M said in a statement.
Domestic tractor sales were at 24,168 units last month, as against 21,684 in July last year, a growth of 11 percent, it added.
According to Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra, the cumulative seasonal rainfall spread across the country has recovered very well in the month of July, and this has helped sowing of kharif acreage pick up momentum.
"Aggregate sowing of Kharif crops is now ahead of last year, with most key crops, including paddy and oil seeds, having recovered, though pulses are still lagging in sowing. Terms of trade are now in favor of farmers, with a continued decrease in input costs. The sentiments are positive in the rural economy, and this is likely to support demand in the coming months," he added.
In the export market, the company sold 1,007 tractors last month, down 38 percent from July 2022.