Domestic tractor sales in March 2024 were at 8,054 tractors as against 9,601 tractors sold in March 2023, down 16.1% YoY.

Escorts said that the shift in Chaitra Navratri festival to April this year and last season's erratic monsoon patterns and resultant low water reservoir levels have affected agricultural sentiments in central and southern regions resulting in delayed harvesting of rabi crops.

"Looking ahead, as early sings point to an above-average monsoon in FY25, we anticipate that demand will stabilize post elections,” the company said in a statement.

Export tractor sales in March 2024, at 533 units, were lower by 24.3% as compared with 704 tractors sold in March 2023.

The company further informed that the Construction Equipment Business Division in March 2024 sold 662 machines, thereby registering a growth of 9.2% as against 606 machines sold in March 2023.

"The ongoing Government focus on improving infrastructure has laid a strong foundation for sustained growth in the industry. Going forward, we expect the similar demand momentum to continue in FY25 too,” Escorts commented.

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 0.33% to currently trade at Rs 2787.90 on the BSE.