The report also noted that sales in the calendar year 2019 have started at a slow pace.
"The year starts at a slower pace and we believe Q4FY19 (January-March) should witness flat growth. This should lead to 12 per cent growth in FY19E," said the report named "Auto Monthly - December 2018".
"The overall domestic market grew 8.9 per cent (in December), but sales are expected to taper down during Q4FY19 on a high base," it added.
The brokerage firm said that tractor dealers feel the demand outlook across India is stable and would be supported by higher infrastructure spend, easier tractor financing by non-banking financial companies and farm loan waivers.
"Given higher infra spend and rural housing, tractors trolleys are replacing small trucks and pick-ups to carry bricks and sand as they are cheaper and carry heavier loads," the report said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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