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With an uptick in government spending ahead of the elections and a good monsoon, Mahindra and Mahindra Ltd is expecting the tractor industry to grow in low single digits in FY24.
The company is also looking to expand its market share with the introduction of new lightweight tractors. It will be launching a new product under its Swaraj brand in June.
‘Positive aspects’
“The terms of tractors have improved and the positive aspects have been good reservoir levels and good rabi crop. Yuvo Tech has done very well and has got us significant momentum, helping gain market share. On the Swaraj side, we did a lot of work around the channel and efficiency that has resulted in us getting market share. That gives us confidence in adding new products and segments in which we are not present. Swaraj’s upgrade will be significant and it will be aggressively marketed; we will see more of that in August and September,” said Rajesh Jejurikar, Executive Director & CEO, Auto and Farm Sector, M&M Ltd.
The farm division of the company earned a revenue of ₹8,023 crore during the last quarter as against ₹6,178 crore in the year-ago period. The company also gained 40.7 per cent market share during the quarter and a 41.2 per cent of market share in the whole of FY23.
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