Mahindra Tractor Sales Report February 2024: Export Market Increased by 32%

Mahindra & Mahindra's Farm Equipment Sector (FES) released its February 2024 tractor sales figures, highlighting a mixed picture of tractor sales report compared to the same month last year. Domestic sales decline by 18%, while exports soar with a 32% increase.

Mahindra Tractor's Overall Sales Performance

Domestic Sales Decline:

Domestic tractor sales in February 2024 were 20,121 units, representing an 18% decrease from the 24,619 units sold in February 2023.

Positive Export Growth:

Mahindra Tractors released its overall tractor sales (including domestic and export markets) report that reached 21,672 units in February 2024, down from 25,791 units in the same period last year. However, tractor exports witnessed a positive trend, with 1,551 units sold in February 2024, signifying a 32% increase compared to February 2023.

Mahindra Foresees Positive Rabi Crop Outlook

Hemant Sikka, President of Mahindra's FES, attributed this decline to uneven and insufficient monsoon rains impacting agricultural stress in the southern and western regions of India. He further expressed a cautious optimism for the future, citing an outlook for the Rabi crop, including the potential for a significant wheat harvest.

He highlighted the government's support through rural development schemes and increased institutional credit as potential factors to "boost tractor demand going forward."

Mahindra: A Global Leader in Tractors

Mahindra positions itself as the world's largest tractor company by volume. The company is well-known in India for its leadership in areas like farming equipment, vehicles, technology, and financial services. Mahindra also has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, to drive positive change in the lives of communities and stakeholders to enable them to Rise.