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Escorts Limited, one of India’s leading agricultural equipment manufacturers, reported strong volume numbers in June 2018. It sold 9,983 tractors in June 2018 against expectations of about 9,000 tractors.
Escorts sold 9,758 tractors in the domestic market, up 72% yoy and 21% mom. Export volumes were 225 tractors, up 110% yoy and down 5.5% mom. Tractor makers are currently seeing the benefit of a cyclical upswing in volumes, buoyed by expectation of a strong monsoon this year (CY2018), the third successive normal monsoon.
For the quarter Q1FY19, Escorts sold 24,494 tractors, up 39% yoy and 4% qoq. The management had guided for tractor sector sales to grow at 20% yoy in Q1FY19, while for FY19E, it expects a more realistic growth number of 9-11% yoy.