Tractor Sales Forecast Cut as Sowing Area Drops: Corporate India
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Mahindra & Mahindra Ltd., the world’s biggest tractor maker by volume, cut its forecast for sales growth of the farm equipment in India as the worst rainfall in three years delays crop sowing.
Mahindra estimates industry sales to expand as little as 2 percent in the year ending March 31, Pawan Goenka, president of the automotive and farm equipment division at the Mumbai-based company, said in an e-mail response yesterday. Goenka had earlier estimated sales to rise as much as 10 percent. Tractor revenue rose 22 percent at Mahindra last fiscal year.