Financial Daily from THE HINDU group of publications
Friday, May 10, 2002
Financial Daily from THE HINDU group of publications Friday, May 10, 2002 |
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Industry & Economy
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HCV/LCV/Tractors Sharp fall in Dec tractor sales Our Bureau
NEW DELHI, May 9 A TURNAROUND in the agriculture sector failed to help the tractor industry with sales falling for the second consecutive month in December, latest industrial data showed. The Tractor Manufacturers Association (TMA), a grouping of nine tractor makers, said December sales fell by 21.3 per cent to 15,078 units as against 19,158 tractors sold in the same month of last year. This is the second straight month in which the tractor sales have fallen. In November, 16,757 tractors were sold while in October, 17,846 tractors were sold, TMA data showed. Dipping tractor sales in an agricultural market that has turned around and started to grow at a brisk pace indicate that farm prices have not risen in tandem with output, leaving farmers with little disposable income to buy tractors. According to the Government's estimates, the agriculture sector would have grown by 5.7 per cent in 2001-02. Mahindra and Mahindra Ltd retains its position as the country's largest tractor maker, selling 44,047 tractors in April-December, accounting for 31.55 per cent of all tractors sold in the country. However, the company's sales were down 29.02 per cent year-on-year in the April-December period. Last year, in these nine months, Mahindra had enjoyed a market share of 35.21 per cent. Chandigarh-based Punjab Tractors Ltd is the second largest tractor maker, selling 31,871 units in April-December and cornering a market share of 22.83 per cent. Crippled by many strikes at its Faridabad plant, Escorts Ltd lost heavily with its sales falling nearly 40 per cent to 19,491 units in April-December, the data showed. Escorts' across-the-road rival Eicher was the only volume player to register year-on-year sales growth. The company's sales advanced by 3.6 per cent in the nine-month period.
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