Mahindra & Mahindra, one of the country’s top tractor makers, said it saw a sharp jump of 24% in the number of tractors sold in June this year.
Total tractors sold by the company in June in India jumped to 39,277 from 31,660 last year.
This was a stronger performance from May, when it had seen a 14% increase in tractor sales (compared to the previous year) to 28,199 units.
The number is to be seen in the context of the monsoon covering the whole of the country about two weeks in advance compared to normal, indicating that the country is set for a healthy rainy season this year. India has seen weak monsoon for the last 3-4 years.
Meanwhile, exports of tractors, which contributes about 3% of the total tractors for Mahindra & Mahindra, were lower by 181 units, or about 13%, at 1,252.
As a result, the overall tractor sales number increased by only 22% compared to June last year.
With the strong performance seen in June, Mahindra has now registered a 19% increase in domestic tractor sales for the first three months of the current financial year (April to June).
Exports are flat for the current financial year, so far.
“With the healthy spread of the monsoon across the country, we are hopeful of a good agricultural output, leading to improved market sentiment,” said Rajesh Jejurikar, President of Farm Equipment Sector for Mahindra & Mahindra.
