Escorts Kubota Aug'24 sales climb to 5,614 units

The tractor manufacturer announced that its agri machinery business division sales grew marginally to 5,614 units in August 2024 as against 5,593 units sold in August 2023.

While domestic sales also increased to 5,205 units in August 2024 as compared with 5,198 units sold in August 2023.

The companys export rose 3.54% to 409 units in August 2024 as against 395 units posted in August 2023.

With the southwest monsoon progressing steadily, the replenishing water levels bode well for the upcoming rabi season. With continued government support for the sector, we anticipate demand to accelerate in the coming festive months, the firm stated in regulatory filing.

 

Further, the companys construction equipment business division sold 355 machines in August 2024, registering de-growth of 31.73% from 520 machines sold in August 2023.

Increased government investments are expected to drive growth in the construction equipment sector after the monsoon season, the tractor maker added.

Escorts Kubota is primarily engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulics.

The tractor maker's standalone net profit grew 2.4% to Rs 289.55 crore in Q1 FY25 as against Rs 282.81 crore posted in Q1 FY24. Revenue from operations declined 1.5% year on year to Rs 2,292.54 crore in the quarter ended 30 June 2024.

The scrip slipped 1.57% to currently trade at Rs 3,795.35 on the BSE.

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