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Escorts tractor gross sales decline 2.6% YoY in Might

The Escorts Agri Machinery segment (EAM) sold 6,423 tractors in May 2021 compared to 6,594 tractors sold in May 2020, a decrease of 2.6%.

Sequentially, total Escorts sales decreased 2.37% in May 2021, compared to 6,979 tractors sold in April 2021.

The company’s domestic tractor sales declined 4.59% to 6,158 tractors in May 2021, compared to 6,454 tractors in May 2020. Escorts said a slowdown in demand was due to the impact of COVID-19 in rural areas, which was affecting the movement of customers and the smooth operation of our dealerships. The company said the ground situation had eased somewhat in the last few days of the month and expected a return to normal soon. In the medium term, the company expects a strong rural mood due to all positive macroeconomic factors. Predicting good monsoons, high crop production, and better government support with crop prices. “Inflation continues unabated and remains worrying,” the company said.

Tractor exports totaled 265 units in May 2021 compared to 140 units sold in May 2020, representing a growth of 89.3%.

Escorts stakes rose 0.83% to Rs 1,181.35 in BSE.

Escorts is one of the leading engineering conglomerates in India. The company has diversified its business into three different segments: Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) & Railway Equipment Division (RED). On a stand-alone basis, the company’s net income increased 93.2% to Rs 271.3 billion in Q4 FY21 from Rs 140.4 billion in Q4 FY20. Operating revenue grew 60.1% year-on-year (YoY) to Rs.2,210.5 billion.

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(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)

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