Mahindra to launch 6 new tractor models

Domestic auto major Mahindra plans to launch six new tractor models including one from an all new platform, M Star in the current fiscal.

"We will roll out six new tractors this fiscal of which one from a totally new platform, on which we are working on for the two-and-a-half years. The remaining five products will be the variant of the existing models," Mahindra & Mahindra Chief Executive for Tractor and Farm Mechanisation Rajesh Jejurikar said here.

Jejurikar, however, did not disclose the investment on the new products but added that, "a new platform generally envisage an investment of around Rs 350 crore".

Last week, company's automotive and farm equipment division head Pawan Goenka had said that M&M planned to invest Rs 10,000 crore over 2013-15, including a capex of Rs 7,500 crore for capacity expansion and new product launches and Rs 2,500 crore as investment in group firms.

The company's domestic sales of tractors grew 24.70 percent, standing at 22,471 units during May 2013, as compared to 18,019 units in corresponding period previous year.

"In April, we gained about 0.6 percent market share compared to year ago. While the industry numbers are yet to be out for May, we do expect some gains in May also," he said.
    
The company's market share in April stood at 40.3 percent, he said.

"Much of this growth has come from northern states such as Rajasthan, MP, Punjab and Haryana among others. West and down south has seen d-growth, which has, however, come down compared to last year," he said adding with the onset of monsoon, these states are moving towards positive growth zone.

Incidentally, the company today reported a 24.24 per cent increase in its tractor sales to 23,626 units in May 2013, as compared to 19,016 units a year-ago.