Domestic tractor sales in January 2022 declined by 40% to 5,103 tractors from 8,510 tractors sold in January 2021.

Escorts said that the industry wholesales continue to be impacted in January 2022, due to unseasonal rainfall in certain part of country, high base of last year and inflationary impact on short term demand leading to higher level of channel inventory in certain geographies.

Going forward with improved liquidity in hand of farmers, overall high rabi sowing and good water level reservoirs, the company expects same would help boost demand recovery in coming months.

Export tractor sales in January 2022 was at 604 tractors against 511 tractors sold in January 2021, registering a growth of 18.2% on YoY basis.

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 company reported 23.7% fall in standalone net profit to Rs 173.47 crore on a 1.2% rise in net sales to Rs 1,673.85 crore in Q2 FY22 over Q2 FY21.

The scrip added 0.08% to currently trade at Rs 1848.60 on the BSE.