Mahindra & Mahindra (M&M) announced that it will manufacture a new tractor series called the 'K2', exclusively at the company's tractor manufacturing facility at Zaheerabad in the state of Telangana.
Developed through close collaboration between the engineering teams from Mitsubishi Mahindra Agricultural Machinery of Japan and Mahindra Research Valley, India, the K2 series aims to create a lightweight tractor program for both domestic and international markets.The new series will enable Mahindra to introduce products across four new tractor platforms, in the sub compact, compact, small utility and large utility tractor categories, covering 37 models across various HP points. The new series will cater to domestic as well as International markets including USA, Japan, and South East Asia, M&M said in a statement during market hours today, 17 November 2020.
Established in 2012, Zaheerabad is M&M's youngest and largest tractor manufacturing plant in terms of capacity. The facility also manufactures the company's next-generation range of Yuvo and Jivo tractors, including the recently launched plus series of tractors. Currently, M&M is the only tractor manufacturer in the state of Telangana and has invested close to Rs 1,087 crore at its facility in Zaheerabad.
M&M reported 59.7% decline in net profit to Rs 148.36 crore in Q2 FY21 from Rs 368.43 crore in Q2 FY20. Net sales fell 1.5% year-on-year (Y-o-Y) to Rs 23,566.75 crore during the quarter.
Shares of M&M rose 0.98% to Rs 637.50 on BSE.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
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