The Escorts Agri Machinery segment (EAM) sold 12,337 tractors in March 2021, the highest sales ever in March, and grew 126.6% from 5,444 tractors sold in March 2020.
As a result, the company’s tractor sales rose 9.86% last month from 11,230 units sold in February 2021.
Domestic tractor sales totaled 11,730 tractors in March 2021, growing 124.4% from 5,228 tractors sold in March 2020. According to Escorts, the demand for tractors is expected to remain strong, led by higher Rabi production, cheap harvest prices and initially positive results forecast for the 2021 monsoon season, all of which bolster the mood of rural customers. “Rising inflation remains worrying, however,” the company said in a statement.
Export tractor sales in March 2021 increased 181% year over year to 607 tractors in March 2021 versus 216 tractors sold in March 2020. Meanwhile, Escorts announced that the company exceeded 100,000 for the first time in fiscal year 2020-21 – milestone in terms of tractor sales and tractor production in India.
Escorts’ shares rose 0.34% to Rs 1293.25 on BSE.
Escorts is a mechanical engineering conglomerate with industries such as agricultural machinery, construction and material handling equipment and railway equipment. The company’s consolidated net income increased 85.1% to Rs.286.71 billion after operating revenue for the third quarter of FY 21 versus the third quarter of FY 20 increased 23.8% to $ 2,042.23 billion. Rupees had risen.
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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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