Mahindra & Mahindra reported a 17% decline in total tractor sales in January 2024, attributed to slowing agricultural activity. Domestic sales fell to 22,972 units, while exports declined to 976 units.
Mumbai, Feb 1 (PTI) Mahindra & Mahindra Ltd on Thursday reported a 17 per cent decline in its total tractor sales at 23,948 units in January.
The company had sold a total of 28,926 tractors, including exports, in January 2023, it said in a statement.
M&M sold 22,972 tractors in the domestic market during the last month as compared to 27,626 units in January 2023, while the exports fell 25 per cent to 976 units as against 1,300 tractors sold in the overseas markets in January last year, the statement added.
"Retail momentum slowed down on account of tapering of agricultural activities," Hemant Sikka, President for farm equipment sector at Mahindra & Mahindra Ltd, said.
According to him, rabi crop output is expected to be good with prevailing cold conditions helping the key crop of wheat.
The "government announcement of a good estimate of horticulture production, and continued government support to boost rural economy will aid positive sentiments and support tractor demand in the coming months," he added.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback