Domestic tractor sales during the month fell by 5.5% to 7,252 units from 7,676 units sold in April 2022.

"Festive preponement impacted sales in the month of April. Due to pre-ponement of key festive season this time to March'23 as against April last year, combined with unseasonal rains impacted sales for the month.

Going forward, due to positive macro-economic factors on account of good rabi harvest, improved crop prices and adequate water reservoir levels, we expect demand momentum to improve across geographies, for the quarter,” Escorts Kubota said in a statement.

Tractor exports in April 2023 added up to 313 units, down by 51.8% from 649 units exported in April 2022.

Escorts further informed that the company's Construction Equipment business in April 2023 sold 457 machines, registering a growth of 34.4% as against 340 machines sold in April 2022.

“There is a sustained demand for construction equipment industry, supported by the Government's continued thrust across all the infrastructure sectors like road, railways, urban development, ports, airports, mining and irrigation. We expect demand momentum to continue going forward for the current quarter and till we enter the monsoon period,” the company stated.

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 scrip was up 0.03% to currently trade at Rs 1981.95 on the BSE. It had hit a high of Rs 2003.60 and a low of Rs 1965.05 so far in the trading session.