During the year under review, your Company sold 306 motor graders, a 62.7% increase as against 188 sold in the previous year. Your Company also has a presence in the Sugar Cane Haulage market (under the Mahindra HaulMaster brand) in the export market. The BHL industry grew by 22% and the motor grader industry grew by 28% due to increased focus from the Government of India on infrastructure. EXPORT FROM INDIA - AUTOMOTIVE SECTOR The Automotive Sector of your Company exported a total of 24,663 vehicles in FY 2023-24. Continued headwinds in South Asia and Africa impacted the overall export volumes. However, there was growth in the regions of Australia, New Zealand, South and Central America, driven by strengthened SUV portfolio. In Australia, XUV700 saw good momentum, driving a multi-fold increase in retail offtake. In South Africa, Scorpio-N stands among the top SUVs in the Body-onFrame SUV segment. In Tunisia, XUV300 received the Golden Wheel 2023 award for "Best seller in its segment". The Scorpio-N set a Guinness World Record for fastest crossing by a production vehicle of the Simpson desert in Australia. Your Company continues to focus on bolstering its global operations through its portfolio of SUVs and commercial vehicles. Today, India has the third largest automotive industry in the world. Your Company's products have gained share in this competitive environment where multiple global OEMs are present. This gives us a strong base to expand our global reach through our global ready products. On the base, in Futurescape, South Africa, your Company revealed aspirations for global expansion in August. As part of this plan, your Company revealed the Global Pikup Concept at Futurescape, Cape Town to potentially target ASEAN, Australia, South Africa, South and Central America within the next few years. Your Company also revealed aspirations to add new potential markets like UK and Europe through the Born Electric Range. FARM EQUIPMENT SECTOR During the year, your Company marked numerous achievements, from a product, manufacturing and global perspective, amidst strong appetite for mechanisation among farmers. While domestic tractor demand slowed down, global tractor markets were also weak compared to the previous years. However, with a proactive approach, your company remains poised to capitalize on opportunities. During the period under review, your Company sold a total of 3,78,386 tractors (domestic plus exports from India), under the Mahindra, Swaraj and Trakstar brands, against 4,07,545 tractors sold in the previous year, registering a de-growth of 7.2%. Your Company sold 3,64,526 tractors, as compared to 3,89,531 tractors in the previous year in domestic market (these figures for the current year sales and previous year sales include tractors sold by Gromax Agri Equipment Limited, a subsidiary of the Company), reflecting a de-growth of 6.4%, as against the industry de-growth of 7.4%. The year marks the second highest ever tractor volumes sales achieved by your Company. Your Company's FY 2023-24 market share at 41.6% continues to st position it as the domestic market leader for the 41 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. Farm Mechanisation 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 rotavators, harvesters and rice transplanters amongst others. During the year, Mahindra Farm Machinery clocked the highest ever revenue with a YoY 32% growth. This growth was driven by nd record performance in rotavators where your Company is in 2 position with a market share of 20.3% and a YoY volume growth of 62% in rice transplanters. Your Company also launched new products such as rotavators, loaders and backhoes in the North American market. 155 MANAGEMENT DISCUSSION AND ANALYSIS
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