Escorts Oct sales fall 1.1% YoY

The company's total tractor sales declined by 1.1% YoY to 13,514 units in October 2021 from 13,664 units sold in October 2020.

On a sequential basis, Escorts recorded a sales growth of 53.3% in October 2021 from 8,816 units sold in September 2021.

Domestic tractor sales in October 2021 was at 12,749 tractors as against 13,180 tractors in October 2020, registering a decline of 3.2% year on year. Escorts in a press release said that the festival period of Navratri and Dussehra witnessed good footfalls. Inflation continues unabated and is putting a pressure on our margins, Escorts added.

Domestic tractor sales in October 2021 was at 12,749 tractors as against 13,180 tractors sold in October 2020, registering a degrowth of 3.3% on a year on year basis. Export tractor sales in October 2021 was at 765 tractors against 484 tractors sold in October 2020, registering a growth of 58.1% on a year on year basis.

Escorts Construction Equipment Segment (ECE) in October 2021 sold 462 machines as against 399 machines sold in October 2020, registering a growth of 15.8% year-on-year and growth of 15.5% on a month-on-month basis.

Liquidity improved further during October leading to month-on-month retail growth. Going forward, the company expects demand momentum to continue due to long tail of projects under execution & substantial increase in new projects being awarded. The company's optimism for recovery in this segment remains intact. Inflation in various commodity prices continues to be an area of concern.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

Escorts reported 23.1% fall in standalone net profit to Rs 176.7 crore on a 1.4% rise in revenue from operations to Rs 1,662.3 crore in Q2 FY22 over Q2 FY21.

Shares of Escorts were trading 3.33% lower at Rs 1,518.05 on BSE.

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