MUMBAI, 3 June 2020: Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), has announced that its domestic tractor sales for May 2020 has recorded a 2% growth at 24,017 units.
During the same month last year, the company sale was recorded at 23,539 units, the company said in a statement.
However, during the month, exports of tractors were down by 72% at 324 units, as compared to 1165 units exported during May 2019.
Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector said, "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 realizations 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.
Total tractor sales (domestic + exports) during May 2020 were at 24,341 units, as against 24,704 units for the same period last year, the statement added.
|
| Farm Equipment Sector (FD+SD+Gromax) | |||||
|
| May | Cumulative May | ||||
|
| F20 | F21 | %Change | F20 | F21 | %Change |
| Domestic | 23539 | 24017 | 2% | 51034 | 28733 | -44% |
| Exports | 1165 | 324 | -72% | 2222 | 380 | -83% |
| Total | 24704 | 24341 | -1% | 53256 | 29113 | -45% |
*Exports include CKD
