Escort sales of 8421 tractors domestically during May 2022, which is a 31.1% increase as against 6423 units during May 2022. On the other hand, the company registered a growth of 97% YOY in the construction equipment sector by selling 305 machines in May 2022 while it sold 155 units in the same last period.
On Wednesday, The Escorts Agri Machinery, Farm Equipment Manufacturer, registered a 24.5% growth in domestic tractor sales by selling 7667 units during May 2022, while 6158 units were sold in May 2021.
Escorts tractor total sales (Domestic+Escorts) during last month was 8421, up by 31.1% as against May 2021, selling 6423 units.
Escorts Agri Machinery said, rural sentiment gradually improved despite low crop yields due to extreme heat conditions this harvest season, on account of better crop price realization and forecast of normal rainfall and possible timely sowing this year.
The Company also added: "With recent Government actions, Inflation may stabilize in the near term, and operating leverage may further possibly help in partially diluting the impact on margins in coming quarters.
Export tractor company registered its export sales of 754 units during May 2022 with 184.5% expansion as against 265 tractors sold in May 2021.
With the expansive growth of 97% YOY, the company sold 305 machines during May 2022, while it sold 155 machines in May 2021.
Escorts Group said the growth trend continued in the construction equipment industry due to the low base of last year despite challenges on retail demand due to input cost escalation.
The company also added: "With Government thrust on infrastructure, we expect a good recovery in the later part of the current fiscal year 2022-23. But the steep rise in input costs leading to higher owning costs for customers remains a key cause of concern.
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