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Escorts reports 30% decline in November tractor sales at 7,116 units

Farm machinery and construction equipment major Escorts Ltd on Wednesday reported a 30% decline in total tractor sales at 7,116 units in November 2021.

Topics
Escorts | Tractors | Escorts Ltd

Press Trust of India  |  New Delhi 

Escorts-tractor
Domestic tractor sales were down 32.8 per cent at 6,492 units last month, as compared to 9,662 units in November 2020, the company said.

Farm machinery and construction equipment major Ltd on Wednesday reported a 30 per cent decline in total tractor sales at 7,116 units in November 2021.

The company had sold 10,165 units in the same month last year, said in a regulatory filing.

Domestic tractor sales were down 32.8 per cent at 6,492 units last month, as compared to 9,662 units in November 2020, it added.

However, exports were up 24.1 per cent at 624 units in November, as against 503 units in the year-ago month, the company said.

"Delayed harvest of Kharif crops owing to late monsoon rains this year affected the rural cash flows and hence the retail demand. This we believe is a temporary phenomenon and cash flows should start improving soon as gets fully monetised," said.

Industry wholesale in November was further impacted by post-season channel destocking, it added.

On the outlook, the company said, "going forward all macroeconomic factors remain in favour of the tractor industry. However, high inflation remains a worry impacting profitability.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, December 01 2021. 12:21 IST
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