Escorts Tractors reports increase in total sales by 33% YoY in Nov'20

Escorts Ltd Agri Machinery Segment (EAM) in November 2020 sold 10,165 tractors, registering a growth of 33 percent against 7,642 tractors sold in November 2019.

Domestic tractor sales in November were at 9,662 tractors registering a growth of 30.9% against 7,379 tractors in November 2019. Despite operating at near-full capacity, the demand outpaced supply resulting in lower-than-normal inventories. The Festival period of Dhanteras and Diwali witnessed good footfalls, however sales even prior to that remained buoyant. The demand is driven fundamentally because of higher crop production, good crop prices, sufficient availability of water and easy availability of finance. We expect demand momentum to continue and supply chain issues smoothened out in the next few months. Inflation in commodity prices remains a worry.

Escorts said the dealer and depot stocks continue to be low.

"Stock correction in the coming months would continue to push the industry upwards, supported by healthy water reservoir levels and a good harvest. The supply chain still is volatile but should improve going forward." the company said.

Additionally, the tractor manufacturer has also taken a price increase last month to pass on the inflation in the commodity prices.

Export tractor sales in November 2020 was at 503 tractors against 263 tractors exported in November 2019, registering a growth of 91.3%.

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