Mahindra's Farm Equipment Sector reported 31,746 domestic tractor sales in November 2024, a 2% growth over the previous year, with exports rising 62% to 1,632 units.
02 Dec 2024 | 3485 Views | By Autocar Professional Bureau
Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the Mahindra Group, reported its tractor sales figures for November 2024.
Domestic tractor sales stood at 31,746 units during November 2024, reflecting a 2% increase compared to 31,069 units sold in November 2023. Total tractor sales, which ...
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Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the Mahindra Group, reported its tractor sales figures for November 2024.
Domestic tractor sales stood at 31,746 units during November 2024, reflecting a 2% increase compared to 31,069 units sold in November 2023. Total tractor sales, which include domestic and export numbers, reached 33,378 units for November 2024, up from 32,074 units in the same period last year. Exports for the month were recorded at 1,632 units, marking a 62% rise over the 1,005 units exported in November 2023.
Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., highlighted that domestic sales grew by 2% in November 2024, despite a marginal decline in the industry due to the shift in festive seasons of Diwali and Dhanteras compared to the previous year. He added that positive farmer sentiment, healthy cash flows, and progress in Rabi sowing, supported by good reservoir levels and higher minimum support prices (MSP) for key Rabi crops, are expected to boost tractor demand in the coming months. The export market also showed strong performance with a 62% growth year-over-year.
Year-to-date domestic tractor sales from April to November 2024 reached 302,308 units, representing an 8% growth over 279,129 units sold during the same period in the previous year. Exports for the year-to-date period totaled 11,372 units, a 34% increase from 8,475 units recorded last year. Combined domestic and export sales for the year-to-date period amounted to 313,680 units, reflecting a 9% growth over 287,604 units during the same timeframe in the prior year.