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Escorts tractor sales jump 33% YoY in November

Capital Market 

Escorts' Agri Machinery Segment (EAM) recorded 33% jump in total tractor sales to 10,165 units in November 2020 from 7,642 units sold in November 2019.

Sequentially, however, the tractor sales have declined by 25.6% from 13,664 units sold in October 2020.

While domestic tractor sales rose by 30.9% to 9,662 units, tractor exports increased by 91.3% to 503 units in November 2020 over November 2019.

Escorts said that the dealer and depot stocks continue to be low. Stock correction in the coming months would continue to push the industry upwards, supported by healthy water reservoir levels and a good harvest. The supply chain still is volatile but should improve going forward. The company has taken a price increase this month to pass on the inflation in the commodity prices.

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's standalone net profit jumped 119.8% to Rs 229.9 crore on 23.9% rise in revenue from operations to Rs 1,639.7 crore in Q2 September 2020 over Q2 September 2019.

The scrip fell 1.98% to currently trade at Rs 1374.90 on the BSE. It traded in the range of 1363.45 and 1415 so far during the day.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 01 2020. 09:32 IST