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Sonalika Tractors Records 18.6% Overall Sales Growth in May'20

Posted On: 2020-06-04 15:13:04


India's one of the leading tractor manufacturing brand & No.1 exporter from the country, Sonalika Tractors registered phenomenal overall growth (Domestic+Exports) of 18.6% with sale of 9177 tractors in May'20 as compared to 7737 tractors in May'19. The company have strengthened its No.1 tractor exports position from India by registering 25% growth with exports of 1537 tractors in May'20.

Speaking on the performance, Mr. Raman Mittal, Executive Director, Sonalika Group, said, "It gives me pleasure that we have registered healthy overall growth of 18.6% in May'20, with 9177 tractors sale, despite the challenging situation. Taking cognizance of the situation, we remained positive and stayed innovatively engaged with the teams. We rolled out a host of initiatives to strengthen our bond and trust with our channel partners, customers and community. Among the lot, to mention few - industry's first online disbursal of incentives for dealer sales team, extension of warranty & renewal period, service & spare parts availability with standby tractor for customers, sanitization drive with our heavy duty tractors across different states, set up Isolation Centres in Hospitals and distributed food & health kits to the migrant workers and daily wage earners, introduced advanced ventilator system to build up Community bonding with the Brand and together with the Delhi government got the Corona Testing Mobile Clinic. We were the first Tractor Brand to have got the plant operational."

He added, "For the farmers, the real currency is their crops. Tractors play a very important role in the farmer's life to enhance his productivity from the given set of his land. Farmers are majorly oriented towards application based farming like puddling, mulching, baler application, orchards, horticulture etc. Paddy being the major Kharif crop, we are seeing a demand rise for customized tractors which will be able to address these specialized needs. Along with the demand for tractors, the demand for specialised implements is also expected to go up.

Key Highlights:

- Overall growth registered 18.6% (9177 tractors sold) in May'20
- Plant operations reached 85% in week 4 May'20. Expecting 100% operational by June'20
- Expecting to surpass May'20 growth in June'20
- Overall Q1 FY'21 volume expected to surpass last year
- No.1 brand in the world from India, records 25% exports growth in May'20

Sikander series now contributes to 75-80% in entire Sonalika portfolio, that too within 2 years of its launch. We are a leading brand in more than 50 HP segment and now are targeting to achieve leadership position in more than 40HP segment as well, with the launch of 4 new next-gen series tractors viz. Tiger (Designed in Europe), Sikander DLX (10 Deluxe features), Mahabali (Puddling special for Telengana) and Chhatrapati (For Maharashtra). These new tractors are the 1st of its kind in India which will offer customization that will address the local needs of farmers. These new tractors are expected to contribute 20-25% of volumes in our overall sales."

Commenting on the future, "Government has been supportive in taking necessary measures to ensure that farmers face no issues while reaching out to their crops and gaining access to Mandis. The incentives and reforms have been positive. It is expected that all the financial institutions would be very aggressive in tractor financing since the rural industry is expected to grow compared to other automobile industry. Rabi crop sowing has commenced and monsoons are expected to be normal. Overall, farmers are happy with the money in hand. We have seen a healthy growth of 26% in our tractor deliveries in May'20. With farmer sentiments continuing to remain positive, the industry deliveries is expected to register approx. 10% growth in June'20. With the increasing preference of farmers towards mechanization, we are expecting a demand uptick not just in domestic market but also in exports markets where we are the No.1 exporter from India. At Sonalika, we shall continue to work on the innovative approach to continue our growth momentum and perform better than industry."


Source: Equity Bulls

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