Economy

Tractor makers report greater gross sales in July

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The vehicle sector could also be fighting CÓVID-19-related points however July noticed an increase in tractor gross sales.

Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) reported a 27% development within the gross sales of tractors to 25,402 items.

Sonalika Tractors reported a 71.7% development in home gross sales to eight,219 items. The firm offered a complete of 10,223 items together with exports. The comparative figures weren’t obtainable.

“These are our highest-ever July sales, said Hemant Sikka, president, Farm Equipment Sector, Mahindra & Mahindra Ltd.

“The strong demand momentum continued, aided by positive sentiments due to good cash flows to farmers, higher Kharif sowing, a timely and normal monsoon and continued higher rural spending by the government,” he mentioned.

“The sentiments are likely to remain buoyant, translating into a robust demand in the coming months.”

Raman Mittal, govt director, Sonalika Group, mentioned, “We have recorded highest ever domestic growth of 71.7% in July 2020 beating industry growth with overall sales at 10,223 tractorsThis consistent performance is a testimony of our strong foundation and investment. We have launched tractors with advanced technology features at the same cost of current products, thus helping the farmers to upgrade and enhance productivity and income.”

ICRA mentioned wholesome farm money flows of farmers and good monsoon would steer the tractor business by difficult occasions.

The tractor business would see a quantity development of two to 4% in FY21, it added.

Rohan Kanwar Gupta, assistant vice chairman, ICRA, mentioned although the lockdown measures had hampered tractor business volumes considerably in March and April 2020, gross sales have been rising from June 2020 aided by wholesome rabi money flows throughout areas. He mentioned in June 2020 the business recorded a 22% development in wholesale volumes and 10% development in retail volumes.

ICRA mentioned the outlook for the kharif season remained beneficial and a traditional monsoon, sufficient availability of labourers (throughout most areas), and authorities’s numerous agri-focused initiatives would,help farm money flows and tractor business volumes.

“The healthy rabi cash flows coupled with normal monsoon expectations are expected to help the industry record a growth in volumes between 2-4% in FY2021.The overall capacity utilization level in the industry is expected to remain at moderate levels of 60-65%,” it mentioned.

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