|
Domestic tractor sales in August 2023 were at 5,198 tractors as against 5,308 tractors sold in August 2022. While there has been a positive momentum in some markets due to Government subsidy programs, the deficient monsoon in other regions during the month of August coupled with shifting of key festive season to the third quarter of this fiscal impacted tractor sales this month.
With other macro-economic factors remaining intact, if monsoon catches up in September in these regions , tractor demand may witness good pick up in the upcoming festive months.
Export sales dropped 50.8% to 395 units sold in August 2023 from 803 units sold in corresponding quarter last year.
Construction Equipment Business Division in August 2023 sold 520 machines, registering a growth of 131.1 percent as against 225 machines sold in August 2022.
With the sustained pace of ongoing infrastructure projects execution, demand for construction machinery continued to be buoyant in the traditionally lean month of August. Going forward, post monsoon, we expect the Construction equipment industry growth momentum to accelerate further propelling the country's overall growth and development.
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.
The scrip declined 0.93% to Rs 3129.25 on the BSE.
|