On a sequential basis, tractor sales tumbled 43.45% in July 2023 from 9,850 units sold in June 2023.

Domestic tractor sales in July 2023 stood at 5,161 tractors, recording a growth of 9.7% as against 4,704 tractors sold in July 2022. Export tractor sales dropped by 37.7% to 409 units sold in July 2023 from 656 units sold in the same period a year ago.

Monsoon has progressed well during the last 2 month barring certain eastern pockets, but some parts of the country have received heavy rainfall, resulting in flood like situations and affecting on ground activities. With all macroeconomic factors remaining positive for our Industry, we expect the retail demand to pick up well in the upcoming festive months starting September, the company stated in the press release.

Escorts Kubota's Construction Equipment segment in July 2023 sold 465 machines as against 302 machines sold in July 2022, recording a growth of 54%.

Demand for construction machinery continues to be buoyant and as the monsoon is peaking in various parts of the country, the company expects the momentum to accelerate further from September onwards, led by faster execution of projects, the auto maker 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 company reported 8.26% decline in standalone net profit to Rs 185.47 crore despite a 16.76% rise in revenue from operations to Rs 2,182.95 crore in Q4 FY23 over Q4 FY22.

Shares of Escorts Kubota were down 0.36% to Rs 2,531.05 on the BSE.