MUMBAI: Farm equipment manufacturers withstood the sales slump better in May than others in the automobile sector. Mahindra & Mahindra Ltd (M&M) reported a 2% growth in farm equipment sales in May in the domestic market.
Another notable manufacturer of agriculture machinery Escorts Ltd reported tractor sales of 6,454 in domestic market, a mere 0.5% fall from the year ago month.
Both companies saw significant fall in exports, perhaps due to logistics challenges and shutdowns in overseas markets. Even so, the sales readings are notably better than companies such a Maruti Suzuki India Ltd and Hero MotoCorp Ltd, which reported an 82-88% slump in domestic sales.