Escorts Kubota reports nearly 28% YoY jump in Feb'23 tractor sales

Escorts Kubota said that its Agri Machinery business in February 2023 sold 7,811 tractors, registering a growth of 27.8% as against 6,114 tractors sold in February 2022.

Domestic tractor sales in February 2023 were at 7,245 tractors registering a growth of 27.4 percent as against 5,686 tractors sold in February 2022.

"Retail demand across geographies remained strong. Overall positive sentiment, with record rabi sowing, better crop prices, good level of water reservoirs, increased Union budget allocations to rural and Agri sector, we expect demand momentum to remain strong across geographies, the company said in a statement.

Export tractor sales in February 2023 was at 566 tractors registering a growth of 32.2 percent as against 428 tractors sold in February 2022.

The company's Construction Equipment Business in February 2023 sold 470 machines, registering a growth of 21.8% as against 386 machines sold in February 2022.

The company further stated that with the current pace of ongoing infrastructure projects and proposed investment outlay on various projects including smart cites, it expects growth momentum to continue in Construction Equipment space.

Escorts Kubota is an engineering conglomerate. The company has diversified business across three different verticals viz., agri machinery, construction equipment & railway equipment division.

The company's standalone net profit slipped 7.5% to Rs 186.4 crore despite a 14.82% rise in revenue from operations to Rs 2,263.67 crore in Q3 FY23 over Q3 FY22.

The stock was currently down 0.58% to Rs 2056.55 on the BSE.

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