Posted On - 01 Jul 2020
Mahindra & Mahindra’s farm equipment sector (FES) reported 12 percent year on year (YoY) growth in domestic tractor sales at 35,844 units in June 2020 as against 31,879 units sold in June last year. This is the second highest June sales ever, the company said.
Meanwhile, its export shipments declined 42 per cent during the month at 700 units as against 1,215 units in the same month last year. The company’s tractors' total sales for the month were at 36,544 units, up 10 per cent from 33,094 units in June last year.
"Timely arrival of the south west monsoon, combined benefits of a record Rabi crop, Government support for Agri initiatives and very good progress in the sowing of the Kharif crop have led to positive sentiments among farmers," the management said in its statement.
Overall 22.2% drop in Mahindra Tractor sales during Quater 1 for GY'21.
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These underlying factors along with better cash flows in rural markets have helped boost tractor demand during June. It is expected that this demand will continue to remain buoyant in the coming months, it said.
Overall, M&M's total sales including passenger, commercial and utility vehicles, more-than-halved to 19,358 units compared to 42,547 units sold in June last year.
"The automotive industry has started to see recovery both in the passenger and small commercial vehicle segments. This has been led primarily by rising rural demand and movement of essential goods across the country. The company’s key brands such as Bolero, Scorpio and Pik-Ups, are all seeing good traction," said Veejay Nakra, Chief Executive Officer, Automotive Division, at M&M.
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