Meanwhile, export tractor sales in February 2022 was at 428 tractors in February 2022 against 540 tractors sold in February 2021, registering a decline of 20.7% year on year.

Going forward, Escorts said it expects overall higher rabi sowing this year, good level of water reservoirs, increased Union budget allocations to rural and agri sector and initial indicators of normal monsoon next year will drive positive momentum for tractor industry in coming year.

The company's construction equipment segment (ECE) in February 2022 sold 386 machines against 449 machines sold in February 2021, a drop of 14% year on year. Escorts said the construction equipment industry is facing short term challenges due to steep price increase led by unprecedented inflationary pressures and emission norm changes coupled with low equipment rental rates that is impacting retails. However, the company expects demand to start improving for construction equipment in the coming year due to Government thrust on infrastructure projects and stabilisation of increased pricing in the market.

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.

Shares of Escorts closed 0.96% higher at Rs 1,852.10 on Monday. The domestic stock market will remain shut today, 1 March 2022, on account of Mahashivratri.