The company had sold 14,492 tractors in October 2022.

While domestic sales declined by 8.7% to 12,642 units, tractor exports fell by 13.3% to 563 units in October 2023 over October 2022.

"The festive season this year is delayed and spread across two months; hence October sales were slightly muted compared to last year. November, however, looks positive with key festivals in the first half of the month.

Going forward, all macroeconomic factors remain positive and we expect the demand momentum to continue for the remaining part of this fiscal,” Escorts Kubota said in a statement.

The company further informed that the Construction Equipment Business Division in October 2023 sold 603 machines, registering a growth of 57% as compared with 384 machines sold in October 2022.

"Growth momentum continues across all product segments, led by faster execution of ongoing projects, coupled with increase of bank credits in the sector and positive macroeconomics environment. Going forward we expect similar growth momentum to continue for the remaining part of the current fiscal,” Escorts Kubota added.

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.