Mahindra’s farm equipment sector reports 8% sales increase in July 2024

New Delhi: Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) has announced strong sales figures for July 2024, with domestic sales reaching 25,587 units, up from 24,168 units in July 2023. This represents a 6% increase in domestic sales year-over-year.

The total sales for July 2024, including both domestic and export markets, amounted to 27,209 units, compared to 25,175 units during the same month last year. This reflects an overall growth of 8%. Exports alone contributed 1,622 units to the total, marking a significant 61% increase from 1,007 units in July 2023.

For the year-to-date period, domestic sales have reached 142,517 units, a 5% increase from 136,043 units during the same period last year. Exports have also shown remarkable growth, up by 49% to 6,159 units from 4,141 units in the previous year. Overall, total year-to-date sales stand at 148,676 units, a 6% increase from 140,184 units in the previous year.

Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., attributed the growth to favorable conditions and strategic factors. He noted, “We have sold 25587 tractors in the domestic market during July’24, at a growth of 6% 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.”

Sikka also highlighted, “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% over last year.”