Escorts saw domestic sales grow 124 percent in March 2021, while exports rose 181 percent last month
Last month, Escorts Agri Machinery posted domestic sales of 11,730 units in the Indian market. In the same month of last year, that is, March 2020, the manufacturer sold 5,228 units in the domestic market, which corresponds to a massive increase in sales of 124.4 percent compared to the previous year.
Export numbers for the last month were 607 units, an increase of 181 percent over the previous year compared to 216 units in March 2020. This brings the total sales of tractors to 12,337 units last month. In February 2021, the manufacturer sold a total of 11,230 units, which corresponds to a monthly sales growth of 9.86 percent for March 2021.
In the past year, sales of almost all vehicle genres have declined due to the nationwide lockdown. Therefore, the manufacturer stated in an application for approval that the sales figures are not strictly comparable year-on-year. Escorts also said that despite a steady rise in inflation, the demand for tractors in India is likely to remain strong thanks to a number of favorable factors.
“It is expected that the demand for tractors will continue to be largely driven by higher Rabi production, low harvest prices and an initially positive forecast for the 2021 monsoon season, all of which support the mood of rural customers,” the manufacturer said in an application for approval.
Also, Escorts announced that in fiscal 2020-21 it has passed the 1 lakh milestone in a single fiscal year in terms of both tractor production and sales in India. This is the first time the manufacturer has accomplished this feat. The company said it sold 1,018,848 units in fiscal year 2020-21, up 23.8 percent from 82,252 units sold in fiscal year 2019-20.
Escorts Agri Machinery was founded in 1960 and manufactures tractors in India under two brands – Farmtrac and Powertrac. The tractors power ranges from 22 to 80 horsepower and Escorts has more than 800 contact points across India for its 14 lakh customer base. The dealer / service network continues to grow and the manufacturer has stated that it is committed to keeping all of its customers satisfied.