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Mahindra and Mahindra's biggest cash cow, the farm equipment unit, saw a 6% decline in December as end of year sales failed to meet expectations. Domestic sales in December 2018 were at 16,510 units, as against 16,855 units during December 2017, seeing a two per cent drop.
Exports were hit harder with a 45 per cent drop in sales as the company was able to sell only 894 units of tractors as against 1633 sold in December 2017. Total tractor sales (domestic + exports) during December 2018 were at 17,404 units, as against 18,488 units for the same period last year.
Commenting on the month’s performance, Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “In December 2018, the Farm Equipment Sector has sold a total volume of 17,404 tractors (inclusive of exports). Even though the Rabi crop sowing has been lower than desired, we hope that the government's initiatives in the agri and rural sectors would enable tractor sales momentum in Q4 F19. In the Export market we sold 894 tractors.”
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