Mahindra & Mahindra posts 65% jump in tractor sales in August

Mahindra & Mahindra on Tuesday reported 65 per cent jump in total tractor sales at 24,458 units in August.

The company had sold 14,817 tractors in the same month last year, M&M said in a statement.

Domestic tractor sales zoomed 69 per cent to 23,503 units last month as compared to 13,871 units in August 2019, it added.

Exports were at 955 units last month, up 1 per cent from 946 units in August 2019.

M&M President - Farm Equipment Sector Hemant Sikka said, "The tractor industry growth continues to remain strong in August. This is primarily on account of continued positive sentiment due to increase in Kharif sowing area, thereby indicating a bumper harvest, bountiful monsoon, good rural cash flows and base effect."

On the outlook, he said, "We expect rural sentiments to remain positive and translate into robust tractor demand as we move into the festive period."