Mahindra's Farm Equipment Sector Sells 43,364 Units in India during June 2023

Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for June 2023. Domestic sales in June 2023 were at 43,364 units, as against 39,825 units during June 2022.

Total tractor sales (Domestic + Exports) during June 2023 were at 44,478 units, as against 41,848 units for the same period last year. Exports for the month stood at 1,114 units.

Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 43,364 tractors in the domestic market during June 2023 with a growth of 9% over last year. Though arrival of SouthWest monsoon got delayed due to cyclonic disturbances, it has smartly progressed in the last week of June and has now covered the entire country, bringing huge relief to the farmers and aiding in Kharif sowing. As on date, aggregate sowing acreage of Kharif crops is ahead of last year acreage and is progressing at fast pace. In addition, record rabi crops, Government support with increase in MSP for all Kharif crops and improving terms of trade for farmers are positive factors that are expected to support tractor demand going forward. In the exports market, we have sold 1,114 tractors."

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 1453.75 as compared to the previous close of Rs. 1396.00. The total number of shares traded during the day was 243109 in over 17080 trades.

The stock hit an intraday high of Rs. 1461.00 and intraday low of 1400.10. The net turnover during the day was Rs. 350654564.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 FarmEquipment Tractors SalesVolume June2023 Domestic Exports SouthWestMonsoon