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Deficit rainfall trips tractor segment, gets auto sector worked up
Mint Mumbai
|September 04, 2023
The progress in the recovery of rural demand this year depends to a good extent on how the monsoon pans out.
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But rainfall has been subdued in August. This has a significant bearing on the automobile segment, especially the companies that sell vehicles that are more skewed towards the rural economy. Tractors are a case in point.
In August, Mahindra & Mahindra Ltd (M&M)’s tractor volume grew by merely 1% year-on-year to 21,676 units. Escorts Kubota Ltd saw a drop in its tractor volume of 8.5% y-o-y to 5,593 units. In the first five months of FY24, the tractor volume of both companies has dropped by about 1% each.
This story is from the September 04, 2023 edition of Mint Mumbai.
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