Escorts Kubota's total tractor sales declined 19.8% YoY to 10,051 units in June 2022 from 12,533 units sold in June 2021.
On a sequential basis, tractor sales surged 19.36% in June 2022 from 8,421 units sold in May 2022.
Domestic tractor sales in June 2022 stood at 9,265 tractors as against 11,956 tractors sold in June 2021, registering a fall of 22.5% year on year. Export tractor sales in June 2022 was at 786 tractors against 577 tractors sold in June 2021, recording a growth of 36.2%.
Escorts said that the industry wholesales were impacted during month of June 2022 due to high base of last year. With onset of monsoon, and likely record kharif crop production, rural liquidity and farmer sentiments are expected to gradually improve.
On quarterly basis, the company's total tractor sales rose 3.3% to 26,797 units in Q1 FY23 from 25,935 units sold in Q1 FY22. Domestic tractor sales increased 0.4% to 24,608 units while Export tractor sales soared by 52.5% to 2,189 units in the first quarter as compared to the corresponding quarter previous year.
The company's construction equipment segment (ECE) in June 2022 sold 321 machines as against 262 machines sold in June 2021, posting a growth of 22.5% year on year.
Escorts said that in June 2022, growth trend continued in Construction Equipment industry due to low base of last year. With Government thrust on infrastructure , we expect growth momentum to continue in the current fiscal year 2022-23.
The company's ECE stood at 966 units for the quarter ended 30 June 2022 as against 606 units sold during the same period in the previous year, registering a growth of 59.4%.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
Escorts Kubota reported 28.1% fall in consolidated net profit to Rs 190.92 crore on a 15.7% decline in revenue from operations to Rs 1,878.51 crore in Q4 FY22 over Q4 FY21.
Shares of Escorts Kubota shed 0.37% at Rs 1,436.75 on the BSE.
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