Escorts Sales Report February 2022: 6114 units sold in domestic and export markets: Escorts Agri Machinery, the country’s leading tractor manufacturer, did not get promising results from tractor sales in February 2022. As per the Escorts Sales Report February 2022, Escorts tractor sales have registered a decline of 45 percent on a year-on-year basis.
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Escorts sold a total of 6114 units in the domestic and export market in February 2022 as against 11230 units in February 2021. Thus, there has been a decrease of 45.6 percent in the total sales of the company.
Escorts tractor sales of 5686 units in the domestic market, sales decline by 46.8 percent: The sales of Escorts tractors have come down in the domestic market. The company has sold 5686 units in the domestic market in February 2022 as against 10,690 units in February 2021. Thus, there has been a decline of 46.8 percent on a year-on-year basis. The company has cited several reasons behind the drop in sales.
According to Escorts, the tractor industry’s wholesale sales continued to decline in February 2022. Wholesale sales were at their peak in February 2021 last year. Moreover, higher inflation in commodity prices has led to an increase in retail prices.
Escorts tractor export also declined by 20.7%: Escorts tractor exports also registered a decline in February 2022. The company has sold 428 tractors in the export market in February 2022 as against 540 tractors were sold in February 2021. Thus, on a year-on-year basis, Escorts tractor exports have registered a decline of 20.7 percent. However, in January 2022, the company registered a year-on-year growth of 18.2 per cent in the export market.
Escorts expect better demand in future: Escorts expects better sales in future despite the downturn in the domestic and export markets during February 2022. Escorts said it expects bumper production of Rabi crop this year, good reservoir levels, increase in Union budget allocation for rural and agriculture sector and early signs of normal monsoon will provide positive momentum for tractor industry in future.
Escorts’ consolidated net profit declined by 32.36 per cent to Rs 193.71 crore due to a 2.83 per cent decline in revenue from operations to Rs 1,984.28 crore in Q3 FY22 over Q3 FY21.
About Escorts Group: Escorts Group is an Indian engineering company engaged in the fields of agro-machinery, construction and material handling equipment and railway equipment for nearly seven decades. The company is committed to excellence in engineering, innovation in products, development of market related technologies and highest cost efficiencies for the benefit of its customers and shareholders.
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