“Despite festive season shifting to April this year, the demand for tractors was impacted due to ongoing elections, low reservoir water levels, decreased haulage activities, and moderate rabi output. However, we expect sentiments to improve post-elections, especially with forecasts predicting a near to above-normal monsoon this year,” the company said in regulatory filing.

Further, the company’s construction equipment business division sold 446 machines in April 2024, registering de-growth of 2.40% as compared with 457 machines sold in April 2023.

“The ongoing elections have caused a temporary slowdown in the overall industry momentum, however, we are optimistic that demand will pick up post elections.” 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.

The tractor maker's standalone net profit soared 48.75% to Rs 277.27 crore on 2.5% rise in revenue from operations to Rs 2,320.35 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.01% to currently trade at Rs 3,355.50 on the BSE.