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HomePosts Tagged "Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES)"
Agribusiness, Company News, Farm Mechanisation, Finance, India

Total tractor sales (Domestic + Exports) during July 2024 were at 27209 units, as against 25175 units for the same period last year.

 Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for July 2024.Domestic sales in July 2024 were at 25587 units, as against 24168 units during July 2023. Total tractor sales (Domestic + Exports) during July 2024 were at 27209 units, as against 25175 units for the same period last year. Exports for the month stood at 1622 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 25587 tractors in the domestic market during July’24, at a growth of 6 per cent over last year. South-West monsoon has progressed very well in the month of July, with surplus rainfall in Central, Western and Southern states; while Bihar, Haryana, Punjab and parts of eastern UP and Jharkhand are still in deficient rainfall category. Kharif sowing has progressed considerably across India uplifting farmer sentiments. Higher crop prices for wheat and potato and increase in MSP for all major kharif crops has further elevated farmers sentiments. Rainfall progress remains a key monitorable for the coming months. With budget allocations supporting agri and rural economy and favourable terms of trade for the farmers, the upcoming festive season is looking very promising for tractor industry. In the export market, we have sold 1622 tractors, a growth of 61 per cent over last year.”

Total tractor sales (Domestic + Exports) during

Agribusiness, Company News, Farm Mechanisation, Finance, India, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during June 2024 were at 47319 units, as against 44478 units for the same period last year.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, announced its tractor sales numbers for June 2024.Domestic sales in June 2024 were at 45888 units, as against 43364 units during June 2023. Total tractor sales (Domestic + Exports) during June 2024 were at 47319 units, as against 44478 units for the same period last year. Exports for the month stood at 1431 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 45888 tractors in the domestic market during June ’24, a growth of 6 per cent 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 1431 tractors, a growth of 28 per cent over last year.”

Total tractor sales (Domestic + Exports) during

Agribusiness, Company News, Farm Mechanisation, Finance, Machinery - Pre-harvesting, Machinery – Post-harvesting

Total tractor sales (Domestic + Exports) during May 2024 were at 37109 units, as against 34126 units for the same period last year.

 Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, announced its tractor sales numbers for May 2024. Domestic sales in May 2024 were at 35237 units, as against 33113 units during May 2023.Total tractor sales (Domestic + Exports) during May 2024 were at 37109 units, as against 34126 units for the same period last year. Exports for the month stood at 1872 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 35237 tractors in the domestic market during May’24, a growth of 6 per cent over last year. Coupled with timely arrival of southwest monsoon in Kerala and northeast states and forecast of an above normal monsoon has improved the on-ground sentiments of the farmers. Land preparation activities for Kharif crops are expected to begin on time, which is likely to boost tractor demand in coming months. In the exports market, on the back of OJA exports to USA, we have sold 1872 tractors, a growth of 85 per cent over last year.”

Total tractor sales (Domestic + Exports) during

Agribusiness, Company News, Farm Mechanisation, Finance, India, Machinery - Pre-harvesting, Machinery – Post-harvesting

Company sold 1748 tractors in the exports market, registering a growth of 26 per cent over last year.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, announced its tractor sales numbers for March 2024. Domestic sales in March 2024 were at 24276 units, as against 33622 units during March 2023. Total tractor sales (Domestic + Exports) during March 2024 were at 26024 units, as against 35014 units for the same period last year. Exports for the month stood at 1748 units.

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. Government announcement of increased advance estimate of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. 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 per cent over last year.”         

Company sold 1748 tractors in the exports

Company News, Finance, India, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during September 2023 were at 43,210 units, as against 48,713 units for the same period last year.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, has announced its tractor sales numbers for September 2023.Domestic sales in September 2023 were at 42,034 units, as against 47,100 units during September 2022. Total tractor sales (Domestic + Exports) during September 2023 were at 43,210 units, as against 48,713 units for the same period last year. Exports for the month stood at 1,176 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said “We have sold 42,034 tractors in the domestic market during September 2023. Smart recovery in Kharif sowing with more than 110 million hectares and the start of festive fervour is expected to bring positive sentiments among the farmers. Normal rains in September have helped overall monsoon to achieve near normal levels and this will help in Rabi sowing, especially in Central, Northern and Western regions of the country. In the exports market, we have sold 1,176 tractors.”

Total tractor sales (Domestic + Exports) during

Company News, Finance, India, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during July 2023 were at 25,175 units, as against 23,307 units for the same period last year.

 Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for July 2023. Domestic sales in July 2023 were at 24,168 units, as against 21,684 units during July 2022. Total tractor sales (Domestic + Exports) during July 2023 were at 25,175 units, as against 23,307 units for the same period last year. Exports for the month stood at 1,007 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 24168 tractors in the domestic market during July, with a growth of 11 per cent over last year.  The cumulative seasonal rainfall spread across the country has recovered very well in the month of July and this has helped sowing of kharif acreage to pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops including paddy and oil seeds have recovered, though pulses is still lagging in sowing. Terms of trade are now in favour of farmers, with continued decrease in input costs. The sentiments are positive in rural economy, and this is likely to support demand in the coming months. In the exports market, we have sold 1007 tractors”.

Total tractor sales (Domestic + Exports) during

Company News, Finance, India, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during April 2023 were at 36,405 units, as against 40,939 units for the same period last year.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, has announced its tractor sales numbers for April 2023.Domestic sales in April 2023 were at 35,398 units, as against 39,405 units during April 2022.Total tractor sales (Domestic + Exports) during April 2023 were at 36,405 units, as against 40,939 units for the same period last year. Exports for the month stood at 1,007 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 35,398 tractors in the domestic market during April’23. De-growth comes due to preponement of high demand generating festivals of Navratri and Gudi Padwa in March this year compared to April last year. At present, sentiments are upbeat with harvesting & procurement of crops going on in full swing. Wheat procurement is very strong and has already crossed last year’s level. High reservoir levels will aid in Kharif sowing and good cash flow from Rabi crop will further add to liquidity in the hands of the farmers. In the exports market, we have sold 1,007 tractors.”

Total tractor sales (Domestic + Exports) during

Company News, Finance, India, Machinery – Post-harvesting, Trade

 As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business. This marks the agritech fund’s second exit in a little over six months.

 Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) today signed definitive documents to increase its shareholding in MITRA Agro Equipments Private Limited (M.I.T.R.A) from the existing 47.33 per cent to 100 per cent, making it a wholly owned subsidiary of Mahindra & Mahindra Ltd. (M&M). As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business. This marks the agritech fund’s second exit in a little over six months. In August 2022, Omnivore exited aquatech startup Eruvaka after selling its stakes to Netherlands-based Nutreco.

Founded in 2012 by Devneet Bajaj, M.I.T.R.A is the Indian market leader in high precision orchard sprayers and a trusted brand for farmers growing fruits like grapes, pomegranate and oranges. The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people and has successfully started exporting its products globally. Post-acquisition by Mahindra, M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.

M.I.T.R.A was an early entrant in the then-nascent Indian agritech startup ecosystem. Omnivore, a venture capital firm that pioneered agritech investing in India, was one of its first institutional investors. M.I.T.R.A understood farmer needs and aspirations and built machines to automate labor-intensive farm jobs and save resources.

Dev Bajaj, Founder of M.I.T.R.A, said, “After eleven years of building a passionate team, more than ten innovative products, and a radical rural sales strategy, the journey of exiting M.I.T.R.A to M&M is gratifying. I am thankful to the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.” Dev is now the Chief Strategy Officer of Dream Sports and heads one of India’s largest CVC funds, DreamCapital.

Mark Kahn, Managing Partner, Omnivore, said, “Ten years ago, Dev traded the American dream for a future building the Indian startup ecosystem, starting with M.I.T.R.A. Through Mahindra’s expansive dealer network, M.I.T.R. A’s cutting-edge technology will now be accessible to horticulture farmers across India. As the first institutional investor in the startup, this is a very proud moment for Omnivore and for agritech in India.”

Hemant Sikka, President of the Farm Equipment Sector, Mahindra & Mahindra Ltd., said, “Mahindra aims to grow its farm machinery business by 10x in 5 years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”

 As part of this acquisition, Mahindra fully

Company News, Finance, India, Machinery - Pre-harvesting

 Company registered sales growth of 30 per cent over December 2021

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, announced its tractor sales numbers for December 2022. Domestic sales in December 2022 were at 21,640 units, as against 16,687 units during December 2021.Total tractor sales (Domestic + Exports) during December 2022 were at 23,243 units, as against 18,269 units for the same period last year. Exports for the month stood at 1,603 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 21,640 tractors in the domestic market during December 2022, a growth of 30 per cent over last year. Rabi crop sowing has progressed very well and is higher than last year acreage and also higher than the average of last 5 years. Wheat and oil seeds are expected to be bumper harvest. On the back of strong Rabi sowing, good kharif procurement and likely exports of wheat, the sentiments continue to remain upbeat in the farming sector, leading to strong demand for tractors and farm implements. In the exports market, we have sold 1,603 tractors, a growth of 1 per cent over last year.”

 Company registered sales growth of 30 per

Company News, Finance, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during July 2022 were at 23307 units, as against 27229 units for the same period last year.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for July 2022. Domestic sales in July 2022 were at 21684 units, as against 25769 units during July 2021.Total tractor sales (Domestic + Exports) during July 2022 were at 23307 units, as against 27229 units for the same period last year. Exports for the month stood at 1623 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 21684 tractors in the domestic market during July 2022. After a very robust Q1 wherein we achieved a volume growth of 18 per cent, the month of July witnessed normalization in volumes. July is traditionally a lean month as the land preparation phase, wherein a tractor finds highest utility, gets over and farmers start sowing their crops. Monsoon, which is a key determinant of Agri growth has stayed on course so far. Overall rainfall has been higher than normal barring few states in Eastern part of the country, which have received deficient rainfall until now. With these states being country’s key paddy producing markets, recovery in rainfall is crucial. Festive season falling in later half of August and sufficient rainfalls across most of geographies will shape up the industry in the upcoming months. In the exports market, we have sold 1623 tractors, a growth of 11 per cent over last year.”

Total tractor sales (Domestic + Exports) during