Farm equipment maker Mahindra Tractors reported a 71.91% rise in its total tractor sales in July at 12,850 units compared with 7,475 units in the same month last year.
Last month, the domestic sales grew 88% at 12,128 units as against 6,451 units in the same period previous year, the company said in a statement.
"We have posted excellent growth in July. This has been contributed by the general market confidence post the formation of the new government and its increased focus on agriculture and rural infrastructure in the budget," Mahindra & Mahindra President (Farm Equipment Sector) Anjanikumar Choudhari said.
He added that the large increases in minimum support prices, accompanied by easy availability of credit, have contributed towards creating a positive environment in the tractor industry.
The company said that as a consequence of its merger with Punjab Tractors Ltd (PTL), effective from August 1, 2008, the total sales also includes 3,828 units of the merged entity.