Good monsoon was one of the factors behind the robust growth in the tractor industry.
01 Nov 2024 | 3299 Views | By Autocar Professional Bureau
Mahindra & Mahindra Ltd.'s Farm Equipment sector achieved its highest-ever domestic tractor sales, delivering 64,326 units in October 2024. The figures represent a 30% growth compared to October 2023, when the company sold 49,336 units.
The company's total sales, including exports, reached 65,453 units against 50,460 units in the ...
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Mahindra & Mahindra Ltd.'s Farm Equipment sector achieved its highest-ever domestic tractor sales, delivering 64,326 units in October 2024. The figures represent a 30% growth compared to October 2023, when the company sold 49,336 units.
The company's total sales, including exports, reached 65,453 units against 50,460 units in the same period last year. Export figures for October 2024 stood at 1,127 units.
Hemant Sikka, President of Farm Equipment Sector at Mahindra & Mahindra Ltd. said the tractor industry has seen very robust growth on the back of many positive factors coming together, notable being a very good monsoon, a good Kharif crop, high reservoir levels which will help in Rabi crops, and the government's announcement of higher MSP on key Rabi crops. “With festive season providing momentum to positive sentiments, we expect demand to remain strong in the coming months,” he added.
The company’s cumulative domestic sales for the financial year reached 270,562 units, marking a 9% increase over the previous year. Meanwhile, exports have shown substantial growth, with cumulative figures reaching 9,740 units, a 30% rise compared to previous year's 7,470 units.
Mahindra Group, established in 1945, maintains its position as the world's largest tractor company by volume. The company operates across multiple sectors, including farm equipment, utility vehicles, information technology and financial services, with 260,000 employees working in more than 100 countries.