45081707-Tractor-Business

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Business – India;Tractor Industryalabika Sarkar,Shweta Bhanot

cture this: A bright and sunny day at a village in Punjab. Farmers are gathering at an empty plot of land demarcatedlourful flags and banners. No, it is not an election rally, but a consumer contact programme organised by a tractor anufacturer for the potential buyers. Free demonstrations and test drives are offered with a smile, while the trained aff showcases its prowess in engaging farmers with a well-orchestrated product spiel and with details of the financiptions available, if they choose to buy a tractor from its wide range.

t Rs 14,000 crore, India has the world’s largest tractor market, with a total sales volume of 3,04,000 units in 2008-0

om 1,60,000 tractors in 2003. Comparatively young by world standards, it has expanded at a spectacular pace in theur decades. In the last six years itself, the tractor market has grown 89%. The industry is expected to grow between

nd 8% in financial year 2009-10.

nd such consumer events are not one-offs. They are regular and an integral part of the marketing strategy of tractor anufacturers.

tractor is among the three most important investments made by a farmer in his lifetime, with a marriage in the famind a house being the others. Ironically, India has less than 10% tractor ownership. At the same time, the usage is as

35%. Which means, a large number of farmers use tractors on rent. Little wonder that tractor marketers, big and sme trying out all the tricks in their books to woo potential buyers.

terestingly, Indian tractors are the cheapest in the world . By some estimates, the cost of a tractor produced in India

uch as the cost of its gear box in a developed country. The scope for exports, therefore, is tremendous.ack to India, the tractor market is broadly classified into four segments—machines with less than 30 hp (horsepowee 30-40 hp, the 40-50 hp and the 50 hp-plus segments.

dia has been predominantly a 30-40 hp market. Of the total number of tractors sold last year, an overwhelming 2 laere in the less than 40 hp segment and the remaining in the 40 hp-plus segment. The industry estimates that the 40 hus segment will come to represent 38% (1,10,000 units) of the industry by 2015.

deed, the whole industry is at the threshold of a revolution, says Gopal Krishna, head, marketing and exports, Sameeutz-Fahr Group (SDF). He says that more sophisticated and powerful tractors are making their way into the markehis is courtesy a large exodus of farmers into urban areas, which in turn makes labour scare and costly in rural areasThe dependence on machines is increasing everyday. With leasing gaining in importance—because the future isxpected to lie in co-operative farming—powerful tractors of over 50 hp will be in great demand,” he observes. This

so driven by a growing demand for tractors from the infrastructure sector.

njani Kumar Choudhari, president farm equipment sector and group management board member, Mahindra & MahM&M), is equally upbeat. “We see the fastest growth in the 50-plus hp segment and plan to introduce tractors in thisnge,” he says. “We have tractors up to 75 hp. Also, we are modernising and improving our range of 30-40 hp tracto

nd working on launching sub-30 hp tractors which offer good value for money.”

&M sold 92,000 units last year in the domestic market and exported 8,000.

he small and marginal farmers who own less than 5 acre of land and comprise 82% of the total farming households e country, have a minuscule 1% tractor ownership. Yet this is not the segment marketers and financiers are pinning

opes on. The reason is obvious: Co-operative farming is the way to the future. Overall, the industry not particularlyopeful about the performance of the below-30 hp segment, and expects it to remain at the current levels with no

preciable increase in demand except from the non-mechanised and semi-mechanised states. The growth in this segmill largely depend on the availability of credit to farmers with lower land holdings.

ractor manufacturers, aware of the vast and diverse nature of demand, are putting a lot of effort in getting the spadewght. Regular surveys of the villages to find out the farmers’ land holdings and setting up large distribution networksweb of touch points are among the first things a manufacturer has to get right if he hopes to make a dent in the mark

or instance, Escorts’ agri machinery group has a distribution networks comprising over 1,500 dealerships and 800 rervice outlets, apart from 29 marketing offices spread across the country. This is supported by a field force of over 3

mployees.

ne also needs to be constantly on one’s toes to make a mark. Says AK Srivastava, general marketing manager, HMTWe have adopted a no-frills, grassroots approach comprising field demos at doorstep, direct interaction of our traineeld staff with potential customers and participation in rural fairs and exhibitions.”

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addition, manufacturers try to identify the farmers who have purchased tractors three to five years ago and are lookreplace them with new ones. “Around 70% of the tractors in the country are believed to be reaching the replaceme

age,” says SDF group’s Krishna.

&M, a leader in the market with a share of around 42%, is not willing to give the low hp segment a go by. It is fieldsting an 18 hp Chinese tractor from its Mahindra China Tractor Company (MCTC) range. Escorts is also hedging itts. Rohtash Mal, executive director and CEO, agri machinery group, Escorts, says, “For us, the sub-30 hp segment ss interesting.” But he is unwilling to discuss his company’s plans for the segment in any detail.

ypically, tractors are used for farming operations for about four-six months in a year and the rest of the time, it is usr transportation and other applications. “Today, tractors are used at construction sites, airports and large infrastructu

ojects such as the metro rail,” says Mal.onsidering their importance, there is much consultation and ground work that goes into buying a tractor. Factors sucliability of the machine, after-sales service, financing options and resale value remain at top of a farmer’s considerat. Mind you, you can also land a desirable bride if you have a handsome machine parked at your doorstep, but that’

urely incidental. Price, interestingly, is not the main consideration for a farmer, explains LD Mittal, chairman, Sonaroups. “Before making up his mind, the farmer consults his fellow villagers who are using tractors and their feedbaccomes a guiding factor for him,” he says.

t present, credit availability is the big issue facing the industry. The year 2008-09 started well with commodity pricoing up, a lot of high minimum support prices and big credit waiver announced by the government. But the globaleltdown dampened the general economic sentiment despite a third consecutive good monsoon last year. Banks clam

own on credit, and since 85% of the tractors are bought on loan, making credit available at affordable interest rates w

key to category growth, say observers.





A REPORT

ON

1st August, 2010



ANALYSIS OFTRACTOR INDUSTRY

N INDIAubmitted to Prof. Dr.Utpal Chattopadhyay as a part of

GDIE curriculum

Team Mem

Pankaj Tadaska

Parasram Paria

Ramachandra Chikhalag

Ramesh Bab

Sudhir Kumar

Sunit Mhasade

NDEX

INTRODUCTION............................................................................................................................... 3

HISTORY.......................................................................................................................................... 5

OREIGN COLLABORATION................................................................................................................. 7

INDIAN TRACTOR MARKET OVERVIEW........................................................................................... 8

INDUSTRY TRENDS BY REGIONS................................................................................................ 11 ii) INDUSTRY TREND

TATE.................................................................................................... 13 iii) REGION-WISE MARKET SHARE OF M

LAYERS................................................................. 16 iv) INDUSTRY TRENDS BY TRACTOR HORSE PO

P).............................................................. 17MARKET CONCENTRATION........................................................................................................... 19

MARKET CAPITALISATION IN TERMS OF VOLUME. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ii) MARKET CAPITALISATION IN TERMS OF TURN OVER..........................................................



iii) MARKET CAPITALISATION IN TERMS OF SALES....................................................................

5. TRACTOR INDUSTRY IN TERMS OF FINANCIALS.......................................................................

E RATIO.................................................................................................................................. 22

EARNINGS PER SHARE............................................................................................................... 22

iii) PAT (PROFIT AFTER TAX)........................................................................................................... 23

XPORTS........................................................................................................................................ 25 7. SOME LONG TERM DEM

RIVERS FOR THE INDUSTRY......................................................... 26 8. FUTURE GROWTH IN TRA

DUSTRY................................................................................... 27

EFERENCES.................................................................................................................................. 28

INTRODUCTION

actor industry plays an important part as agriculture sector has a major contribution to India’s GDP. Tractors are p

gricultural machinery industry. Tractors came to India through imports and later on were indigenously manufactured wi

elp of foreign collaborations. The manufacturing process started in 1961-62. Indian tractor industry is relatively youn

ow has become the largest market worldwide.

gher productivity and greater output are the two major contributions in farm mechanization. Tractors form an integral p

rm mechanization and have a crucial role to play in increasing agricultural productivity. Tractor is a highly versatile pie

achinery having a multitude of uses, used in agriculture both for land reclamation and for carrying out various crop cultiv

d also employed for carrying out various operations connected with raising the crops by attaching suitable implements a

ovide the necessary energy for performing various crop production operations involved in the production of agricultural c

actors are capital intensive, labour displaying used as a mode of transport, in electricity generation, in construction industr

r haulage operation. It has now become an integral part of farm structure .The application of tractor for agricultural acti

hich swept India during the last twenty years have erased the problem of farmers. Farm mechanization program in India ai

egrate the use of available human and animal farm power with mechanical sources of power for increasing the productivity



dian tractor industry, comparatively young by world standards have expanded at a spectacular pace during last four dec

onsequently it now occupies a place of ride in India's automobile industry. U.S.A., U.S.S.R. and only a few Western Euro

untries exceed the current production of tractors in India, but in terms of growth India's growth is unmatched even

untries of long history of tractor manufacturing.

he spectacular achievement reflects the maturity and dynamism of tractor manufacturers and also the policies adopted b

overnment to enable it to effectively meet the demand. The tractor industry in India has made a significant progress in ter

oduction and capacity as well as indigenisation of technology. It is a typical sector where both imported technology

digenous developed technology have developed towards meeting the overall national requirements. The global spotlig

actors manufacturers certainly in terms of volume seems to be swinging away from the USA, UK and Western and Ea

urope towards India where growth in the number of producers and the total volume in recent years have been impressi

dia tractor industry has played a vital role in the development.

dia's gross cropped area is next only to United States of America and Russia and long with fragmented land holding

elped India to become the largest tractor market in the world. But it drops to eight position in terms of total tractor in use

untry when compared to international figures, only 3% of total tractors used all over the world . It is to be noted that whi

verall automobile industry is facing recession the tractor industry is growing at 9%.About 20% of world tractor product

rried out in our country only. The arable land in India is high as 12% of the total arable land in the world. Tractor market in

about Rs 6000 crore. On an average around 400000 tractors are produced and their sale is 260000.Uttar Pradesh

rgest tractor market in our country. One out of every four tractor is being Purchased here. Indian tractor market has

ewed considering its position in the world with respect to key parameters as given below

HISTORY



945 to 1960

ar surplus tractors and bulldozers were imported for land reclamation and cultivation in mid 1940's. In 1947 central and

actor organizations were set up to develop and promote the supply and use of tractors in agriculture and up to 1960

emand was met entirely through imports. There were 8,500 tractors in use in 1951, 20,000 in 1955 and 37,000 by 1960.961 to 1970

ocal production began in 1961 with five manufacturers producing a total of 880 units per year. By 1965 this had increas

ver 5000 units per year and the total in use had risen to over 52,000. By 1970 annual production had exceeded 20,000

th over 146,000 units working in the country.971 to 1980

x new manufacturers were established during this period although three companies (Kirloskar Tractors, Harsha Tractor

ttie Tractors) did not survive. Escorts Ltd. began local manufacture of Ford tractors in 1971 in collaboration with Ford

nd total production climbed steadily to 33,000 in 1975 reaching 71,000 by 1980. Credit facilities for farmers continu

prove and the tractor market expanded rapidly with the total in use passing the half million mark by 1980.981 to 1990

further five manufacturers began production during this period but only one of these survived in the increasingly compe

arket place. Annual production exceeded 75,000 units by 1985 and reached 140,000 in 1990 when the total in use

bout 1.2 million. Then India - a net importer up to the mid-seventies - became an exporter in the 1980s mainly to countr

rica.

991 to 1997

nce 1992, it has not been necessary to obtain an industrial license for tractor manufacture in India. By 1997 an

oduction exceeded 255,000 units and the national tractor population had passed the two million mark. India now emerg

ne of the world leaders in wheeled tractor production.997 to 1999

ve new manufacturers have started production since 1997. In 1998 Bajaj Tempo, already well established in the m

dustry, began tractor production in Pune. In April of the same year New Holland Tractor (India) Ltd launched production

p tractors with matching equipment. The company is making a $US 75 million initial investment in a state of the art pla



reater Noida in Uttar Pradesh state with an initial capacity of 35000 units per year. Larsen and Toubro have establish

nt venture with John Deere, USA for the manufacture of 35-65 hp tractors at a plant in Pune, Maharashtra and Greeve

ll produce Same tractors under similar arrangements with Same Deutz-Fahr of Italy. Looking to South American e

arkets Mahindra and Mahindra are also developing a joint venture with Case for tractors in the 60-200 hp range.

nnual production was forecast to reach 300,000 during the following year.999 to Present

acing market saturation in the traditional markets of the north west (Punjab, Haryana, eastern Uttar Pradesh) tractors

egan a slow and slight decline. By 2002 sales went below 200,000. Manufacturers scrambled to push into eastern

uthern India markets in an attempt to reverse the decline, and began exploring the potential for overseas markets.

mained in a slump, and added to the market saturation problems also came increased problems of "prestige" loan def

here farmers who were not financially able took tractors in moves to increase their family’s prestige. There are also rep

creased misuses of these loans for buying either lifestyle goods, or for social functions. Government and private banks

oth tightened their lending for this sector adding to the industry and farmers woes. By 2004 a slight uptick in sales once

e to stronger and national and to some extent international markets. But by 2006 sales once again were down to 21

nd now in 2007-08 have slid further to just over 200,000.

hese factors apart, non-agricultural use of tractors (for haulage in construction and infrastructure projects) continu

crease, benefiting tractor demand. Also, with infrastructure projects and rural employment schemes increasing employ

pportunities, availability of labour for agricultural activities continued to decline, persuading even farmers with medium-

nd holdings to either rent or purchase tractors.

n a regional basis, the performance of the eastern, northern and western parts of the country was robust during 2009

rms of tractor demand, while that of the southern region was moderate. A strong growth in tractor volumes, albeit on

ase, was witnessed in the eastern States, including Bihar, Orissa and Jharkhand, which had a good paddy crop. Tr

lumes in the northern and western regions also reported strong growth during 2009-10, especially in the second half (He year, benefiting from a low base (H2, 2008-09) and a satisfactorykharif crop in some States. The southern region rep

oderate performance in terms of tractor demand (growth of 11.9% in 2009-10), being impacted largely by the de-grow

ndhra Pradesh (AP)—a key southern market— where rainfall was irregular in 2009-10. However, in Karnataka and

adu, higher MSPs for rice along with some revival of interest of public sector banks (PSBs) in tractor financing led to s

actor sales volumes.

storically, tractor demand has been fairly volatile, being influenced by cyclical trends, availability of finance, and

atterns (monsoon). After four years of strong growth during 2003-07, the fiscal years 2007-08 and 2008-09 both repor

arginal decline in tractor sales volumes, largely reflecting cyclical corrections. In addition to the cyclical dips, durin

008-09, the industry also had to cope with the liquidity crunch, which pushed up interest rates, even as financiers resort



ore stringent lending norms in the face of rising non-performing assets (NPAs). However, the situation improved d

009-10 as credit availability improved on the strength of greater liquidity in the banking system. While tractor financing

aditionally been done by PSBs, of late, private banks and non-banking finance companies (NBFCs), despite their h

terest rates vis-à-vis the PSBs, have been able to increase their penetration of this market on the strength of faster

ocessing and use of more liberal credit norms.

verall, with tractor demand being closely linked to agricultural output, growth in farm mechanisation and far

muneration, the long-term demand drivers for the industry remain robust. The currently low levels of tractor penetrati

dia, strong Governmental focus on availability of finance for agriculture mechanization tools and on rural developmcrease in the use of tractors for non-agricultural purposes, and the growing emphasis on tractor exports augur well fo

dustry.

A REPORTON1st August, 2010

ANALYSIS OF

TRACTOR INDUSTRYN INDIAubmitted to Prof. Dr.Utpal Chattopadhyay as a part of GDIE curriculum

Team Mem

Pankaj Tadaska

Parasram Paria

Ramachandra Chikhalag

Ramesh Bab

Sudhir Kumar

Sunit Mhasade

DEXINTRODUCTION............................................................................................................................... 3HISTORY.......................................................................................................................................... 5REIGN COLLABORATION................................................................................................................. 7INDIAN TRACTOR MARKET OVERVIEW........................................................................................... 8

NDUSTRY TRENDS BY REGIONS................................................................................................ 11

INDUSTRY TRENDS BY STATE.................................................................................................... 13REGION-WISE MARKET SHARE OF MAJOR PLAYERS................................................................. 16

INDUSTRY TRENDS BY TRACTOR HORSE POWER (HP).............................................................. 17

ARKET CONCENTRATION........................................................................................................... 19

MARKET CAPITALISATION IN TERMS OF VOLUME. . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19



MARKET CAPITALISATION IN TERMS OF TURN OVER............................................................... 20MARKET CAPITALISATION IN TERMS OF SALES......................................................................... 20

TRACTOR INDUSTRY IN TERMS OF FINANCIALS............................................................................ 22P/E RATIO.................................................................................................................................. 22EARNINGS PER SHARE............................................................................................................... 22PAT (PROFIT AFTER TAX)........................................................................................................... 23

EXPORTS........................................................................................................................................ 25

SOME LONG TERM DEMAND DRIVERS FOR THE INDUSTRY......................................................... 26FUTURE GROWTH IN TRACTOR INDUSTRY................................................................................... 27

REFERENCES.................................................................................................................................. 28



INTRODUCTION

actor industry plays an important part as agriculture sector has a major contribution to India’s GDP. Tractors are p

gricultural machinery industry. Tractors came to India through imports and later on were indigenously manufactured wi

elp of foreign collaborations. The manufacturing process started in 1961-62. Indian tractor industry is relatively youn

ow has become the largest market worldwide.

gher productivity and greater output are the two major contributions in farm mechanization. Tractors form an integral p

rm mechanization and have a crucial role to play in increasing agricultural productivity. Tractor is a highly versatile pie

achinery having a multitude of uses, used in agriculture both for land reclamation and for carrying out various crop cultiv

d also employed for carrying out various operations connected with raising the crops by attaching suitable implements a

ovide the necessary energy for performing various crop production operations involved in the production of agricultural c

actors are capital intensive, labour displaying used as a mode of transport, in electricity generation, in construction industr

r haulage operation. It has now become an integral part of farm structure .The application of tractor for agricultural acti

hich swept India during the last twenty years have erased the problem of farmers. Farm mechanization program in India ai

egrate the use of available human and animal farm power with mechanical sources of power for increasing the productivity

dian tractor industry, comparatively young by world standards have expanded at a spectacular pace during last four dec

onsequently it now occupies a place of ride in India's automobile industry. U.S.A., U.S.S.R. and only a few Western Euro

untries exceed the current production of tractors in India, but in terms of growth India's growth is unmatched even

untries of long history of tractor manufacturing.

he tractor industry reported a compounded annual growth rate (CAGR) of over 20% in volume terms during the period 2

7. The long up-cycle in demand was supported by several factors, including excise duty exemptions on tractors (2004

rust on rural development, improved availability of finances for tractor purchase, and low interest rates.

he growth also came on a low base, with the preceding three fiscal years (2000-03) having witnessed a prolonged pha

lume correction. The cyclical correction during 2000-03 had been aggravated by the build-up of channel inventory wit

ajor players having pushed aggressively for larger sales. In contrast to this phase of cyclical slowdown, the one

appened during 2007-09 was less severe, with volumes declining by around 3%, despite the intermittent tightening ouidity situation during H2, 2008-09.

he demand slowdown during H2, 2008-09 also impacted the profitability of the original equipment manufacturers (O

at is, the tractor manufacturers, because of the high price inventory they were carrying. However, the situation improv

e cost structure front in H1 2009-10 with the softening of commodity prices preparing the ground for the industry to

gher profitability margins. The pickup in volumes also lowered the overhead expenses for the tractor manufact

oosting their profitability. While the OEMs did not lower the listed sales price of tractors, the benefit of lower steel prices

assed on to the end customers via discounts. This is an accepted practice in the industry; given that once prices are low

s difficult to raise them subsequently. However, during H2 2009-10, the tractor majors increased the prices with the rev

commodity prices and the discounts have also come down.



apacity utilisation in the tractor industry had hit a low during 2002-03, following large capacity additions and a volume sl

ter that, capacity utilisation improved steadily, but remained moderate at around 50% during 2008-09. In 2009-10, the tr

lume growth has helped the OEMs improve their capacity utilizations; however, there is still excess capacity in the ind

hus, over the medium term, most tractor manufacturers would not need to make any significant capital investme

ilding capacities.

s discussed, the domestic tractor industry has to cope with demand volatility on account of cyclical trends and the s

kages it has with agricultural production and monsoon rains. Many of the industry players have thus diversified into re

oducts, including generator engines and cranes, besides focusing more on exports, to gain some insulation againlatility in domestic tractor demand. As for tractor exports, while a major part of that currently goes to USA, the OEM

ow exploring various other markets across Europe, Asia and Africa for future ex



INDUSTRY TRENDS BY REGIONS

he biggest markets for the tractor industry include States like Uttar Pradesh (UP), Andhra Pradesh (AP), Madhya Pra

MP), Rajasthan, and Maharashtra, which together accounted for around 50% of the total tractor sales in India during 200

he tractor industry witnessed a strong y-o-y growth of 28.3% during 2009-10, with most of the States reporting po

owth during the year.rend in Tractor Sales across regions

he northern region remains the largest tractor market in India with sales of around 1,67,000 units as of 2009-10. This r

ported a growth rate of 35.7% in volume sales in 2009-10 over the previous fiscal, with the key contributors including

unjab, Haryana and Rajasthan. The northern region benefited from higher MSPs (for crops), limited availability of la

orcing higher mechanisation), and increasing non-agricultural use of tractors.





dditionally, increased infrastructure development activities (especially highways) led to appreciation in land values and u

actors for non-agricultural purposes. In some cases, farmers also received compensation for the Government’s acquisit

lect land patches (adjoining highways), which increased the availability of cash with them. Feedback from industry pl

ggests cash purchases (including purchases using Kisan Credit Card) in some northern States increased to 35-40%

tal tractor volumes in 2009-10 from 10- 15% in the past.rend in Tractor sales across States

actor volumes in UP grew by 42.7% during 2009-10, with H2, 2009-10 reporting particularly strong growth (around 51%

mainly on the back of high sugarcane prices for thekharif crop and improved irrigation facilities. In the case of Pu

actor volumes remained strong for the fifth straight year in 2009-10 (y-o-y growth of 42%). In Rajasthan however, grow

actor volumes was relatively subdued in 2009-10 (around 24% y-o-y) as compared with the figure for the northern regi

whole. Tractor sales in Rajasthan were especially low in H2, 2009-10 versus H1, 2009-10, due to lower kharif outp

count of deficient rains and inadequate financing availability.

the eastern region, tractor volumes continued to report strong growth in 2009-10, albeit on a small base, and went u

3.8% over 2008-09, being driven mainly by the higher MSPs announced for paddy. Within the region however,

anciers remained reluctant to finance tractor purchases in some States like Bihar. Nevertheless, in Bihar, tractor vol

ew 66% over 2008-09 to around 29,000 units in 2009-10, thereby accounting for over 50% of the total sales in the ea

gion. The Bihar market, where tractor penetration had been low historically, has shown sustained growth over the las

ars and become one of the important markets for the tractor industry. Overall, in the eastern region, growth in tr

lumes is expected to moderate, going forward, as the benefit of a low base get diluted gradually.

he western region reported sales of around 92,000 tractor units during 2009-10—a growth rate of 35.7% over the pre

cal—benefiting particularly from the strong performance that Maharashtra, Gujarat and MP posted during H2, 2009-10

o-y growth over H2, 2008-09). The factors contributing to the strong growth in the region during H2, 2009-10 includ

enign base effect, higher crop prices (of sugarcane and cotton in Maharashtra, and of cereals and soyabean in MP)

eater availability of retail finance.

he performance of the southern region in terms of tractor sales was relatively modest during 2009-10, with the growth

eing around 11.9% over the previous fiscal. While most States in the region reported healthy growth, AP, which is the la

actor market in the south, de-grew by 10.4% in 2009-10.

NDUSTRY TRENDS BY STATE

unjab, Uttar Pradesh and Haryana were the first States to benefit from the Green Revolution and hence have traditio

ccounted for most of the tractor sales. However, given the high penetration of tractors in these Northern States

eographical concentration of tractor sales is gradually shifting to the Western and Southern States of the country. State

ujarat, Andhra Pradesh and Madhya Pradesh have reported significant increases in tractor volumes over the past

ars. This trend is continuing in the current fiscal also, as the intensity of tractorisation in North India is quite high alr

able 5 depicts the distribution of tractor sales in the country in the first quarter of the current fiscal vis-a-vis the like p

evious year.

45081707-Tractor-Business

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