Tractor News

Mahindra Tractor Sales Report February 2024: Domestic Tractor Sales Decline by 18%

The total sales for Mahindra tractors in February 2024 stood at 21,672 units, representing a 16% decline from February 2023, where the company recorded 25,791 units sold.

Mahindra Tractor Sales Report February 2024
Mahindra Tractor Sales Report February 2024

Mahindra & Mahindra, a leading player in the tractor industry, has released its tractor sales report for February 2024, indicating a significant shift in sales figures compared to the previous year. In the domestic market, Mahindra sold 20,121 units in February 2024. This reflects a notable decline of 18% compared to February 2023, when the company sold 24,619 units. Despite the drop, the company remains optimistic about the agricultural sector's prospects.

Export Market Growth:

In contrast, Mahindra experienced a remarkable 32% increase in tractor sales in the export market. The company sold 1,551 units in February 2024, compared to 1,172 units in the same month last year, signalling promising growth in international markets.

Mahindra Tractor Overall Sales Performance:

Particulars

Feb 2024

Feb 2023

Change %

Domestic

20121

24619

-18%

Exports

1551

1172

32%

Total

21672

25791

-16%

 

The total sales for Mahindra tractors in February 2024 stood at 21,672 units, representing a 16% decline from February 2023, where the company recorded 25,791 units sold.

Also Read: John Deere Unveils Its Strongest Tractor Line 'The 9RX Series' Equipped With Smart Farming Technology 

Mahindra Tractor Year to Date Sales Figures:

Particulars

Year to Date FY’24

Year to Date FY’23

Change %

Domestic

340250

355909

-4%

Exports

12112

16622

-27%

Total

352362

372531

-5%

 

Looking at the year-to-date figures from April to February, Mahindra sold 340,250 units domestically in 2024, marking a 4% decrease from the same period in 2023. Meanwhile, export sales saw a 27% decline, with 12,112 units sold in 2024 compared to 16,622 units in 2023.

Also Read: Mahindra Susten Partners with Waaree Energies for 280 MW Solar Panel Deal Boosting Solar Power in India

Company's Response:

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd., acknowledged the challenges faced by the agricultural sector in certain regions due to erratic monsoons. However, he highlighted a positive outlook for the Rabi crop, particularly with expectations of a bumper wheat crop. Sikka emphasized the importance of continued government support and enhanced institutional credit to boost tractor demand moving forward.

Despite facing challenges in the domestic market, Mahindra's strong performance in the export market and optimism about the agricultural outlook provide a silver lining for the company. With ongoing government support and favourable crop forecasts, Mahindra remains hopeful for future growth in tractor sales domestically and internationally.

Also Read: CRISIL Predicts Modest 3-5% Growth for Domestic Tractor Market in Next Fiscal Year

Share your comments