Mahindra & Mahindra's Farm equipment sector today reported a 31 percent decline in total tractor sales in March at 12,254 units.
The company had sold 17,673 units in same period of last year. Domestic tractor sales stood at 10,392 units, down 37 percent, from 16,571 units sold in March 2014.
Exports rose by 69 percent to 1,862 units in March as compared to 1,102 units in the same period of previous year. "The unseasonal rains and hailstorms have adversely affected market sentiments.
We have adjusted dealer inventory in Q4 of FY15 to align to market conditions," M&M FES and Two Wheeler Division Chief Executive Rajesh Jejurikar said For the fiscal 2014-15, the company's total sales stood at 2,34,023 units as against 2,67,635 units in the previous fiscal, down 13 percent.
Mahindra & Mahindra's Farm equipment sector domestic sales in FY15 stood at 2,20,157 units as compared to 2,57,271 units in the previous year, down 14 percent, the company added. Exports during the year were up 34 percent at 13,866 units as compared to 10,364 units in the previous fiscal.
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