Escorts Agri Machinery Segment (EAM) in September 2020 sold 11,851 tractors, highest ever September sales and registering a growth of 9.2% against 10,855 tractors sold in September 2019.
Sequentially, the company's tractor sales surged 63.1% in September 2020 from 7,268 units sold in August 2020.
While the domestic tractor sales jumped 8.9% to 11,453 units, tractor exports surged 19.2% to 398 units in September 2020 over September 2019.
Escorts said that the rural demand continues to remain positive led by lower base of last year, pent-up demand from COVID-19 related lockdowns, and fundamentally positive macroeconomic factors. Timely and widespread monsoon, record rabi crop production, early kharif sowing, and good availability of retail finance have helped drive positive farmer sentiment.
While currently operating close to our peak capacity, we are trying to further ramp up production and supply to meet the excess demand. We remain optimistic for the coming festive season, the tractor maker said.
On a consolidated basis, the tractor maker's net profit rose 5.6% to Rs 92.58 crore on 24.4% decline in net sales to Rs 1,089.26 crore in Q1 June 2020 over Q1 June 2019.
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 scrip fell 3.07% to Rs 1278.20 on the BSE. It traded in the range of 1262.65 and 1314.60 so far during the day.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
