Expected to touch record high in FY22 but growth to moderate
Earnings, however, aren't strictly comparable due to last year's low base. Businesses had come to a halt in the June quarter of 2020 due to Covid-19-induced national lockdown
Mahindra & Mahindra Ltd on Thursday reported total tractor sales of 48,222 units in June, recovering from the disruptions induced by the second wave of the coronavirus pandemic. The company had sold a total of 36,544 tractors in June 2020, when sales were impacted by the nationwide lockdown imposed to curb the spread of the coronavirus pandemic although easing of restrictions had started by then. It had sold 24,184 units in May 2021, during the peak of the second wave of the pandemic. Domestic sales last month were at 46,875 units. It was at 35,844 units in June 2020, M&M said in a statement. Exports in June stood at 1,347 units. The company had exported 700 units in the same month last year. Commenting on the performance, Mahindra & Mahindra Ltd. President - Farm Equipment Sector Hemant Sikka said, "the sharp fall in COVID-19 cases and resultant easing of related restrictions, arrival of timely monsoon, increase in MSP rates for key kharif crops and continued strong ...
Farm equipment manufacturer Escorts Agri Machinery (EAM) on Thursday said its tractor sales stood at 12,533 units for June.
In the domestic market, passenger vehicle makers are in a better position as compared to two wheeler companies
Manufacturers think the impact of Covid-19's ravages on rural India will abate if seasonal rains are good.
While growth in tractors is slowing down after robust growth in FY21, M&M's auto segment is expected to see strong momentum in both LCVs and SUVs, brokerage MOSL said
February 2021 sales were lower compared to January 2021 sales of 87,579 units and production of 96,020 units
According to the Federation of Automobile Dealers Associations, retail numbers for January inicated the only segment which was in green (11.14% growth) was tractors, while other segments were in red
M&M expects the industry to log around 20 per cent YoY volume growth in the tractor segment for FY21E
Ace investor Rakesh Jhunjhunwala owns 4.75 per cent stake in Escorts as of December 2020 quarter
However, month on month the sales dropped for the second month in a row, after reporting continued growth since April
Nifty Auto index has jumped 8 per cent on a year-to-date basis in 2021
Farm equipment manufacturer Escorts Agri Machinery on Friday reported an 88 per cent jump in tractor sales at 7,733 units in December 2020
Tractor sales have been growing on a monthly basis since April 2020, except in the month of August
Good monsoon followed by good crop have given a fillip to demand for tractors
Mahindra & Mahindra (M&M) on Sunday reported a 2 per cent increase in its tractor sales at 46,558 units in October. The company had sold 45,433 units of tractors in October 2019, Mahindra & Mahindra (M&M) said in a statement. Domestic sales grew 2 per cent to 45,588 units in October this year compared to 44,646 units in the year-ago month, it added. Exports during the month stood at 970 units, as compared to 787 units in October last year, up 23 per cent, the company said. "We continue to witness unprecedented retail demand which is likely to be higher than wholesale numbers on back of expectations of a higher Kharif output and good cash flow in the market," M&M President - Farm Equipment Sector Hemant Sikka said. Auspicious festival days ahead, coupled with mechanisation requirements for ongoing Kharif harvesting and impending Rabi sowing season augurs well for the industry, he added.
Tractor sale volumes are expected to grow 10-12 per cent this fiscal over the previous year primarily driven by a strong rural income owning to solid rabi crop harvest, ratings agency Ind-Ra has said
Tractor sales had crossed the 100,000 mark in October 2018 and October 2019 previously
Tractor sales also increased with largest tractor seller Mahindra & Mahindra selling 18 per cent more farm equipment indicating that a good monsoon was driving the rural economy