Escorts reports sale of 6,114 tractors during February 2022; stock marginally up

2 Mar 2022 , 11:11 AM

Escorts Agri Machinery Ltd. reported net sales of 6,114 tractors during February 2022 as against 11,230 tractors sold in February 2021, a drop of 45.6% year-on-year.

The company’s Domestic tractor sales in February 2022 stood at 5,686 tractors as against 10,690 tractors in February 2021. Tractor industries’ wholesales remained muted in February 2022 due to the high last year’s base, and steep increase in commodity prices impacting retails.

Going forward, the company expects overall high Rabi sowing this year, good level of water reservoirs, increased Union budget allocations to rural and Agri sector and initial indicators of normal monsoon next year will drive positive momentum for tractor industry in coming year.

Company’s exports during February 2022 stood at 428 tractors against 540 tractors in February 2021, down by 20.7% yoy.

YTD Domestic sales for the period under review were 77,560 units against 90,118 units YTD in FY21, down by 13.90% yoy. Its YTD export sales stood at 6,594 units, up by 53.80% yoy.

Escorts was trading at Rs1,864 against its previous closing price of Rs1,850.95, up by Rs13.05 or 0.71% on NSE. It touched day’s high and low of Rs1882 and Rs1852.20 respectively.