Escorts Kubota's total tractor sales rose 7.2% YoY to 14,492 units sold in October 2022 from 13,514 units sold in October 2021.
On a sequential basis, tractor sales jumped 18.48% in October 2022 from 12,232 units sold in September 2022.
Domestic tractor sales in October 2022 stood at 13,843 tractors, registering a growth of 8.6% as against 12,749 tractors sold in October 2021. Festive demand was good led by above normal monsoon and higher water reservoirs level. For the coming Rabi season all macro-economic factors remain favourable for the industry. However, overhang of unabsorbed commodities inflation remains a concern, the company said.
Export tractor sales dropped 15.2% to 649 units sold in October 2022 as compared with 765 units sold in October 2021.
Escorts Kubota's Construction Equipment Segment in October 2022 sold 384 machines as against 462 machines sold in October 2021, recording a de-growth of 16.9% on a year on year basis.
Going forward we expect with Growing public & private infrastructure spends and growing economy will lead to the overall surge in demand for construction equipment in India, the company stated in the press release.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
The company's standalone net profit tumbled 20.4% to Rs 147.5 crore on a 20.1% jump in revenue from operations to Rs 2,014.85 crore in Q1 FY23 over Q1 FY22.
Shares of Escorts Kubota slipped 2.74% to Rs 1,983.90 on the BSE.
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