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Increase in Kharif sowing area , bountiful monsoon and good rural cash flows contributes the growth in increased sales
Registering 69 percent growth, Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), a part of the USD 19.4 billion Mahindra Group, sold 23,503 tractors in the domestic market in August 2020 as as against 13,871 tractors sold in August 2019.
Total tractor sales — domestic as well as exports — during August 2020 were at 24,458 units, as against 14,817 units for the same period last year. The company recently announced its tractor sales numbers for August 2020.
Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said, “We have sold 23,503 tractors in the domestic market during August 2020, a growth of 69 percent over last year. On the back of highest ever sales in July, we have clocked yet another highest ever sales in August. The tractor industry growth continues to remain strong in August. This is primarily on account of continued positive sentiment, due to increase in Kharif sowing area, thereby indicating a bumper harvest, bountiful monsoon, good rural cash flows and base effect.”
“We expect rural sentiments to remain positive and translate into robust tractor demand as we move into the festive period. In the exports market, we have sold 955 tractors, a growth of 1 percent over last year,” Sikka added.
