Mahindra and Mahindra on Tuesday reported a decline in sales by 16% for the month of August 2020, with a sale of 30,426 units. This decline comes in comparison to 36,085 units that were sold in August the previous year.
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The company recorded a sale of 29,257 units in the domestic market, witnessing a decline of 13% in sales. Meanwhile, exports took a big hit for the company, recording only 307 units being sold, in contrast to 5,373 units being sold in 2019 for the month under review.
In the commercial vehicle segment, Mahindra and Mahindra were able to make a sale of 15,299 units in August 2020, in comparison to 14,684 units that were sold in August last year, showing a growth of 4%. In a statement, Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd. said, “At Mahindra, we continue to see good recovery in demand both for SUVs and Pick-ups in the Small Commercial Vehicles segment. For the month of August, we have registered growth in both SUVs and Pick-ups. We have been able to meet the uplift in demand by managing the supply chain challenges and going forward will continue to keep our focus on it.”
The company was able to see a ray of sunshine in their Farm Equipment Sector, where they were able to record a hike in tractor sales by 65% in August 2020. The total tractor sales for Mahindra, including domestic sales and exports, were at 24,458 units for August 2020, as against 14,817 units for August in the previous year. As opposed to 13,871 units that were sold in the domestic market last year, August 2020 saw an increase in domestic tractor sales by 69% with 23,503 units.
Commenting on the same, Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “On the back of highest ever sales in July, we have clocked yet another highest ever sales in August. 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. We expect rural sentiments to remain positive and translate into robust tractor demand as we move into the festive period.”