On a sequential basis tractor sales jumped 64.7% in March 2022 from 6,114 units sold in February 2022.

Domestic tractor sales in March 2022 stood at 9,483 tractors as against 11,730 tractors sold in March 2021, registering a decline of 19.2% year on year. Escorts said fall in domestic sales was on the back of high base of last year and subdued commercial demand. The company further added that tractor industry wholesales continues to remain subdued in March 2022.

Meanwhile, export tractor sales in March 2022 were at 591 units in March 2022 against 607 units sold in March 2021, posting a decline of 2.6% year on year.

Going forward, Escorts said it expects overall higher rabi sowing this year, good level of water reservoirs, increased Union budget allocations to rural and agri sector and initial indicators of normal monsoon next year will drive positive momentum for tractor industry in coming year. The rising inflation however continues to be an area of concern, Escorts added.

The company's construction equipment segment (ECE) in March 2022 sold 525 machines as compared to 680 machines sold in March 2021, a drop of 22.8% year on year. Escorts said the construction equipment industry continues to remain subdued in March 2022, due to high base of last year, steep price increases due to emission norm changes coupled with higher inflation in commodity prices and muted rentals, impacting retails sales.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

Escorts' consolidated net profit dropped 32.36% to Rs 193.71 crore on a 2.83% decline in revenue from operations to Rs 1,984.28 crore in Q3 FY22 over Q3 FY21.