Domestic tractor sales rose 1.2% to 9,601 units in March 2023 as against 9,483 tractors sold in March 2022.

"Despite the festive season in March, retail sales were impacted due to unseasonal rainfall and crop damage in certain regions. However, with continued support from the government, better crop prices, improved finance availability and good water reservoir levels, we expect similar demand momentum to continue across geographies in the coming quarter,” the company said in a statement.

Meanwhile, export tractor sales in March 2023 stood at 704 tractors registering a growth of 19.1% as against 591 tractors sold in March 2022.

The company's Construction Equipment business in March 2023 sold 606 machines, registering a growth of 15.4% as against 525 machines sold in March 2022.

The company further stated that the growth mainly caught momentum towards second half of this fiscal year across all segments-material handling, earth moving as well as road segment. The current market sentiments are positive, and demand is expected to remain buoyant going into next fiscal year, owing to infrastructure projects in pipeline and Govt focus on faster execution.

Escorts Kubota is an engineering conglomerate. The company has diversified business across three different verticals viz., agri machinery, construction equipment & railway equipment division.

The company's standalone net profit slipped 7.5% to Rs 186.4 crore despite a 14.82% rise in revenue from operations to Rs 2,263.67 crore in Q3 FY23 over Q3 FY22.

The stock declined 1.23% to currently trade at Rs 1,868.55 on the BSE.