Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd., explained the factors contributing to this growth.
"We have sold 45,888 tractors in the domestic market during June '24, a growth of 6% over last year. The government's announcement of increased foodgrain production, an increase in MSP for major Kharif crops, and further advancement of the Southwest monsoon across the country brings positive sentiments with farmers. With retail momentum having picked up, supported by land preparation and an increase in Kharif crop sowing, demand for tractors is likely to remain strong in the upcoming months. In the export market, we have sold 1,431 tractors, a growth of 28% over last year."
The increased domestic sales are attributed to several government initiatives and favorable agricultural conditions. An increase in the Minimum Support Price (MSP) for major Kharif crops and the advancement of the Southwest monsoon have positively impacted farmer sentiment. With the retail momentum gaining pace due to land preparation and Kharif crop sowing, there is optimism about continued strong demand for tractors in the coming months.
In the export market, Mahindra & Mahindra reported a significant 28% growth, selling 1,431 tractors in June 2024 compared to June 2023.
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