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Domestic tractor sales declined 11.2% to 10,114 units in September 2023 as against 11,384 units sold in same period last year. The company said that postponement of the main festive season this time to Q3 impacted sales for the month. Going forward, with improved rainfall in September, likely good kharif harvest and with overall macroeconomic factors and farmers' sentiments remaining positive, the company expects growth momentum to pick up in the festive months of October & November and possibly continue for the remaining part of the current fiscal.
Export tractor sales fell 11.9% to 747 units in September 2023 from 848 tractors sold in September 2022.
The construction equipment business division in September 2023 sold 592 machines, registering a growth of 51.8% as against 390 machines sold in September 2022.
The company said that construction equipment industry growth momentum continued in the month of September and going forward, it expects growth to accelerate further, during festive season, led by overall growth in infrastructure development of nation, supported by higher CAPEX outlay.
The company's total sales fell 7.1% to 22,024 units in Q2 FY24 as compared with 23,703 units sold in Q2 FY23.
Escorts Kubota is an engineering conglomerate. The company has diversified business across three different verticals viz., agri machinery, construction equipment & railway equipment division.
The tractor maker's standalone net profit surged 91.8% to Rs 282.81 crore on 15.53% rise in revenue from operations to Rs 2,327.74 crore in Q1 FY24 over Q1 FY23.
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