Mahindra & Mahindra Ltd (M&M), India's largest automaker, reported a 19% drop in overall tractor sales in December 2021, to 18,269 units. M&M claimed in a statement that in the same period of 2020, the company sold 22,417 units.
Domestic tractor sales were 16,687 units last month, down 21% from December 2020 when they were 21,173 units. Exports, on the other hand, surged by 27% to 1,582 units from 1,244 units in December 2020, according to the company.
M&M President, Farm Equipment Sector, Hemant Sikka, commented on the performance, saying that the de-growth in December was due to a mix of reasons, including the high base of last year and both delayed and extremely severe rains in some areas.
"We expect momentum to go up in the following months as Kharif procurement progresses, putting cash in the hands of farmers, and Rabi acreage showing signs of expansion over previous year," he said.
Mahindra & Mahindra Limited's stock recently traded at Rs. 837.30 on the BSE, up from Rs. 830.10 the day before. During the day, 60849 shares were moved in 3036 deals, for a total of 60849 shares traded.
The stock traded at a high of Rs. 844.85 and a low of Rs. 830.10. During the day, the total net turnover was Rs. 51124466.00.
About Mahindra Tractors
Mahindra has been India's unquestioned No. 1 tractor brand and the world's largest tractor producer by volume for over three decades. Mahindra Tractors is a vital element of Mahindra's Farm Division, which is the flagship unit of Mahindra's Farm Equipment Sector, and is part of the $19.4 billion Mahindra Group (FES).
Mahindra, which has a presence in over 40 countries and is the only tractor brand in the world, has won both the Deming Award and the Japanese Quality Medal for its quality. Mahindra makes the widest range of tractors and is linked with the tractor business in India. Mahindra became the first Indian tractor manufacturer to produce 3 million tractors in March 2019.
