Decline in tractor sales continues in November. As per industry pundits and company, Sales of tractor is expected to increase in coming months. Both Mahindra & Mahindra and Escorts saw a sharp decline in its tractor sales in November.
Mahindra Group reported a 19 percent decline at 20,414 units in the domestic market in November 2019. The company sold 25,159 units in November 2018, as claimed by M&M.
M&M‘s Exports declined by 22 percent at 618 units this November as compared to 790 units in November 2018.
Commenting on the Mahindra Group’s performance, Rajesh Jejurikar, President - Farm Equipment Sector, M&M said, “We have sold 20,414 tractors in the domestic market during November 2019. With Government support on Agri and rural sector and healthy reservoir levels due to the above-normal monsoon, we expect a good Rabi output in the coming months. This will generate positive sentiment and drive growth, going forward. In the export market, we have sold 618 tractors.”
M&M’s total tractor sales (Domestic + Exports) during November 2019 stood at 21,032 units, down 19 percent, as against 25,949 units for the same period last year.
Not only Mahindra escorts to saw a sharp decline in tractor sales this November.
Escorts has registered 7,642 units of total tractor sales in November 2019, down 4.5 percent compared to 8,005 units in the same month last year.
Domestic tractor sales of the company declined to 7,379 units in November, a drop of 3.4 percent compared with 7,641 units sold in last year November.
Escorts company export was down to 263 units last month, a YoY drop of 27.7 percent from the same month in 2018 when it sold 364 units of tractors.
Cumulatively, the company sold 59,324 units of tractors in the Indian market during the April-November period this financial year, down 8.7 percent compared with the same duration in FY19.
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