Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), a vital component of the esteemed Mahindra Group, has disclosed its tractor sales data for March 2024, showcasing results amidst changing market dynamics. With a keen eye on both domestic and international markets, the sector's performance sheds light on current agricultural sentiments and prospects.
Domestic Sales
Domestic sales in March 2024 were at 24276 units.
Total tractor sales (Domestic + Exports) during March 2024 were at 26024 units. Exports for the month stood at 1748 units.
Optimistic Export Figures
Despite domestic challenges, the Farm Equipment Sector managed to maintain optimism in its export endeavors. March 2024 saw a commendable export figure of 1,748 units, marking a 26% growth compared to the previous year. This positive trajectory in exports reflects a robust international demand for Mahindra's tractors, showcasing the sector's global competitiveness and adaptability.
Insights from Hemant Sikka
Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 24276 tractors in the domestic market during March 2024. The government announcement of an increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. A forecast of a normal South-West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1748 tractors, a growth of 26% over last year.”
Farm Equipment Sector Summary
A comprehensive overview of the Farm Equipment Sector's performance reveals a nuanced understanding of its operational landscape. The table below provides a comparative analysis of tractor sales for March and year-to-date (YTD) March figures for fiscal years 2024 (F24) and 2023 (F23).
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Farm Equipment Sector Summary |
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March |
YTD March |
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|
F24 |
F23 |
% Change |
F24 |
F23 |
% Change |
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Domestic |
24276 |
33622 |
-28% |
364526 |
389531 |
-6% |
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|
|
|
|
|
|
|
|
Exports |
1748 |
1392 |
26% |
13860 |
18014 |
-23% |
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|
|
|
|
|
|
|
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Total |
26024 |
35014 |
-26% |
378386 |
407545 |
-7% |
*Exports include CKD
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
