ALSO READEscorts tractor sales up 13.1% to 3,606 units in December; exports decline Tractor sales expects to grow by 12 % thanks to monsoon, declining rates Tractor makers set for record sales in FY18 Mahindra tractor sales down 10.88% to 40,262 units in October Escorts tractor sales up 6.5% to 5,119 units in Nov; exports nearly double
The company, which sell Sonalika brand of tractors, said its sales in the April-December period of the ongoing financial year stood at 63,205 units, a growth of 15.8 per cent as compared to the year-ago period.
"The country witnessed two major policy changes, demonetisation and GST. After demonetisation, industry de-grew by 13.5 per cent in November 2016...With the cash flow situation improving and other factors being conducive, farmers again started purchasing tractors," he added.
On the outlook, he said India offers a huge opportunity for the tractor industry as tractor availability at 20 per 1,000 hectares is quite low.
"While India has 670,000 villages, industry-wide sales have never crossed the number of one sale per village in a year, hence the potential to grow is huge," Mittal said.