BackEscorts posts 80% YoY growth in tractor volumes in August
Escorts Ltd reported total wholesales of 7,268 units in August, up from 4,035 units a year agoRobust demand for tractors over the past few months has resulted in a 3.5% YoY growth in the company’s cumulative domestic wholesales
PremiumMUMBAI: Escorts Ltd reported total wholesales of 7,268 units in August, up 80% year-on-year, owing to robust demand for tractors in the domestic market, the Faridabad-based company said on Tuesday.
This was the highest ever August sales recorded by the company, it said.
However, the YoY growth has come on a low wholesale base of 4,035 units from August last year when the farm equipment industry was witnessing its cyclical downturn.
Escorts’ domestic tractor sales stood at 6,750 units for the last month, growing 79.4% from 3,763 units from the year-ago period. The August domestic volumes have grown 36% sequentially over July, which had reported domestic wholesales of 4,953 units.
It’s export shipments grew from 272 units in August last year to 518 units.
Robust demand for tractors over the past few months has resulted in a 3.5% YoY growth in the company’s cumulative domestic wholesales between April—August period despite all covid-19 led disruptions.
“The market sentiment continues to be highly positive with good monsoons, better kharif sowing, crop prices holding up well, and good supply of retail finance. We remain optimistic for the coming festive months," the company said in a note filed on BSE.
“The supply side situation improved significantly as compared to the last month. We are operating close to peak capacity now," the company said, adding that in August it could build some inventory across dealers and depots.
Mint had earlier reported that intermittent lockdowns across manufacturing belts of Aurangabad and Bengaluru during July had hit the tractor production for the month.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
