Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the USD 19.4 billion Mahindra Group, today announced its tractor sales numbers for July 2020.
Domestic sales in July 2020 were at 24,463 units, as against 19,174 units during July 2019.
Total tractor sales (Domestic + Exports) during July 2020 were at 25,402 units, as against 19,992 units for the same period last year.
Exports for the month stood at 939 units.
Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 24,463 tractors in the domestic market during July 2020, a growth of 28% over last year. These are our highest ever July sales. The strong demand momentum continued, aided by positive sentiments due to good cash flows to farmers, higher Kharif sowing, a timely and normal monsoon cumulatively across June & July and continued higher rural spending by the Government.
Localized lockdowns in certain states and COVID related impact on specific suppliers led to supply side challenges during the month. It is expected that the sentiments are likely to remain buoyant translating into robust tractor demand in the coming months. In the exports market, we have sold 939 tractors, a growth of 15% over last year".
Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.130.3 as compared to the previous close of Rs. 131.6. The total number of shares traded during the day was 1194828 in over 13425 trades.
The stock hit an intraday high of Rs. 132.25 and intraday low of 128.7. The net turnover during the day was Rs. 155732275.