Mahindra & Mahindra Ltd. reported on Monday a 6% growth in its domestic tractor sales, at 45,888 units in June. The company sold a total of 43,364 tractors, in the domestic market in June 2023, it said in a statement.
The company sold a total of 47,319 tractors, including exports, during the last month as compared to 44,478 units in June 2023. During the month under review, the exports also surged 28% to 1,431 units, as against 1,114 tractors sold in the overseas markets in June last year, the statement added.
According to Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra, the government's announcement of increased food grain production, an increase in MSP for major Kharif crops, and further advancement of the Southwest monsoon across the country brings positive sentiments to farmers.
"With retail momentum having picked up, supported by land preparation and an increase in Kharif crop sowing, demand for tractors is likely to remain strong in the upcoming months," he added.