Escorts Ltd Agri Machinery Segment (EAM) in July 2021 sold 6,564 tractors, its highest ever July sales and registering a growth of 23.3% against 5,322 tractors sold in July 2020.
Domestic tractor sales in July 2021 were at 6,055 tractors as against 4,953 tractors in July 2020, registering a growth of 22.2%.
“The three-week slowdown in monsoon activity from mid-June to mid-July temporarily affected sowing of Kharif crops leading to some slowdown in sales in July,” the company said in a filing on Sunday.
“However, monsoon has now caught up to be normal, and sowing has also picked up pace in the last few days. This should augur well for the remaining months of the year. Also, most of the dealerships are now open and are able to fully serve customers. Commodity inflation continues to put pressure on the margins despite three price increases in the last nine months,” it added.
Export tractor sales in July 2021 was at 509 tractors against 369 tractors sold in July 2020, registering a growth of 37.9%.
“At Escorts, safety and wellbeing of our customers, dealers, suppliers, and employees is of utmost importance. Our employees, including third-party roll workforce, have been vaccinated against Covid for the first dose, and the vaccination drive for second dose is on. We continue to take all the safety precautions in all our business premises as per Government guidelines,” company said.
Ata round 9.40 AM, Escorts Ltd was trading at Rs1,171.65 per piece down by Rs12.75 or 1.08% from its previous closing of Rs1,184.40 per piece on the BSE.