Escorts Kubota sales slides 17% YoY in Feb'24

The tractor manufacturer said that its agri machinery business division sales declined 17.02% to 6,481 units in February 2024 as against 7,811 units sold in February 2023.

While domestic sales fell 16.6% to 6,041 units, tractor exports slipped by 22.26% to 440 units in February 2024 over February 2023.

Tractor sales dipped this month due to the continuing impact of uneven monsoon coupled with insufficient rainfall and diminished reservoir levels which impacted the Kharif output. Anticipated improvements in the Rabi harvest and early signs of a normal monsoon next year are projected to enhance overall sentiments and drive an uptick in tractor sales in the next fiscal year. the company said in regulatory filing.

Further, the companys construction equipment business division sold 611 machines in February 2024, registering a growth of 30% as compared with 470 machines sold in February 2023.

With continued focus of Government on infrastructure development and continued budgetary support will ensure the growth momentum in the Construction Equipment industry is sustained, the company added.

Escorts Kubota is primarily engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling quipment, round and flat tubes, heating elements, double acting hydraulics.

The tractor maker's standalone net profit soared 48.75% to Rs 277.27 crore on 2.5% rise in revenue from operations to Rs 2,320.35 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.54% to Rs 2,870.15 on the BSE.

Powered by Capital Market - Live News