Mahindra Tractor Sales Soar in June 2023, with 6% Growth and 44,478 Units Sold

Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES) has recently disclosed its sales data for June 2023, offering details about the sales of tractors in both the domestic and export markets. The company reported a total sales figure of 44,478 units for June 2023, showing a 6% growth compared to the 41,848 units sold in June 2022.

In the domestic market, Mahindra & Mahindra sold 43,364 units in June 2023, witnessing a notable growth of 9% compared to the 39,825 units sold in the same month last year. However, the export market showed a decline of 45% as the company sold 1,114 units in June 2023, in contrast to the 2,023 units sold in June 2022.

June 2023 Mahindra Tractor Sales

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The company also shared the year-to-date tractor sales figures for 2023. In the domestic market, Mahindra & Mahindra sold 1,11,875 units in 2023, experiencing a slight decline of 1% compared to the 1,13,383 units sold during the same period in 2022. On the other hand, the export market witnessed a significant drop of 39%, with the company selling 3,134 units in 2023 compared to 5,126 units in 2022.

Mahindra Year-to-Date Tractor Sales

Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd., commented on the performance, stating that the company had sold 43,364 tractors in the domestic market in June 2023, representing a growth of 9% compared to the previous year. Despite the delay in the arrival of the Southwest monsoon due to cyclonic disturbances, the monsoon progressed well in the last week of June, covering the entire country and providing significant relief to farmers for Kharif sowing.

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Sikka also highlighted positive factors that are expected to support tractor demand going forward, including the increased acreage of Kharif crops compared to the previous year, record rabi crops, government support with higher minimum support prices (MSP) for all Kharif crops, and improving terms of trade for farmers. In terms of exports, the company sold 1,114 tractors in June 2023.

Mahindra & Mahindra's performance in the tractor market reflects the resilience of the sector and the positive growth trajectory, driven by favorable agricultural conditions, government support, and increasing demand from farmers. With the progress of the monsoon and other supportive factors, the company anticipates continued demand for tractors in the coming months.

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