MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

FarmMechanisation is an important enabler to address the concerns of farm productivity and farm labour shortage. Your Company has aggressive plans to grow its Farm Machinery business, through launch of 'Made in India' farm machinery products. These include rotary tillers, harvesters and rice transplanters amongst others. During the year, your Company launched new Heavy Rotavator and Supervator which helped the volumes grow signif icantly. Your Company has also improvedWheel Harvester attractiveness through technology and emission upgrades. CODE (multi-purpose farm mechanisation solution to transform horticulture farming), was launched in F22 by Swaraj Tractors and has grown signif icantly in F23 and contributed to the strong performance. Your Company achieved several milestones with robust demand for tractors and farm equipment, and sound execution of plans. Demand from global and domestic tractor markets was extraordinary, and with the right efforts made in this business, your Company is ready to seize those opportunities to the best of its abilities. For the period under review, your Company sold a total of 4,07,545 tractors (domestic plus export), under the Mahindra, Swaraj and Trakstar brands, against 3,54,698 tractors sold in the previous year, registering a 14.9%growth. FARM EQUIPMENT SECTOR Your Company sold 3,89,531 tractors, as compared to 3,37,052 tractors in the previous year in domestic market (these f igures for the current year sales and previous year sales include tractors sold by Gromax Agri Equipment Limited, a subsidiary of the Company), growing by 15.6%, as against the industry growth of 12.2%. The year marks the highest ever tractor volumes sales achieved by your Company. Your Company's F23 market share at 41.2% continues to position it as the domestic market th leader for the 40 consecutive year. Your Company's performance was supported by good performance of all products in the portfolio across all three brands viz. Mahindra, Swaraj and Trakstar. TRACTORS During the year, Mahindra Farm Machinery clocked highest ever revenue with YoY 40% growth. This growth was driven by record performance in rotary tillers where your Company achieved nd 2 position by market share. Additionally, threshers and super- seeder have grown significantly to achieve record volume in F23. 122