On a sequential basis, tractor sales soared 100.16% in September 2022 from 6,111 units sold in August 2022.

Domestic tractor sales in September 2022 stood at 11,384 tractors, registering a growth of 42.7% as against 7,975 tractors sold in September 2021. Overall macroeconomic factors and farmer sentiments remain positive led by “above normal” monsoon and onset of an early festive season. We expect good momentum to continue in current festive season, the company said.

Export tractor sales reported a marginal growth of 0.8% to 848 tractors sold in September 2022 as compared to 841 tractors sold in September 2021.

Escorts Kubota's Construction Equipment Segment in September 2022 sold 390 machines as against 400 machines sold in September 2021, recording a de-growth of 2.5% on a year on year basis.

“With increasing flow of Government investments for nations development, the demand for construction equipment is likely to be good. We expect in second half of this fiscal, construction equipment business will continue to grow at mid-teens level and is poised to play an important role in propelling the country's overall growth and development,” the company stated in the press release.

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

The company's standalone net profit tumbled 20.4% to Rs 147.5 crore on a 20.1% jump in revenue from operations to Rs 2,014.85 crore in Q1 FY23 over Q1 FY22.

Shares of Escorts Kubota were down 0.18% to Rs 2,125.20 on the BSE.