The company claimed that despite the unprecedented heat wave that affected crop production across the nation, the MSP increase from the government authorities helped to boost cash flow in the rural areas, increasing demand for tractor equipment during Q1 of FY23.
Sonalika Tractors has clocked its most successful Q1 sales ever in FY23. The company sold 39,274 tractors which represents an increase of 18 percent in comparison to 33,215 units sold during the same time one year ago.
The company claimed that despite the extreme heat that is affecting the nation’s crop production and the MSP increase from the government side has helped boost cash flow to rural areas which drove tractor demand during Q1 FY23.
As monsoon expands coverage across the nation, Sonalika Tractors will is expecting even stronger sales during the current quarter and will expand its reach to help farmers overcome the daily challenges of farming.
Raman Mittal, Executive Director- Sonalika Group
In announcing the achievement of the new Q1 benchmark, Raman Mittal, Joint Director of Management, International Tractors Limited, stated, “Delivering on farmer’s expectations every month allows us to set new standards both in terms of our product and performance.
Our record-breaking Q1 total sales of 39,274 units, with a growth of 18 percent is proof that we can understand farmers and their local market needs.
This is reflected in the increased trust of farmers in the brand Sonalika. Strategically supported by our unique method of modifying our tractor portfolio I’m confident that we’ve put the course for FY’23 in the good direction for the coming seasons later in the year.
Sonalika Tractors will continue to focus on regional farmer needs to ensure high efficiency and earnings for their booming future.”
In February of this year, Sonalika Tractors also became the top tractor export brand in India and recorded a stunning year-to-date (YTD) increase of 60.1 percent during the April 2021-January 2022 timeframe.
Sonalika Tractors exported 2872 units from April 2021 to January 2022 in comparison to 17,938 units shipped during the same period last year.
The month of January 2022 saw Sonalika Tractors export 3,022 units, compared to 2,004 units sold within the month one year earlier, which is an increase of 50.8 percent.