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Tractors a sore spot for M&M
Mint Mumbai
|February 16, 2024
Mahindra & Mahindra Ltd's journey is a tale of two parts.
On the one hand, its automotive business is on a strong footing, and on the other, it is a rocky road for its farm equipment segment (tractors).
In the auto segment, M&M expects its sport utility vehicle portfolio to grow by 15-19% in FY25. This is meaningfully ahead of the Society of Indian Automobile Manufacturers' forecast of 10-12% for utility vehicles (UVs).
It helps that M&M had a robust SUV order book of 226,000 units as on 1 February. But the order book has fallen sharply by 21% from 1 November levels, partly due to high cancellation rate in November and December.
The order backlog may fall further as the company is ramping up its capacity to reach 49,000 units per month by the end of the March quarter (Q4FY24). At the same time, it is encouraging that average new bookings are at 50,000 units per month.
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