Mahindra Tractor Sales Report March 2024: Company Shows Positive Growth in Export Sales

The total tractor sales, including both domestic and export markets, amounted to 26,024 units for March 2024, down from 35,014 units in the same period last year.

Mahindra & Mahindra Ltd.'s Farm Equipment Sector, a key division within the Mahindra Group, released its tractor sales figures for March 2024. The domestic sales for the month stood at 24,276 units, compared to 33,622 units sold in March 2023, indicating a significant decline in sales.

Total Tractor Sales:

The total tractor sales, including both domestic and export markets, amounted to 26,024 units for March 2024, down from 35,014 units in the same period last year. Export sales contributed 1,748 units to the total figure.

Tractor Sales Figures:

MARCH

Particulars	FY24	FY23	%Change
Domestic	24,276	33,622	-28%
Export	1,748	1,392	26%
Total	26,024	35,014	-26%

YTD MARCH

Particulars	FY24	FY23	%Change
Domestic	3,64,526	3,89,531	-6%
Export	13,860	18,014	-23%
Total	3,78,386	4,07,545	-7%

Also Read: Escorts Kubota Tractor Sales Face Challenges Due to Monsoon in March 2024, Construction Equipment Shows Growth

Positive Outlook:

Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., expressed optimism despite the decline in sales. He highlighted the government's announcement of increased advance estimates of horticulture production and higher Rabi wheat output, which are expected to boost farmer sentiment positively. Additionally, the forecast of a normal Southwest monsoon for the upcoming season is anticipated to further stimulate tractor demand in the months ahead.

Export Growth:

Sikka also noted a positive trend in export sales, with 1,748 tractors sold in March 2024, marking a growth of 26% compared to the previous year.

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

About Mahindra Group:

Founded in 1945, the Mahindra Group is a multinational conglomerate with a workforce of over 260,000 employees across more than 100 countries. The company holds leadership positions in various sectors, including farm equipment, utility vehicles, information technology, and financial services in India. Notably, Mahindra is recognized as the world's largest tractor company by volume. Beyond its core industries, Mahindra Group maintains a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.

The Mahindra Group is committed to leading in Environmental, Social, and Governance (ESG) initiatives globally. The company aims to drive rural prosperity and enhance urban living, with a mission to bring positive change to communities and stakeholders, enabling them to thrive.

Despite the challenges in the domestic tractor market, Mahindra remains devoted to its promise of providing quality agricultural machinery and supporting the agricultural sector's growth both domestically and internationally.

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