Escorts Ltd Agri Machinery Segment (EAM) in October 2020 sold 13,664 tractors, our highest ever October sales and registering a growth of 2.3 percent against 13,353 tractors sold in October 2019.
Domestic tractor sales in October was at 13,180 tractors registering a growth of 1.1% against 13,034 tractors in October 2019. Despite operating at near-full capacity, the demand outpaced supply resulting in lower-than-normal inventories. Festival period of Navratri and Dussehra 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.
Export tractor sales in October 2020 was at 484 tractors against 319 tractors exported in October 2019, registering a growth of 51.7%.