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March 2024: Mahindra sold 24,276 tractors domestically, down 28%, while exports rose 26%, totaling 26,024 units.
Mahindra & Mahindra recently released its tractor sales report for March 2024, revealing a significant shift in sales numbers compared to the same period last year. The company sold 24,276 units in the domestic market during March 2024, marking a noticeable decline of 28% from the 33,622 units sold in March 2023. However, Mahindra experienced a positive trend in the export market, with sales increasing by 26%. In March 2024, the company sold 1,748 units in exports, compared to 1,392 units in March 2023.
The total sales of Mahindra tractors in March 2024 amounted to 26,024 units, representing a decrease of 26% from the 35,014 units sold in March 2023.
Mahindra Tractor Sales Report March 2024 - Domestic & Export Data
Particulars | March 2024 | March 2023 | Change % |
Domestic | 24,276 | 33,622 | -28% |
Exports | 1,748 | 1,392 | 26% |
Total | 26,024 | 35,014 | -26% |
The tractor manufacturer also disclosed the year-to-date (YTD) sales figures from April to March 2024. In the domestic market, Mahindra sold 364,526 units in 2024, a 6% drop from the 389,531 units sold in 2023. Export sales during this period declined by 23%, with 13,860 units sold in 2024 compared to 18,014 units in 2023.
Mahindra Tractor Sales Report March 2024 - Year-to-Date Sales
Particulars | Year to Date FY’24 | Year to Date FY’23 | Change % |
Domestic | 364,526 | 389,531 | -6% |
Exports | 13,860 | 18,014 | -23% |
Total | 378,386 | 407,545 | -7% |
The cumulative tractor sales for Mahindra in the year-to-date period of 2024 stood at 378,386 units, down by 7% from the 407,545 units sold during the same period in 2023.
Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., commented on the performance, stating, "We have sold 24,276 tractors in the domestic market during March 2024. Government announcements of increased advance estimates of horticulture production and Rabi wheat output higher than last year are expected to bring positive sentiments among farmers. The forecast of a normal South-West monsoon this year is expected to further boost tractor demand in the coming months. In the exports market, we have sold 1,748 tractors, marking a growth of 26% over last year."
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While Mahindra experienced a decline in domestic tractor sales in March 2024, the company remains optimistic about the future prospects, citing positive agricultural forecasts and an increase in export sales as potential indicators of growth in the coming months.