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

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:

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.

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Mahindra Tractor Year to Date Sales Figures:

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.

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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.

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