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Tractor maker Escorts achieved a milestone in its domestic tractor sales in FY21 as the volumes crossed one lakh mark for the first time.
With robust demand for tractors, the company has recorded a strong double digit growth of 24 per cent in its domestic tractor sales at 101,848 units for FY21 as against 82,252 units in FY20, reporting one of the highest growth rates in the recent years.
For the month of March, the company had more than doubled its domestic tractor volumes at 11,730 units as compared to 5228 units in March 2020.
During January-March 2021 period, the total domestic tractor sales grew a whopping 62 per cent at 30,930 units as compared to 19,122 units in Q4 of previous fiscal.
“Although pent-up demand is more or less over, the industry macro factors continue to support the industry growth. Good and uniform availability of water, better retail financing penetration, the start of commercial use demand, record crop production, along with hold up of most crop prices are factors helping continue industry growth. Coupled with the low base effect, these factors should propel industry further in Q4, making this fiscal a record year for the tractor industry,” the company said during Q3 earnings call in February.
Its tractor exports maintained momentum too. Last month, the company’s tractor exports grew to 607 units when compared with 216 units in March 2020.
For the full year FY21, total tractor exports grew 30 per cent at 4893 units (3766 units in FY20).
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