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New Delhi, Aug. 20 Farm equipment and tractor producer Escorts said it expects its financial year, ending on September 30, to close with 10-12 per cent increase in sales.

It has steadily increased its volumes from 22,667 units in 2003-04 to 44,373 units in the previous financial year.

“We have enough production capacity. The focus would be to rebuild the brand in the domestic market and consolidate our position,” said Mr Rohtash Mal, CEO, Escorts Agri Machinery Group, at the sidelines of CII marketing summit.

Acknowledging the issue of financing, Mr Mal said, “Public sector banks are going slow in lending and this is affecting sales. However, we have almost doubled our tie ups to 36 regional and local financing institutions to boost sales.” Apart from financing, escalating steel prices have also put the industry under pressure.

“We will be increasing the prices of our tractors during this month. Steel prices are going up and with a price increase, we are able to pass on the burden partially to our customer,” he said.

Escorts, is also planning to launch a more powerful tractor which would be above 70 horsepower.

More Stories on : Performance | HCV/LCV/Tractors

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