Escorts Kubota gains after decent August tractor sales

1 Sep 2022 , 09:40 AM

Domestic tractor sales in August 2022 stood at 5,308 units, recording a growth of 7.9% as against 4,920 units sold in August 2021. The company exported 803 tractors (up 3.9% YoY) in August 2022. During the month, some parts of the country have received heavy rainfall affecting ground activations and general movement. Some pockets are still rain deficient; it remains to be seen how monsoon behaves in September. As festivals start early this year, we should see a better September and most likely a stretched peak selling season of three months. Overall macroeconomic factors and farmer sentiment remain positive,? the company said in a statement. Escorts Kubotas Construction Equipment Segment in August 2022 sold 225 machines as against 307 machines sold in August 2021, recording a de-growth of 26.7% on a YoY basis. ?Because of excessive rains in many parts of the country, the industry movement remained slow. However we expect a good post monsoon recovery with Government thrust on infrastructure development. Construction equipment industry should grow hereafter in mid-teens and will play an important role in propelling the countrys overall growth and development? the company further stated. The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment. The companys standalone net profit tumbled 20.4% to Rs 147.5 crore on a 20.1% jump in revenue from operations to Rs 2,014.85 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News