Mahindra & Mahindra (M&M) on Wednesday reported a two per cent year-on-year (YoY) decline in domestic tractors sales to 49,336 units in October, as compared with 50,539 units in the corresponding month last year.

Exports of tractors declined by 23 per cent YoY to 1,124 units during the month, as against 1,455 units in October 2022, the company said in a statement.

Total sales declined by three per cent YoY to 50,460 units in October, as compared with 51,994 units in October 2022.

“We have sold 49,336 tractors in the domestic market during October 2023. Higher aggregate kharif production, higher MSP for key Rabi crops and government’s continued support to the agri economy in the second half of this year, are leading to positive sentiments among farmers during the ongoing festive season, supporting tractor demand,” Hemant Sikka, President – Farm Equipment Sector, M& M, said.