Escorts Kubota clocks 8.9% y-o-y growth in May tractor sales volume

Escorts Kubota Limited Agri Machinery Business Division reported sales of 9,167 units in May 2023, being its highest-ever May sales. The company has registered a growth of 8.9% y-o-y as compared to 8,421 units in May 2022.

Company said that it has clocked 8,704 units of domestic tractor sales in May 2023, registering a growth of 13.5% y-o-y compared to 7,667 units in May 2022.

The company said that overall, the farmer sentiments and macroeconomic factors remain positive, which has resulted in a positive sales trend across most geographies. 

It further added that moving forward, the company anticipates that the current momentum will persist in the near future on the back of normal rainfall forecast, better liquidity, adequate reservoir levels, and consumer credit availability.

Company’s tractor export declined to 463 units in May 2023, as compared to 754 tractors sold in May 2022, registering a decline of 38.6% y-o-y.

For the 2M period (Apr-May) company registered a growth of 4% y-o-y in domestic sales of tractors in FY24 at 15,956 units, compared to 15,343 units in the previous corresponding period. Further, total sales declined marginally to 16,732 units in 2MFY24.

There is a substantial decline of 44.70% y-o-y in Export Sales of tractors for 2MFY24 at 776 units, compared to 1,403 units in the previous comparable period.

At around 2.22 PM, Escorts Kubota was trading 0.89% higher at Rs 2,195.70 per piece, against the previous close of Rs 2,176.30 on NSE.

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