Mahindra & Mahindra's tractor sales jump 128 per cent year-on-year in March

MUMBAI: Mahindra & Mahindra on Thursday reported a 128 per cent y-o-y jump in total tractor sales to 30,970 units for March.

Its total sales in March 2020 had stood at 13,613 units, the company said in a statement. Tractor sales in the domestic market grew 122 per cent to 29,817 units in the previous month, compared with 13,418 tractors sold a year ago.

Sales in the overseas market surged 491 per cent to 1,153 units, from 195 tractors in the year-ago month, it added.

Mahindra & Mahindra President (Farm Equipment Sector) Hemant Sikka said, "We sold 29,817 tractors in the domestic market during March 2021 with a growth of 122 per cent over last year."

He added that the impact of lower base coupled with continued positive sentiments driven by healthy reservoir levels, higher MSP and increased liquidity have led to strong wholesale growth in March.

Tractor demand is expected to remain strong as rabi harvesting is progressing well along with the onset of sowing of summer crops in select markets, Sikka said.

"In the exports market, we have sold 1,153 tractors, a growth of 491 per cent over last year." The total tractor sales in the financial year 2020-21 rose 17.4 per cent to 3,54,498 units, from 3,01,915 tractors sold in 2019-20,  the statement said.

Of this, the company sold 3,43,833 tractors in the domestic market, registering a growth of 18 per cent over 2019-20.