Carrying on the strong momentum of FY-17, India's largest tractor maker Mahindra & Mahindra registered a 11% growth in sales in the month of May recording a sales of 24575 units. This was a second consecutive month of double digit growth for the company.
The cumulative sales for FY-18 -- i.e. April and May put together, M&M has registered a sales growth of 16% on a decent base of last year.
Rajesh Jejurikar, president - Farm Equipment Sector, Mahindra & Mahindra said, he hopes that the announcement of record production estimates for major crops, coupled with higher MSP will drive positive sentiments and boost tractor demand in this season.
"In the exports market, we sold 1,024 tractors, a growth of 18% over May 2016,” added Jejurikar.
The cumulative exports of the company in FY-18 was up 25% to 1944 units.
The company which had outpaced the market last fiscal year, registered over 100 bps increase in market share at around 43%, this year too M&M is confident of sustaining the double digit growth momentum.
Jejurikar at a last weeks earning conference stated that the tractor market will grow by 10-12% in FY-18 led by forecast of normal monsoon.