Escorts Kubota’s total tractor sales declined 19. 8% YoY to 10, 051 units in 06 2022 from 12, 533 units sold in June 2021.
On a sequential basis, tractor product sales surged nineteen. 36% in June 2022 from 8, 421 models bought from May 2022.
Domestic tractor sales in Summer 2022 stood at 9, 265 tractors as against 11, 956 tractors sold in June 2021, registering a fall of 22. 5% year on 12 months. Export tractor sales within June 2022 was at 786 vehicles against 577 tractors sold in June 2021, recording a growth of 36. 2%.
Escorts said that the industry wholesales were impacted during month of 06 2022 due to high base of last yr. With onset of monsoon, and likely record kharif crop production, rural liquidity and farmer sentiments are expected to gradually improve.
On quarterly basis, the company’s total tractor sales rose 3. 3% to 26, 797 devices in Q1 FY23 through 25, 935 units bought from Q1 FY22. Domestic tractor sales increased 0. 4% to 24, 608 products while Export tractor product sales soared by 52. 5% to 2, 189 systems in the first quarter as compared to the particular corresponding one fourth previous season.
The company’s construction equipment segment (ECE) in June 2022 sold 321 machines as against 262 machines offered in Summer 2021, posting a growth of twenty two. 5% calendar year on year.
Escorts said that in June 2022, growth trend continued within Construction Equipment industry due to low base of last year. With Government thrust on infrastructure, we expect growth momentum to continue in the current fiscal year 2022-23.
The company’s ECE was at 966 units for the quarter ended 30 June 2022 as towards 606 units sold during the same period in the particular previous 12 months, registering a rise of 59. 4%.
The Escorts Group is an Indian engineering company that will operates inside the sectors of agri-machinery, construction and material handling equipment, plus railway equipment.
Escorts Kubota reported 28. 1% fall in consolidated net profit in order to Rs 190. 92 crore on the 15. 7% decline in revenue from operations to Rs 1, 878. 51 crore in Q4 FY22 over Q4 FY21.
Shares of Escorts Kubota shed 0. 37% at Rs 1, 436. 75 upon the BSE.
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(This story has not been edited by Company Standard staff and is auto-generated through a syndicated feed. )
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