Escorts Kubota sold 7,515 tractors in April

2 May 2024 , 02:09 PM

The tractor manufacturer reported a slight decline in sales for its agri machinery business division, with 7,515 units sold in April 2024 compared to 7,565 units in April 2023. Domestic sales decreased by 1.2% to 7,168 units, while tractor exports increased by 10.9% to 347 units in April 2024 over April 2023.

At the time of writing, the stocks were trading at ₹3420.00 which is a 1.83% gain than the previous close. The stock has gained 72.21% in the last one year, and 15.32% gain since the beginning of the year.

Factors such as ongoing elections, low reservoir water levels, decreased haulage activities, and moderate rabi output impacted tractor demand despite the festive season shifting to April this year. The company expects sentiments to improve post-elections, especially with forecasts predicting a near to above-normal monsoon.

The construction equipment business division sold 446 machines in April 2024, showing a decline of 2.40% from 457 machines sold in April 2023. Despite the temporary slowdown caused by ongoing elections, the company remains optimistic about demand picking up post-elections.

Escorts Kubota is primarily engaged in manufacturing agricultural tractors, engines for agricultural tractors, construction, earthmoving, and material handling equipment, as well as round and flat tubes, and heating elements.

The tractor maker’s standalone net profit surged by 48.75% to ₹277.27 Crore, with a 2.5% rise in revenue from operations to ₹2,320.35 Crore in Q3 FY24 compared to Q3 FY23.

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