Escorts Kubota added 1.11% to Rs 4222 after the company's Agri Machinery Business Division recorded total tractor sales of 5,769 units in July 2024, which is higher by 3.6% as compared with the same period last year.
The company had sold 5,570 tractors sold in July 2023.
Domestic tractor sales in July 2024 were at 5,346 tractors, registering a growth of 3.6% as against 5,161 tractors sold in July 2023.
With the monsoon progressing well, continuing Government support including an increase in Minimum Support Price (MSP) and increase in sown area of kharif crop, we anticipate rural demand to improve during the festive months, Escorts Kubota said.
Export tractor sales in July 2024 were at 423 tractors, registering a growth of 3.4% as against 409 tractors sold in July 2023.
Escorts Construction Equipment Business Division has sold 450 machines in July 2024 as against 465 machines sold in July 2023, thereby recording a de-growth of 3.2%.
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"Due to a good monsoon season that is likely to end with an above average rainfall, construction activities on the ground are currently progressing slowly. However, with increasing government investments the construction equipment sector is anticipated to do well.
We expect growth momentum to improve in the construction equipment industry in the later part of the year, post monsoon, the company added.
Escorts Kubota is primarily engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling quipment, round and flat tubes, heating elements, double acting hydraulics.
The tractor maker's standalone net profit jumped 30.52% to Rs 242.07 crore despite of 4.6% fall in revenue from operations to Rs 2,082.47 crore in Q4 FY24 over Q4 FY23.
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