Escorts tractor sales drop 22% YoY in Aug

Escorts recorded sales of 5,693 tractors in August 2021, registering a de-growth of 21.7% compared with 7,268 tractors sold in August 2020.

Domestic tractor sales in August 2021 stood at 4,920 tractors as against 6,750 tractors in August 2020, down 27.1% on a YoY basis.

"This year August sales is not strictly comparable with last year same month sales because of existence of pent-up demand last year, post COVID-19 national wide lockdowns. As we enter festive season months, we see farmer sentiment strong and enquiry level building up, driven by favourable macroeconomic factors, reasonably good water level of reservoirs, good pace of Kharif sowing and continued support by the Government in Agri sector.

Some parts of the country have faced a deficit of rainfall in July and August, and it remains to be seen how monsoon behaves in September. Inflation continues at unprecedented levels, Escorts said.

Export tractor sales in August 2021 was at 773 tractors as against 518 tractors sold in August 2020, registering a YoY growth of 49.2%.

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

The company reported 92.8% rise in consolidated net profit to Rs 178.5 crore on a 56.2% increase in revenue from operations to Rs 1,701.8 crore in Q1 FY22 over Q1 FY21.

The scrip shed 0.39% to currently trade at Rs 1340.45 on the BSE.

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