M&M tractor sales down 31% in March

Mahindra & Mahindra (M&M) Monday reported a 31 per cent decline in total tractor sales in March at 19,688 units.

The company had sold 28,477 units in March last year, M&M said in a statement.

Domestic tractor sales in March 2019 were at 18,446 units as against 27,155 units in the year-ago month, down 32 per cent, it added.

Exports for the month stood at 1,242 units as compared to 1,322 units in March 2018, a decline of 6 per cent, the company said.

For the fiscal ended March 31, M&M said its total tractor sales were at 3,30,436 units as against 3,19,623 units in the previous year, up 3 per cent.

Domestic sales in 2018-19 were at 3,16,742 units as compared to 3,04,019 units in 2017-18, a growth of 4 per cent.

Exports during 2018-19 stood at 13,694 units as compared to 15,604 units in the previous fiscal, down 12 per cent.

Commenting on the sales performance, M&M President - Farm Equipment Sector Rajesh Jejurikar said March sales were slow in the domestic market due to postponement of festive season to April and lower rabi sowing than expected.

"We hope that the government's focus on rural development, a good forecast for horticulture production and an increase in the MSP (minimum support price) will positively impact demand for tractors, going forward," he said.