Mahindra’s Farm Equipment Sector (FES) has reported its tractor sales figures for March 2024, revealing a notable decline in the number of units sold compared to the same period last year. Total tractor sales, including both domestic sales and exports, in March 2024 summed up to 26,024 units, a year-over-year decrease of 26 per cent over March 2023, when it sold 35,014 units. Domestic sales, on the other hand, witnessed a year-on-year decrease of 28 per cent, with 24,276 units sold in March 2024 compared to 33,622 units in March 2023.
Also Read: Auto Sales March 2024: Mahindra Passenger Vehicle Sales Up 13% YoY, At 40,631 Units
However, tractor exports exhibited a 26 per cent growth with 1,748 units exported in March 2024 compared to 1,392 units in March 2023. This growth in exports helped to partially offset the decline in domestic sales.
In FY24, domestic sales reached 3,64,526 units, with exports amounting to 13,860 units, totalling 3,78,386 units. In contrast, the previous fiscal year saw domestic sales of 3,89,531 units and the export of 18,014 units, totalling 4,07,545 units. There was a 6 per cent decrease in domestic sales and a significant 23 per cent decline in export numbers for the fiscal year ending March 2024. Overall, there was a 7 per cent reduction in total tractor sales compared to the previous fiscal year.
Also Read: Mahindra Partners With Adani Total Energies To Expand EV-Charging Infrastructure In India
Hemant Sikka, President – Farm Equipment Sector said “We have sold 24276 tractors in the domestic market during March 2024. Government announcement of increased advance estimates of horticulture production and Rabi wheat output higher than last year is expected to bring positive sentiments among farmers. A forecast of a normal South-West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1748 tractors, a growth of 26 per cent over last year.”
Written by: - RONIT AGARWAL
