Escorts Agri logs sale of 10,074 units in March 2022; reports drop of 18% yoy

1 Apr 2022 , 01:34 PM

Escorts Agri Machinery (EAM), Escorts Limited’s significant segment, reported sales of 10,074 tractors in March 2022 as compared to 12,337 tractors sold in March 2021, a drop of 18.3% yoy.

The company reported domestic tractor sales of 9,483 tractors in March 2022 as compared to 11,730 tractors in March 2021, a decline of 19.2% yoy.

Due to the high base of last year and subdued commercial demand, the tractor industry wholesales continued to witness downfall in March 2022.

Company exported 591 tractors in March 2022, as compared to 609 tractors in March 2021, down by 2.6% yoy.

The company expects that the tractor demand is expected to improve in the next year driven by higher Rabi output, good level of water reservoirs, and increased Union Budget allocations to rural and agri sector backed by favourable crop prices, and initial positive forecast of 2022 monsoon season as normal, all supporting rural customer sentiments.

However, rising inflation will remain an area of concern for the company.

Total Sales during the year dipped by 34.5% yoy at 20,272 tractors in March 2022 as against 30,930 tractors in March 2021.

Escorts Ltd is currently trading at Rs1,699.10 up by Rs7.7 or 0.46% from its previous closing of Rs1,691.40 on the BSE. It has touched intraday high and low of Rs1,706 and Rs1,650.05 respectively.