Escorts rose 3.43% to Rs 1302.80 after company said its tractor sales jumped 88% to 7,733 units in December 2020 over December 2019.
Escorts said this was its highest ever December sales. On a sequential basis, however, the tractor sales declined 23.9% in December 2020 from 10,165 units sold in November 2020.Domestic tractor sales in December 2020 was at 7,230 units, registering a growth of 90% from 3,806 units sold in December 2019. Export tractor sales jumped 63.3% to 503 units in December 2020 from 308 units sold in December 2019.
"Post Lockdown, this is the first month where we could supply as per demand of customers, some of whom waited long to get their preferred tractor brand. Going forward all macroeconomic factors remain in favour of continued growth and we do not expect any significant supply-demand gaps. Rising Inflation, however, continues to be a worry," Escorts said in a regulatory filing.
Escorts is one of India's leading engineering conglomerates. The company has diversified business in to three different segments. Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) & Railway Equipment Division (RED).
The company's standalone net profit jumped 119.8% to Rs 229.9 crore on 23.9% rise in revenue from operations to Rs 1,639.7 crore in Q2 September 2020 over Q2 September 2019.
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