Escorts reports 30% decline in November tractor sales at 7,116 units

Major Escorts Ltd for farm machinery and construction equipment reported on Wednesday a 30 percent decline in total tractor sales to 7,116 units in November 2021.

The company had sold 10,165 units in the same month last year, Escorts said in a regulatory filing.

Domestic tractor sales fell last month by 32.8 percent to 6,492 units, compared to 9,662 units in November 2020, it added.

However, exports were up 24.1 percent at 624 units in November, from 503 units a month ago, the company said.

“Delayed harvesting of Kharif crops due to late monsoon rains this year affected rural cash flows and hence retail demand. This we believe is a temporary phenomenon and cash flows should start to improve soon as Kharif harvest gets fully monetized,” said Escorts.

Industry wholesale in November was further affected by post-season channel destocking, it added.

In perspective, the company said, “forward all macroeconomic factors remain in favor of the tractor industry. However, high inflation remains a careful influence on profitability.

(Only the headline and image of this report may have been re-edited by Business Standard staff; the rest of the content will be automatically generated from a syndicated feed.)

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