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Domestic tractor sales to grow by 10-12% in FY-21: Crisil Ratings
TIWN
Domestic tractor sales to grow by 10-12% in FY-21: Crisil Ratings
PHOTO : TIWN

New Delhi, Nov 11 (TIWN) Healthy monsoon along with prospects of higher crop production are expected to lift domestic tractor sales growth by 10-12 per cent in the current fiscal, said credit ratings agency CRISIL on Wednesday.

In April-September, tractor industry volume was up 12 per cent year-on-year, with the southern and western regions witnessing almost 45 per cent and 13 per cent demand, respectively, it said.  The ratings agency also said a higher volume and improved product mix will drive expansion in operating margin of tractor makers, which may see a 100-200 basis points increase, thereby supporting their credit profiles, Crisil said.  A good monsoon and higher crop production generally support farm incomes and provide a fillip to tractor demand, said the rating agency, adding in the just-past rabi season, crop production surged a significant seven per cent year-on-year.

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