Expect double-digit growth for industry to continue over next 6 months, says Escorts
Following very strong auto sales in December with an 88 percent jump from the last year’s numbers, Escorts expects a 15-20 percent growth for the tractor industry by FY21 end, said Bharat Madan, Group CFO at the company on Monday.
Following very strong auto sales in December with an 88 percent jump from the last year’s numbers, Escorts expects a 15-20 percent growth for the tractor industry by FY21 end, said Bharat Madan, Group CFO at the company on Monday.
Speaking with CNBC-TV18, Madan said the outlook looks promising right now.
“The earlier pent-up demand which we have seen during the lockdown may not be there but we expect that at least for the next six months the double-digit growth should continue for the industry.”
Prices are moving every second week, which is another cause of worry for the original equipment manufacturers (OEMs), he said.
In terms of exports, Madan said, “Exports has shown positive numbers. We have got a good order book, even today we have got an order book of over 1,000 tractors. Next three-five years, this could be one good growth engine for us.”
Watch the video for more
(Edited by : Ajay Vaishnav)
First Published: Jan 4, 2021 11:31 AM IST
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