Gaurav Saxena, director and chief executive officer (international business), International Tractors Limited said, “We are looking at investing $100 million to set up a dedicated facility for exports. The new unit will have total installed capacity of 100,000 units and will be commissioned within the next two years.”
The current fiscal year saw little revenue increase. However, scientists predict a significant increase in the following season.
Sonalika's heavy duty tractors and region-centric approach have helped carry forward its growth momentum in the Q1 of FY24 (April-June), the company said.
Sonalika’s growth surpasses the industry growth of 27% as the company recorded an annual sales volume of 1,39,526 tractors in FY21.
The company has registered a growth rate of 41.6% over FY20 volumes, which is the highest in the industry and beaten the industry growth rate (est.26.7 %) by a significant margin, the company claims.
Overall sales of the tractor manufacturer last month was 10,206 units, combining both domestic sales and export numbers, as compared to 6,412 units sold in the same month a year ago.
Amit Kalyani, MD of Bharat Forge made the remark while speaking at a panel discussion hosted at ETAuto Smart Factory Virtual Summit 2020 where industry magnates delved deep into the impact of industry 4.0 on the assembly line and workforce, the scenario for job creation and labour laws.
The company, which crossed one lakh units sales milestone in 2017-18, is looking at assembling its tractors in China with localisation of certain contents through a local partner.
Rajiv Budhiraja, director general of the Automotive Tyre Manufacturers Association (ATMA) told ETAuto that the Association has made a submission to the Government to streamline this discrepancy.
The $7 billion Yanmar is into agri business and tractor manufacturing with their paddy and light tractors servicing light applications in vineyards, for puddling and spraying. Combined with the utility tractors of ITL, the association would expand the combined product range from 20hp to 120hp and provide them a major opportunity to penetrate the global markets further.
Sonalika ITL has established, one of the world’s largest integrated tractor manufacturing plant equipped with world-class technologies at Hoshiarpur, Punjab.
Sonalika has strengthened its domestic presence by growing more than 17% and has also grown by 21% by shipping 10,084 tractors from April’16 to January’17.
Several tractor manufacturers ET spoke to said sales are likely to grow 18-19% to 5.8-5.85 lakh units by the end of this fiscal. If this comes true, it will be the second highest sales volume recorded in the domestic tractor market in a year after sales surged 20% to a record high of 6,34,151 units in 2013-14.
In the domestic market the company’s sales volume increased to 18.3%
The company sold 5778 units in the month of November which is an all time high in last two years. The tractor manufacturer also grew by 32 percent in the export market by exporting to more than 80 countries.
Yanmar will acquire shares held by the world's biggest private equity fund, Blackstone Group, which will make a rough three times return on a four-year-old investment.
“We have achieved the highest market share of 14.2% in any single month from last 2 years. Our success has been despite the market conditions which have toughened."
The export division alone has registered the growth of 20 percent in 8 months starting April to November 16. Furthermore, company also had achieved a milestone of 7 lakh customer reach in November 2016, from the time of its inception.
While the growth rate of Sonalika ITL is rising phenomenally with every passing year, the export division alone has registered a growth of 20% in last 7 months, starting April to October 2016.
"Considering the goal of enabling farmers to double up their income by 2022, the efficient technology of our tractors will play a crucial role in this advancement."
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