Tractor manufacturer Escorts Ltd on Thursday said its Agri Machinery Segment (EAM) sold 12,337 tractors in March 2021, its highest ever March sales, registering a growth of 126.6 percent against 5,444 tractors sold in March 2020.
Domestic tractor sales in March 2021 rose 124.4 percent to 11,730 units as against 5,228 units in March 2020.
The company’s sales were ahead of CNBC-TV18's poll estimates of 12,000 units.
Sales were up 9.8 percent as compared to 11,230 units in February.
“The tractor demand is expected to continue to be strong led by higher Rabi output, favourable crop prices, and initial positive forecast of 2021 monsoon season, all supporting rural customer sentiments,” the company said in a regulatory filing.
The rising inflation however continues to be a worry, it said.
The company’s export sales during the month was at 607 tractors against 216 tractors sold in March 2020, registering a growth of 181 percent.
“We are also pleased to announce that in Fiscal 2020-21, for the first time ever in any financial year, company has crossed the 100,000-unit landmark in terms of tractor sales and tractor production in India,” Escorts said.
At 9:35 am, the shares of Escorts were trading 0.35 percent lower at Rs 1,284.35 apiece on the BSE.
First Published: Apr 1, 2021 10:31 AM IST
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