Posted On - 01 Nov 2021
Escorts Ltd.’s tractor sales rose in October as demand during Navaratri and Dussehra witnessed good footfalls, mom sales volume up by 53.3 %.
New Delhi: Farm equipment manufacturer Escorts Agri Machinery on Monday reported a 3.3% decline in domestic tractor sales at 12,749 units in October. The company had sold 13,180 units in October 2020.
Total tractor sales during last month stood at 13,514 units as against 13,664 units in October 2020, down 1.1%, Escorts said in a regulatory filing.
Escorts Agri Machinery said the festival period of Navratri and Dussehra witnessed good footfalls and delayed sowing and harvesting cycle of the current Rabi crop augurs well for festive retails for industry during November too. "This coupled with overall positive rural sentiments on account of good rainfall , expected good yield and crop production, higher crop MSPs and better retail finance availability," the company said.
However, inflation continues unabated and is putting pressure on the company's margins, Escorts added.
Export sales in October 2021 stood at 764 tractors against 484 tractors sold in October 2020, registering a growth of 58.1%.