Escorts Kubota's Agri Machinery Segment sold 7,960 tractors in November 2022, which is higher by 11.9% as compared with 7,116 tractors sold in November 2021.
Domestic tractor sales in November 2022 were at 7,359 tractors registering a growth of 13.4% on YoY basis.
Escorts said that post festive season, demand continues to be normal. While rural sentiments continue to remain favorable owing to improved Rabi sowing assisted by good monsoon this year and better water level in reservoirs, softening in commodity prices is not happening at desired pace leaving input costs to be higher than anticipated.
Tractor exports in November 2022 stood at 601 units as against 624 units exported in November 2021, down 3.7% YoY.
The company's Construction Equipment Segment recorded sales of 402 machines during the month, up 28.8% YoY. The segment had sold 312 machines sold in November 2021.
"Post Monsoon demand has started picking up and going forward, with big tail of projects under various stages of execution, we expect demand to remain positive on Construction Equipment for balance of this fiscal year too, the company said in a statement.
Escorts Kubota is an engineering conglomerate. The company has diversified business across three different verticals viz., agri machinery, construction equipment & railway equipment division.
The company recorded 50.4% fall in net profit to Rs 87.6 crore despite a 12.2% rise in revenue from operations to Rs 1,883.5 crore in Q2 FY23 over Q2 FY22.
The scrip shed 0.06% to currently trade at Rs 2284.85 on the BSE.
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