The tractor manufacturer said that its Agri Machinery Business Division sales declined 6.97% to 6,185 units in January 2024 as against 6,649 units sold in January 2023.
While domestic sales fell 6.70% to 5,817 units, tractor exports declined by 11.11% to 368 units in January 2024 over January 2023.
The delay in Rabi sowing and lower water reservoir levels especially in central and southern regions, has negatively impacted rural sentiments and affected tractor sales in the current month. However, with overall improved Rabi sowing and as we move towards harvest season, we anticipate demand momentum to improve in the upcoming months, the company said in regulatory filing.
Further, the companys construction equipment business division sold 525 machines in January 2024, registering a growth of 16.15% as compared with 452 machines sold in January 2023.
With continued steady progress on ongoing projects, we expect the construction equipment industry's current growth momentum to persist, the company stated.
Escorts Kubota is primarily engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling quipment, round and flat tubes, heating elements, double acting hydraulic s
The tractor maker's standalone net profit zoomed to Rs 235 crore in Q2 FY24 as compared with Rs 87.66 crore posted in Q2 FY23. Revenue from operations rose 8.64% YoY to Rs 2,046.18 crore in the quarter ended 30 September 2023.
The scrip rose 1.11% to Rs 3,015.05 on the BSE.
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