Mahindra Cuts Tractor Forecast on Weak Monsoon
Mahindra and Mahindra reduced its annual tractor industry growth forecast to flat citing a weak monsoon that squeezed rural purchasing power. Despite this farm sector setback, the automaker reported a higher second quarter profit driven by strong SUV demand.
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MAHINDRA & MAHINDRA LTD cut its tractor industry growth forecast for the fiscal year to flat from 5% on November 5, citing weak rainfall across India. The adjustment deals a blow to the country's largest tractor maker as poor monsoons squeeze rural purchasing power. Agriculture accounts for about 40% of employment in the world's most populous country, where nearly half of farmland lacks irrigation.
