Escorts tractor sales surge 126% YoY in March

Escorts Agri Machinery Segment (EAM) in March 2021 sold 12,337 tractors, its highest ever March sales, and registered a growth of 126.6% against 5,444 tractors sold in March 2020.

Sequentially, the company's tractor sales have increased by 9.86% last month from 11,230 units sold in February 2021.

Domestic tractor sales in March 2021 stood at 11,730 tractors, registering a growth of 124.4% from 5,228 tractors sold in March 2020. Escorts said the tractor demand is expected to continue to be strong led by higher Rabi output, favourable crop prices, and initial positive forecast of 2021 monsoon season, all supporting rural customer sentiments. "The rising inflation however continues to be a worry," the company said in a statement.

Export tractor sales in March 2021 zoomed 181% year on year to 607 tractors in March 2021 as against 216 tractors sold in March 2020. Meanwhile, Escorts announced that in Fiscal Year 2020-21, for the first time ever the company has crossed the 100,000-unit landmark in terms of tractor sales and tractor production in India.

Shares of Escorts were up 0.34% at Rs 1293.25 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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