homeauto NewsEscorts expects sales to pick up from September; says JV partner Kubota positive on India tractor biz
Escorts expects sales to pick up from September; says JV partner Kubota positive on India tractor biz
Escorts is optimistic going forward, after August witnessed a slowdown on the retail side, Bharat Madan , President Finance, Group Chief Financial Officer and Corporate Head, Escorts Ltd, told CNBC-TV18. Madan also said that their joint venture partner, Kubota, is very positive about the India tractor business.
Escorts is optimistic going forward, after August witnessed a slowdown on the retail side, Bharat Madan, President Finance, Group Chief Financial Officer and Corporate Head, Escorts Ltd, told CNBC-TV18. Madan also said that their joint venture partner, Kubota, is very positive about the India tractor business.
Kubota is a Japanese multinational corporation that produces many products including tractors and agricultural equipment.
“We are optimistic going forward, but we did see a slowdown happening on the retail side during this (August) month, partly also because of the bad situation as monsoon took a break in the month of July-August, but now looking at the prediction for September, looks like September should be reasonably good,” Madan said.
He further mentioned that volume is being built up by the company in anticipation of sales.
Escorts Limited is an Indian multinational conglomerate and automotive engineering company that operates in the sectors of agri-machinery, construction machinery, material handling, and railway equipment.
On Kubota’s stake, he said, “There is no discussion. It’s more market speculation. The commentary which came from Kubota’s perspective, the India business is doing well and they have seen a good growth coming in.”
On inventory, Madan said, “Overall, the inventory level is close to 4-4.5 weeks, which is not very high looking at the festive season which is coming in.”
“However, if something goes wrong in those months then it will be a cause for concern for the industry, but as of now, things are looking positive,” he said.
For the entire management interview, watch the video
(Edited by : Dipika Ghosh)
First Published: Sept 2, 2021 12:46 PM IST
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