08 March, 2019
Escorts Limited, one of the India’s leading tractor manufacturers, has once again hit the mark! The sales figures of the giant in February 2019 are reported 6918 Tractors, much more than its competitor brand Sonalika (6185). Big congratulations to Escorts for an extraordinarily unexpected performance! It sold 6918 tractors in February 2019 in the domestic markets against 6295 tractors in the previous year. Export sales of the company were up by 92.8%. Export figures are reported 322 tractors this year against 167 tractors in February 2018. The total sales, including imports and exports of Escorts in the month of February 2019 were up by 12% yoy. It sold 81,656 tractors till Feb’19 in FY19 much ahead of the figures in the previous year, depicting a growth of around 23% yoy.
Escort tractor sales are mounting for the past several months on account of 2 successive years of improved crop production, satisfactory monsoon, hassle-free financing and growing usage of tractors in non-agri sectors. Escorts have amazingly beaten Sonalika with rising sales of 67%, one of its major competitors reporting 56% growth. About 20% of tractors are used for non-agriculture use. Drive on roads and highways development as seen in Bharatmala project would also play a key role in enhancing tonnage of tractor segment and the major players within the sector.
The agri-machinery maker sold 25,743 tractors between October and December’18, an increase of 36 percent from the corresponding quarter last year. The sale of construction equipment rose 30 percent to 1,413 units. Escorts revenue from the railway products division rose 34.1 per cent to Rs 96.6 crore as against Rs 72.0 crore in the third quarter of the previous fiscal. Its total expenses stood at Rs 1,480.37 crore as against Rs 1,083.87 crore, up 36.58 per cent.
Commenting on the outlook, Escorts Chairman and Managing Director Nikhil Nanda said: "With recent technology collaborations and strategic JVs with global leaders like Kubota, Tadano and others, we aim to manufacture innovative products for emerging economies and offer unique solutions for domestic mechanized farming, smart construction and safe modern railways."
Hopefully, the company will be adopting measures to enable farmers enhance their prosperity and show unexpected performance in future too!
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