The tractor manufacturer said that its agri machinery business division sales fell 2.60% to 9,593 units in June 2024 as against 9,850 units sold in June 2023.
While domestic sales rose 1% to 9,359 units, tractor exports declined by 59.7% to 234 units in June 2024 over June 2023.Sales in our key market saw a delayed pick-up in retail season and now the season is expected to continue into larger part of July as well. With the monsoon progressing well and continuing Government support, including an increase in Minimum Support Price (MSP), we anticipate demand to improve in coming months. the company said in regulatory filing.
Further, the companys construction equipment business division sold 440 machines in June 2024, registering de-growth of 10.4% from 491 machines sold in June 2023.
Construction activities on the ground are currently slow on account of timely and good monsoon progress in the country and also due to formation and stabilisation of Government post elections. However, with the government's likely continuing thrust on infrastructure development, we anticipate demand to improve post 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 quipment, round and flat tubes, heating elements, double acting hydraulics.
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The tractor maker's standalone net profit jumped 30.52% to Rs 242.07 crore despite of 4.6% fall in revenue from operations to Rs 2,082.47 crore in Q4 FY24 over Q4 FY23.
The scrip rose 0.40% to currently trade at Rs 4,160.60 on the BSE.
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