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Escorts Domestic Tractor Sales Increased by 24.5% to touch 7667 Units in May 2022

27-Feb-24 08:24 PM

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Posted byPriya SinghPriya Singh on 27-Feb-2024 08:24 PM
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Escorts witnessed total tractor sales of 8421 units in May 2022, against 6423 in May 2021. Escorts tractor company said they made 31.1% more sales this year than last year. Also, the construction machinery equipment segment sold out by 305 units against 155 units in May 2021 to record a YOY of 97%.

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Escorts domestic tractor sales hiked 24.5% to reach 7667 units in May 2022. Last year in May, the company sold out 6158 units; Escorts Agri Machinery said this on Wednesday. Here the company reported a 24.5% domestic tractor sales increase. Its official notification said the total tractor sales during May 2022 reached 8421 units against the 6423 units in May 2021.

The official statement of Escorts Agri Machinery also stated that the rural sentiment improved even when the low crop yields were produced due to harsh weather conditions. It might be possible because of better price realisation and forecast of sufficient rainfall to grow the crop timely.

The company added that the inflation rate might get normal with the late government action in the near months. So, it can balance the operating cost and minimise its impact on the margins in upcoming quarters.

According to Escorts's report, export tractor sales in May increased by 184.5% and got 754 unit sales, whereas it was 265 tractors in May 2021.

Escorts also sold out 305 units in the construction equipment sector with 97% growth on YOY. This tractor company had 155 machine sales in May 2021; hence this year, it witnessed more sales in this segment.

Later, Escorts Agri Machinery added that the tractor industry could expect a satisfactory recovery in the 2022-23 fiscal year with the government's thrust on infrastructure. However, farmers and buyers of agricultural machines and equipment can have high costs. This tractor manufacturing company added that it could be a serious concern.

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