Escorts Kubota to increase prices of its tractors from June

23 May 2023 , 02:39 AM

Escorts Kubota’s Agri Machinery Business Division has announced plans to raise the prices of its tractors starting from June 2023. The price adjustment is intended to counteract the effects of rising costs. The extent of the price increase will differ depending on the tractor models, variants, and regional factors, according to the company’s statement.

Escorts recently reported a decline in its domestic tractor market share for the fourth quarter, dropping by 47 basis points year-on-year to reach 10.90%. The decrease can be attributed partly to the adverse effects of unseasonal rains. 

The company anticipates that the first quarter will remain stagnant in terms of growth. In April, Escorts witnessed a 9.10% decline in total sales, with exports experiencing a significant slump of over 51% compared to the previous year.

Escorts Kubota delivered better-than-expected results for the March quarter, although it experienced a 6.2% decline in operating profit, amounting to Rs 236 crore, compared to the previous year. The company’s margin also experienced a year-on-year dip of 270 basis points.

At around 2.37 PM, Escorts Kubota was trading 0.35% lower at Rs 2,063 per piece, against the previous close of Rs 2,070.25 on NSE. The counter touched an intraday high and low of Rs 2,097.80 and Rs 2,055.70 respectively.

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