Escorts Kubota's Agri Machinery Segment sold 5,573 tractors in December 2022, registering a growth of 18.7% as compared with 4,695 tractors sold in December 2021.
On a sequential basis, tractor sales tumbled 30% in December 2022 from 7,960 units sold in November 2022.
Domestic tractor sales in December 2022 stood at 4,979 tractors, recording a growth of 22% as against 4,080 tractors sold in December 2021. Rural sentiments continue to remain favorable on account of good kharif procurement, rabi sowing and better water level in reservoirs, the company said.
Export tractor sales declined 3.4% to 594 units sold in December 2022 from 615 units sold in the same period a year ago.
On quarterly basis, the company's total tractor sales rose 10.7% to 28,025 units in Q3 FY23 from 25,325 units sold in Q3 FY22. Domestic tractor sales jumped 12.3% to 26,181 units while Export tractor sales declined by 8% to 1,844 units in the third quarter as compared to the corresponding quarter previous year.
Escorts Kubota's Construction Equipment Segment in December 2022 sold 423 machines as against 377 machines sold in December 2021, recording a growth of 12.2%.
We are witnessing improved demand across all three business segments, namely, Pick and carry cranes, earth moving and road construction segments, as the infrastructure projects are now moving at a fast pace. We expect this demand to continue for balance period of this fiscal year, the company stated in the press release.
The company's Construction Equipment Segment sold 1,209 units in the quarter ended 31 December 2022 from 1,151 units sold during the same period in the previous year, registering a growth of 5%.
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.
Shares of Escorts Kubota were up 0.60% to Rs 2,151 on the BSE.
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