Tractor sales of M&M, Escorts Kubota see marginal domestic market growth in September, substantial drop in exports

New Delhi [India], October 1 (ANI): Mahindra & Mahindra's domestic tractor sales witnessed modest growth of 3 per cent year-on-year (YoY) in September 2024, according to official figures released by the company.
The company sold 43,201 units in September in the domestic market, marking a slight increase from the 42,034 units sold during the same period last year.
However, the company's tractor exports experienced a decline in September. This year, Mahindra & Mahindra exported 1,055 units of tractors, a decrease from the 1,176 units exported in September 2023.
Despite the drop in exports, the overall tractor sales of Mahindra & Mahindra still recorded a 2 per cent increase, rising to 44,256 units compared to 43,210 units sold in the same month last year.
"We have sold 43201 tractors in the domestic market during September, a growth of 3pc over last year. Monsoon rainfall has seen an increase of 7.5 pc over LPA and this has helped increase in Kharif sowing of all crops except cotton. Reservoir levels have recovered very well and are now at 13 pc higher than LPA, which augurs very well for a bumper Rabi crop. On the back of good kharif crop and likely strong Rabi crop, rural sentiments are positive. With positive terms of trade for farmers and upcoming festivals, we expect robust demand for tractors going forward. In the exports market, we have sold 1055 tractors" said Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd.
Meanwhile, Escorts Kubota Limited's Agri Machinery Business Division also reported positive growth for September 2024.
The company sold 12,380 tractors during the month, reflecting a 2.5 per cent increase from the 12,081 units sold in September 2023. The growth was primarily driven by strong domestic performance, where the company registered a 5.7 per cent increase in sales. Escorts Kubota sold 11,985 tractors in the domestic market in September 2024, up from 11,334 units in the same period last year.
"With timely, widespread and above average monsoon leading to replenished water reservoir levels and favorable terms of trade, we anticipate good sales growth during second half of current fiscal year" said the company.
However, the company's export tractor sales saw a significant drop. In September 2024, Escorts Kubota exported 395 units, a sharp decline compared to the 747 units sold in September 2023.
Both companies exhibited growth in domestic tractor sales, but faced challenges in the export market. (ANI)