Escorts Kubota said that its Agri Machinery Business Division has sold 8,612 tractors in May 2024 as against 9,167 tractors sold in May 2023, thereby recording a de-growth of 6.1% on YoY basis.
Domestic tractor sales in May 2024 declined 5.4% to 8,232 tractors from 8,704 tractors sold in May 2023.
"On ground sentiments are being influenced by a variety of factors, including ongoing elections, low reservoir water levels, heatwaves, and reduced haulage activities in certain regions of the country.
However, with the forecast of a near to above-normal monsoon this year that is expected to be widespread across the nation, we anticipate an improvement in demand and industry performance post southwest monsoon, Escorts Kubota stated.
Export tractor sales in May 2024 were at 380 tractors as against 463 tractors sold in May 2023, down 17.9% YoY.
The companys Construction Equipment Business Division in May 2024 sold 439 machines, registering a growth of 3.3% as against 425 machines sold in May 2023.
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"The construction equipment industry is set for significant growth in the near future due to possible continuation of major infrastructure projects post elections," the company said in a statement.
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 jumped 30.52% to Rs 242.07 crore in Q4 FY24 as against Rs 185.47 crore posted in Q4 FY23. However, revenue from operations declined 4.6% year on year to Rs 2,082.47 crore in the quarter ended 31 March 2024.
The scrip shed 0.78% to end at Rs 3816.35 on the BSE on Friday.
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