Escorts Kubota Tractor Sales Dip in March 2024

1 Apr 2024 , 11:14 AM

Escorts Kubota's Agri Machinery Business sold 8,587 tractors in March 2024, marking a 16.7% decrease from the 10,305 tractors sold in March 2023.

Domestic tractor sales in March 2024 totaled 8,054 units, down 16.1% compared to 9,601 units sold in March 2023.

Escorts attributed the decline in sales to the Chaitra Navratri festival's shift to April this year, coupled with erratic monsoon patterns and low water reservoir levels affecting agricultural sentiments in central and southern regions, resulting in delayed harvesting of rabi crops.

Anticipating stabilization in demand post-elections and an above-average monsoon in FY25, Escorts expressed optimism for future prospects.

Export tractor sales in March 2024 amounted to 533 units, indicating a 24.3% decrease from the 704 units sold in March 2023.

The Construction Equipment Business Division witnessed a 9.2% growth, selling 662 machines in March 2024 compared to 606 machines in March 2023.

Escorts Kubota, primarily involved in manufacturing agricultural tractors, engines, construction, earth-moving, and material handling equipment, remains optimistic about sustained growth, fueled by government infrastructure initiatives.

In Q3 FY24, Escorts Kubota's standalone net profit surged by 48.75% to ₹277.27 Crore, with a 2.5% increase in revenue from operations to ₹2,320.35 Crore compared to Q3 FY23.

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