M&M's tractor business turns more fertile than SUVs, CVs

M&M's profit before tax from the farm equipment segment rose 31% last year to Rs 2,562 cr

Mahindra and Mahindra's (M&M's) tractors may not be as visible as its sports utility vehicles (SUVs) which vroom on Indian roads. But it is the tractor that is driving the automobile major's profitability while being a smaller contributor to revenues. As things stand this year, tractors could further expand share in both revenue and profitability. This is because tractor sales, driven by prospects of a normal monsoon, have grown 11 per cent this year against a decline in passenger vehicle sales. M&M is the country's largest tractor player, with a 41 per cent market share.

The company's profit before