Escorts tanks after total sales tumble 54% in March

Escorts slumped 10% to Rs 596.70 after the commercial vehicle manufacturer reported dismal sales numbers in March 2020.

Escorts' Agri Machinery Segment (EAM) in March 2020 sold a total of 5,444 tractors, registering a decline of 54.3% against 11,905 tractors sold in March 2019. On a sequential basis, total sales tumbled 36.8% from 8,601 units recorded in February 2020.

The company's domestic tractor sales in February 2020 stood at 5,228 tractors registering a decline of 54.3% against 11,431 tractors in March 2019. Exports in March 2020 stood at 216 tractors as against 474 tractors sold in February 2019, down 54% YoY.

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

On a consolidated basis, Escorts reported 11.19% rise in net profit to Rs 154.79 crore in Q3 December 2019 as against Rs 139.21 crore reported in Q3 December 2018. Revenue from operations declined 1.27% to Rs 1650.22 crore year-on-year (YoY).

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