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BW Businessworld

Sonalika Records Highest Domestic Growth In Industry At 41.6%

Our strong foundation has served as a unique platform for the company to continue recording extraordinary results even in the most challenging year and we have become the first Indian tractor company to cross 20,000 tractors exports in a single year.

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After consistently achieving records of excellence month after month in FY’21, Sonalika Tractors has added yet another feather of superlative achievement to the hat of its glorious journey. Sonalika has recorded its highest ever annual sales of 1,39,526 tractors in FY’21 and among the leading market share gainers in the industry. The company has registered a phenomenal domestic growth rate of 41.6% over FY’20 volumes, which is highest in industry and beaten industry growth (est.26.7 %) by a significant margin. Alongside, Sonalika has recorded its highest ever annual rotavator sales of 50,000 units in FY’21, recording double the volumes registered in FY’20. Overall, Sonalika Tractors has sold 13,093 tractors in March’21, registering a whopping 135% growth over March’20.

Commenting on the superior performance in export markets, Dr. Deepak Mittal, Managing Director, Sonalika Group, said, “I am very pleased to see the extraordinary outcome this year. Our strong foundation has served as a unique platform for the company to continue recording extraordinary results even in the most challenging year and we have become the first Indian tractor company to cross 20,000 tractors exports in a single year. This success is credited to the committed team along with our distributors, dealers, financiers and loyal customers who stayed connected and performed in the markets under the adverse conditions without much travel or physical connect. We are proud of our market leadership in 6 countries and close second in another 5.

Upbeat about the company’s performance, Mr. Raman Mittal, Executive Director, Sonalika Group, said, “Achieving a significant landmark of phenomenal domestic growth of 41.6% in FY’21, which is highest in industry and surpassing industry growth (est. 26.7%) by a significant margin amidst the most challenging year is a testimony that we have laid a strong foundation to remain closely knitted with our farmers and the society at large, which has only strengthened with time.

Our plans were not deterred by the external unforeseen situations as we have always remained consistent with our approach to grow and serve our customers. Our innate ability to re-engineer our approach across all business functions powered us to come out as a clear winner month after month, throughout the year”.

He added, “Our pace of transformation during the year has been faster than ever before across various verticals-

Manufacturing - We were among the first one to start production within all the prescribed safety protocols and attained full capacity operations within 2 months.

Sales – We have widened our channel network at a pace faster than ever before (145+ new channel partners added), thereby strengthening our national presence.

R&D and Product Innovation – Introduced the highest number of products during the year (6 new models), including the much talked out Tiger Electric model, and our regional technology introductions Mahabali and Chhatrapati, while constantly upgrading products with latest technology features like 4 wheel drive technology, multi speed transmission and precision 5G hydraulics .

Customer Care - Rolled out the 3X2 service to reach consumers closer to their farms and extended warranty of all tractors during the Covid 19 period.

Marketing- Pivoted our farmer-centric marketing programs on digital as well as other media platforms with high responsiveness.

Finance - We re-strategized our financial discipline to control unnecessary cost escalations arising due to unforeseen situations

HR - We ensured 100% wages to the labour and also rolled out employee welfare initiatives as a support to households whose families were impacted by the pandemic.

CSR - A host of new initiatives were rolled out viz. dedicated 2 isolation centers (Delhi and hoshiarpur), Corona mobile testing van, PPE kits, sanitisation drives across states, developed ventilator system and many more.

Every single parameter of our business functions worked cohesively towards setting up new benchmarks of performance. We remain committed to bring technologically advanced products for our farmers & lead them to farm prosperity.