Hemant Sikka of M&M expects that tractor demand will bounce back as farmers start preparing their land for Kharif crops in the ensuing weeks.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Utility vehicle and tractor maker Mahindra & Mahindra sold 18,285 passenger vehicles in the domestic market in April 2021, registering a 9.5 percent growth over 16,700 vehicles sold in the previous month, but tractor sales fell 11.1 percent during the same perid.
Passenger vehicle sales included sales made in subsidiary company Mahindra Electric Mobility.
“With the increase in lockdown restrictions in many parts of the country we foresee continuing supply chain related production challenges. While demand remains good, there would be some impact in the first quarter as a result of low customer movement and dealership activity due to the lockdown restrictions,” said Veejay Nakra, Chief Executive Officer of Automotive Division.
Total domestic commercial vehicle sales stood at 16,147 units, down 25.2 percent compared to 21,577 units sold in March 2021, partly impacted by lockdown restrictions imposed by states to contain the COVID-19 spread.
Light commercial vehicle sales (with 2-3.5 tonne capacity) dropped 16.8 percent MoM to 12,210 units and 3-wheeler (including electric 3-wheeler) sales declined 54.2 percent MoM to 2,043 units in April.
M&M said its exports in April, which came in at 2,005 units, saw a decline of 5.7 percent compared to the previous month.
In the farm equipment segment, the company sold 27,523 tractors in April, down 11.1 percent compared to 30,970 tractors sold in previous month, including domestic tractor sales of 26,130 units(down 10.5 percent MoM).
“There have been disruptions in supply chain due to localised lockdowns and availability of oxygen along with dealerships in few states getting closed are impacting demand momentum. All agri related fundamentals continue to remain strong, with bumper rabi crop harvest and forecast of a normal monsoon,” said Hemant Sikka, President – Farm Equipment Sector.
“We expect that tractor demand will bounce back as farmers start preparing their land for Kharif crops in the ensuing weeks,” Sikka added.
