The Business Bytes
TBB BUREAU
NEW DELHI, JULY 03, 2023
Carrying forward its growth momentum from FY2023, Sonalika Tractors, a leading tractor manufacturer has reported its best-ever quarterly sales performance in the first quarter (Q1) of the current financial year (FY24) with overall sales of 40,700 tractors.
The Company says that the monsoon season has rapidly expanded its pace in major parts of the country, which is a healthy sign for farming and groundwater replenishment in India. Alongside, various government subsidies and MSP support have been vital to support farmers to make their farming profitable. At present, Sonalika sells a wide range of tractors in the 20-120 HP.
International Tractors Joint Managing Director Raman Mittal said, “Our ‘Farmers First’ approach continues to have a controlled grip over FY 2024 and has enabled us to clock our highest ever Q1 overall sales of 40,700 tractors, surpassing domestic industry growth. Our best-in-class innovation and world class quality drive in heavy duty tractors will remain focused to support farmers attain maximum productivity as our bond with them is further reinforced with our latest achievement.”
He further said that monsoons have already reached over 80 percent of India which again indicates a healthy sign as above average rainfall will also lead to higher water levels in the reservoirs and collectively allow agri activities to proliferate.
“Moreover, the recent uptick in MSP across all Kharif crops will not just ensure security to Indian farmers but also encourage farmers to diversify and cultivate diverse crops,” added Mittal.
