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Sonalika records all time high annual overall market share 15.3% (est.) in FY’24 and is the only tractor brand with growth in India

Sonalika records all time high annual overall market share 15.3% (est.) in FY’24 and is the only tractor brand with growth in India

New Delhi, 10th April, 2024: India’s No.1 tractor export brand, Sonalika Tractors is elated to have concluded its comprehensive FY’24 journey by setting a new stellar landmark while promoting its commitment of innovation and leveraging its farmer-centric approach. The company is excited to clocked highest ever overall annual market share of 15.3% as well as become the only tractor brand to grow in the domestic market in FY’24. The sensational performance has even enabled Sonalika to perform better than the industry performance. The newest peak at Sonalika also includes an unassailable 34.4% exports market share clocked during FY’24 among the tractor exporting companies from India. This includes a staggering 6.2% percentile point change in market share and bolster up the company’s position as India’s No.1 tractor exporter with a significant gap with the next brand. Throughout the year, Sonalika kept navigating through the demanding conditions of FY’24 and kept leveraging its out of the box approach – • By unveiling Rs. 1300 crore investment plan to set up two new plants in Hoshiarpur, which will further strengthen Sonalika’s position of owning the world’s largest tractor plant • Launching 5 new tractors, including SV series electric tractor, designed for international markets at 1st of its kind ‘ITL Global Partners Summit ’ in India • Launching the biggest tractor range of 10 new models under the premium Tiger series in 40-75 HP • Launching Sikander DLX DI 60 Torque Plus with the biggest engine in its category and Industry’s first one price across the country • Introducing 5 year tractor warranty across its tractor range* Heading towards establishing a fully mechanised agri ecosystem by delivering all-encompassing agri-solutions, Sonalika’s voyage throughout FY’24 showcases the company’s synergy with farmers at the grass root levels with its heavy-duty tractors and advanced implements. Sharing his views, Mr. Raman Mittal, Joint Managing Director, International Tractors Limited, said, “We are thrilled to have wrapped up our FY’24 journey with an all-time high overall annual market share of 15.3% . We are elated to have become the only tractor brand to grow in India – the largest tractor market of the world and also beaten industry performance. Whereas in exports, we have further reinforced our position as India’s No.1 export brand with 34.4% market share. The staggering growth has been enabled by our persistent focus on launching new & advanced products in our premium Tiger range and flagship Sikander DLX series, along with constant upgrades in technology across our widest heavy duty tractor range. Alongside, our unique step of showcasing tractor prices on our website has ensured transparency in tractor purchase, which has constantly increased stakeholder’s trust in our brand. This distinctive approach has also been paving our way towards continuous growth. Moreover, our leadership in tractor exports from India has been powering us to innovate continuously and aggressively across the globe. Since most of these technology innovations are ‘Made in India’, they are even helping us to prepare for a better future. With our heads high and tailwinds of clocking such outstanding achievements, we are even stronger as an organisation and network which is all prepared for achieving new milestones in FY’25 and move faster towards our Mission 2 Lakh. .

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This article was generated from an automated news agency feed without modifications to text.

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