Amid economic slowdown crippling manufacturing sector, domestic sales of Mahindra & Mahindra’s Farm Equipment Sector (FES) has declined 15 per cent in August 2019 as compared to August 2018. As per the Q1 of FY20 GDP data released recently, growth of manufacturing sector has fallen from 12 per cent of Q1 of FY19 to 0.67 per cent in first quarter of FY20. The slowdown is reflecting in the tractor sales.
In August 2019, Mahindra’s domestic tractor sales were at 13,871 units, as against 16,375 units during August 2018. Total tractor sales, domestic and exports, during August 2019 were at 14,817 units, as against 17,785 units for the same period last year. Exports for the month stood at 946 units as compared to 1410 units sold in August 2018. However, in the wake of improved monsoon spread and sowing pattern in Kharif season, the company is optimist to see rising sales in the coming months.
The India’s largest tractor manufacturing company, Mahindra & Mahindra Tuesday announced its tractor sales numbers for August 2019.
Highlighting the sales figures, Rajesh Jejurikar, President – Farm Equipment Sector, Mahindra & Mahindra said, “We have sold 13,871 tractors in the domestic market during August 2019. The improved monsoon spread and sowing pattern for the Kharif crop is likely to help boost rural sentiment going into the festive season. The recently announced fiscal measures by the Government may also provide the necessary stimulus for tractor demand uptick. In the exports market, we have sold 946 tractors.”
Farm Equipment Sector Sales