The Hindu Business Line : M&M to increase tractor, farm equipment prices

NEW DELHI: Reeling under the pressure of high input costs, auto major Mahindra and Mahindra (M&M) on Wednesday said it is likely to increase the prices of its tractors and other farming equipment in the next 3-4 months.

“The prices of raw materials are continuously going upwards and it is affecting our bottomline. If it continues to affect us like this, then we will be left with no other option but to increase the prices of our tractors and other products,” M&M Chief Op erating Officer (farm equipment), Mr Gautam Nagwekar said here.

He, however, declined to comment on the quantum of price increase that the company is likely to go for.

In July, the company had raised the prices of its tractors by Rs 10,000-12,000, he said, adding, “We have already increased the prices twice in the current financial year. Tractor prices have increased up to Rs 20,000 in a year.”

“In the last four months the company has achieved a nine per cent growth in turnover and is expecting a high single digit growth rate for the rest of the fiscal,” Mr Nagwekar said.

Meanwhile, Mahindra Powerol, a division of M&M's farm equipment sector, today launched a range of power generator sets consisting of 82.5 kva, 100 kva and 140 kva engines. - PTI

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