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Mahindra Tractor reports 38% growth in tractor sales in January 2018

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Mahindra Farm Equipment Sector (FES) reported 38% growth in tractor sales in January 2018. FES sold 21,875 tractors in January 2018 against 15,909 tractors in January 2017.

Domestic sales for January 2018 were 20,647 tractors vs. 14,776 tractors in January 2017, growth of 40% while export sales for January 2018 were 1,228 units vs. 1,133 units in January 2017, growth of 8%.

The company's management expects the good sales show to continue in the coming months on the back of increased focus on agriculture reforms, rural infrastructure, good progress in rabi sowing and improved MSP.

M&M derived revenue from farm equipment (50%), automotive including 2W (27%), financial services (18%) and others (5%) as on FY17. It is market leader in the tractor industry with share of ~44% as on 1HFY18. On account of new launches and normal monsoon, management expects the industry to grow at 12-14% in FY18. In the automotive business, M&M expects UV segment to perform well backed by two new launches and three product refreshes.

M&M’s FE business continues to do well and we expect the company to maintain leadership position on account of new launches. This along with new UV launches is expected to drive 11% revenue CAGR over FY17-20E.

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