The board shall also consider and recommend the payment of dividend for the financial year ended 31 March 2022.

After trading hours yesterday, Escorts informed that Escorts Agri Machinery will increase the prices of its tractors, effective 20 April 2022. The increase in prices would vary across models and variants.

"There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation,” the company said in a statement.

Escorts had recorded 18.3% YoY decline in total tractor sales in the month of March 2022. The company sold 10,074 units during the period under review as compared with 12,337 units sold in March 2021.

Domestic tractor sales in March 2022 stood at 9,483 tractors (down 19.2% YoY). The company had exported 591 tractor units in March 2022 (down 2.6% YoY).

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.

The scrip shed 0.26% to currently trade at Rs 1541.40. It has traded in the range of 1523.70 and 1555 so far during the day.