Escorts to hike tractor prices from 1 July

The increase in prices would vary across models and variant.

Escorts in an exchange filing on Monday announced that it will be increasing the prices of its tractors with effect from 1 July 2021. The company said that there has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation.

Escorts Agri Machinery Segment (EAM) in May 2021 sold 6,423 tractors against 6,594 tractors sold in May 2020, a decline of 2.6%. Sequentially, Escorts’ total tractor sales declined 2.37% in May 2021 compared with 6,979 tractors sold April 2021.

Shares of Escorts were up 1.13% at Rs 1,195.40 on BSE.

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).

On a standalone basis, the company’s net profit increased 93.2% to Rs 271.3 crore in Q4 FY21 from Rs 140.4 crore in Q4 FY20. Revenue from operations jumped 60.1% year-on-year (YoY) to Rs 2,210.5 crore during the quarter.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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