Escorts to hike tractor prices from 1 April
Escorts Agri Machinery (EAM), division of Escorts, will increase the prices of its tractors from 1 April 2021.
In an exchange filing, Escorts said, "There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the inflation. The increase in prices would vary across models and variants."Shares of Escorts were trading 3.18% lower at Rs 1321.95 on BSE.
Escorts is an engineering conglomerate with presence is sectors like agri-machinery, construction & material handling equipment and railway equipment.
The company's consolidated net profit jumped by 85.1% to Rs 286.71 crore on a 23.8% rise in revenue from operations to Rs 2,042.23 crore in Q3 FY21 over Q3 FY20.
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