Companies

Escorts sees 30% y-o-y fall in tractor sales

Our Bureau | | Updated on: Dec 01, 2021
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Firm sold 7,116 tractors in November 2021 as against 10,165 tractors sold in November 2020

Escorts Agri Machinery (EAM) in November 2021 sold 7,116 tractors as against 10,165 tractors sold in November 2020, a drop of 30 per cent year-on-year, the company informed the stock exchange.

Domestic tractor sales in November 2021 were at 6,492 tractors as against 9,662 tractors in November 2020. "Delayed harvest of Kharif crops owing to late monsoon rains this year affected the rural cash flows and hence the retail demand. This we believe is a temporary phenomenon and cash flows should start improving soon as Kharif harvest gets fully monetised. Industry wholesale in November was further impacted by post-season channel de-stocking," the company said.

"Going forward all macroeconomic factors remain in favour of the tractor industry. However, high inflation remains a worry impacting profitability. Export tractor sales in November 2021 was at 624 tractors against 503 tractors sold in November 2020, registering a growth of 24.1 percent," it added

Published on December 01, 2021

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