Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), a part of the USD 19.4 billion Mahindra Group,announced its tractor sales numbers for June 2021.
The company records the domestic sales on commercial vehicles and passenger vehicles of June 2021 were at 32,964 units, while in the same month of the last year it records 19,358 units which was higher by 70.3%.
According to the official statement given by the Chief Executive Officer, Automotive Division, M&M, Veejay Nakra said that “With the opening up of the market in a phased manner, we are seeing a boost in demand in both urban and rural areas and we expect the upward trend in demand to continue across all segments and markets.”
Also discussing the utility vehicles segment M&M sold 16,636 vehicles in June 2021.
On the other hand. The company sold and exported the passenger vehicles (that includes Cars, UVs, VAns) sold about 16,913 vehicles for the same month of this year, while 2607 vehicles were exported during this month.
Additionally he added that, “As we come out of the second wave of the pandemic, by and large, our supply chain has stabilized except for the global semiconductor issue, which still continues to be a challenge that we are addressing as a top priority,”
M&M’s Farm Equipment Sector (FES), 48,222 units for the month of June 2021 while it was 36,544 units for the same month of the last year. There is an increment of 32 percent which is a higher growth estimate of 37,074 units in the tractor sales.
Proceeding further with the domestic tractor sales for the June month rose to 31 percent to 46,875 units while for the same month of the last year it was at 35,844 units. The exports jumped to 92 percent with 1,347 units against 700 units on YoY basis.
“The sharp fall in Covid-19 cases and resultant easing of related restrictions, arrival of timely monsoon, increase in MSP rates for key kharif crops and continued strong Government support to all agri activities is giving a very strong momentum to tractor demand,” said Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra.
Sikka said the company continues to remain optimistic about the progress of the monsoon and tractor demand in the coming months.”