The company’s total tractor sales fell 45.6 percent year-on-year to 6,114 units in February 2022 from 11,230 units sold in February 2021.
National tractor sales in February 2022 amounted to 5,686 tractors in February 2022 compared to 10,690 tractors sold in February 2021, registering a decrease of 46.8% year on year. Escorts said tractor industry wholesale sales continued to remain subdued in February 2022, due to last year’s high base, strong price increases due to higher tractor price inflation. raw materials impacting retail sales and higher than normal inventory levels with the channel
At the same time, tractor export sales in February 2022 stood at 428 tractors in February 2022 against 540 tractors sold in February 2021, registering a decrease of 20.7% year on year.
Going forward, Escorts said it expects higher rabi plantings overall this year, good level of water reservoirs, increased Union budget allocations to the rural sector agriculture and early indicators of normal monsoon next year will give positive momentum to the tractor industry in the coming year.
The company‘s construction equipment (ECE) segment in February 2022 sold 386 machines compared to 449 machines sold in February 2021, a 14% year-on-year decline. Escorts said the construction equipment industry is facing near-term challenges due to sharp price increases driven by unprecedented inflationary pressures and changes in emission standards coupled with low rental rates. equipment that impacts retail sales. However, the company expects demand to start improving for construction equipment in the coming year due to the government’s push on infrastructure projects and the stabilization of the economy. increase in market prices.
The Escorts Group is an Indian engineering company that operates in the agricultural machinery, construction and material handling equipment and railway equipment sectors.
Escorts’ consolidated net profit fell by 32.36% to Rs 193.71 crore on a 2.83% drop in operating income to Rs 1,984.28 crore in Q3 FY22 compared to Q3 FY21.
Escort shares closed up 0.96% at Rs 1,852.10 on Monday. The national stock market will remain closed today, March 1, 2022, due to Mahashivratri.
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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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