The company noted that despite an unusual heat wave impacting crop production across the nation, the government’s increase in the MSP enabled a strong rural cash flow, which fueled demand for tractors overall in Q1 FY23.
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Sonalika Tractors sold 39,274 tractors in the first quarter of FY23, up 18% from the 33,215 units sold during the same period in the previous year. The company claimed that despite an unusual heat wave impacting crop production across the nation, the government’s increase in the MSP enabled a robust rural cash flow, which fueled demand for tractors overall in Q1 FY23. Sonalika Tractors will anticipate even strong sales in the current quarter and will increase its reach in an effort to support farmers in their regular farming issues as the monsoon continues to spread across the nation.
Raman Mittal, Joint Managing Director of International Tractors Limited, commented on reaching the new Q1 performance milestone, saying, “Going to deliver on farmer’s demands month after month empowers us to create new standards both in terms of product as well as performance. A testimonial to how well we understand farmers and the needs of their regional markets is the fact that we achieved our highest-ever Q1 overall sales of 39,274 units with 18% growth. This ultimately translates to increased farmer confidence in the Sonalika brand.
I am confident that we have established our FY’23 path in the right direction for subsequent seasons later in the year thanks to our distinctive technique of personalizing our tractor portfolio. In order to ensure high production and income for the farmers in the region and their prosperous future, Sonalika Tractors will continue to meet their needs.
Sonalika Tractors also became the biggest tractor export brand in India in February of this year after achieving a remarkable year-to-date (YTD) growth of 60.1% between April 2021 and January 2022. In comparison to 17,938 units exported during the same time period last year, the company exported 28,722 units between April 2021 and January 2022. Sonalika Tractors shipped 3,022 units in January 2022 as opposed to 2,004 units in the same month the previous year, showing a growth of 50.8%.
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