Escorts tractor sales spurt 49% YoY in Jan

Escorts' total tractor sales surged 48.8% to 9,021 units in January 2021 as against 6,063 units in January 2020.

Sequentially, the tractor sales rose 16.65% to 9,021 units in January 2021 as compared to 7,733 units in December 2020.

Domestic tractor sales jumped 45.6% to 8,510 units in January 2021 over 5,845 units in January 2020. The tractor market continues to be strong on back of positive macro-economic factors and strong rural cash flows. The supply side situation is normalizing and is no longer expected to be a bottleneck to meet demand. However, rising inflation continues to be a worry.

Exports soared 134.4% to 511 units in January 2021 from 218 units in January 2020. The announcement was made before market hours today, 1 February 2021.

The company's consolidated net profit jumped 123.8% to Rs 227.22 crore on 24% rise in net sales to Rs 1,654.18 crore in Q2 September 2020 over Q2 September 2019.

Shares of Escorts rose 0.12% to Rs 1,206.95. The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

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