With 2 percent growth, the company has sold 24,017 tractors in domestic markets in May 2020
As a result of relaxation in COVID-19 lockdown along with good farmer sentiments, India’s largest tractor manufacturer, Mahindra & Mahindra’s Farm Equipment Sector’s (FES) tractor sales has witnessed a minor surge in the May 2020. With 2 percent growth, the company has sold 24,017 tractors in domestic markets in May 2020 as against 23,539 tractors sold in the same month in 2019.
Mahindra & Mahindra’s Farm Equipment Sector (FES), Monday announced its tractor sales numbers for May 2020.However, exports did not see any positive sign in the month. Mahindra exported 324 tractors in May 2020 as against 1165 tractors exported in May 2019.
Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said, “We have sold 24,017 tractors in the domestic market during May 2020, representing a growth of 2 percent over last year. The timely relaxation of the lockdown for the agricultural sector helped ensure the speedy recovery of tractor demand during May.”
“In the near term, farmer sentiment is likely to remain positive due to several developments including robust Rabi crop production, higher procurement, good price realisations and the forecast of a normal monsoon that bodes well for a good Kharif crop. All these augur well for tractor demand going forward. In the exports market, we have sold 324 tractors”, Sikka added.
In March 2020, the first month of lockdown, Mahindra’s domestic tractor sales had declined 27 percent while in April, the company had witnessed a sharp decline of 83 percent.
