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New Delhi: Indian tractor major Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), a part of the USD 20.7 billion Mahindra Group, on Monday posted a 19 per cent drop in domestic sales at 31,879 units in June 2019.
The company sold 39,277 units in June 2018, as per a regulatory filing.
Total tractor sales (domestic + exports) during June 2019 were at 33,094 units, as against 40,529 units for the same period last year. Exports for the month stood at 1,215 units, down 3 per cent.
Commenting on the performance, Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 31,879 tractors in the domestic market during June 2019. Tractor demand remained sluggish in June. We hope that the onset of monsoon and the upcoming Union Budget allocations to the rural and agri sectors will drive positive sentiment in the coming months. In the export market, we have sold 1,215 tractors."
During Q1 of FY'20, the comapny total sales dropped by 14 per cent at 86,350 units last month as compared to 100,784 units in June 2018.