Escorts Agri Machinery records 18% decline in March tractor sales
Escorts Agri Machinery sold 10,074 tractors in the month of March 2022 compared to 12,337 tractors in March 2021, recording a decline of 18.3%. Domestic tractor sales declined 19.2% to 9,483 tractors while exports fell 2.6% to 591 tractors during the month. During next year, the tractor demand is expected to improve led by higher Rabi output, good level of water reservoirs, increased Union budget allocations to rural and agri sector coupled with favourable crop prices, and initial positive forecast of 2022 monsoon season as normal, all supporting rural customer sentiments. The rising inflation however continues to be an area of concern.
For Q4 FY 2022, the company reported sales of 21,895 tractors compared to 32,588 tractors sold in Q4 FY21, recording a decline of 32.8%. For FY 22, the company sales of 94,228 tractors compared to 1,06,741 tractors in FY21, recording a decline of 11.7%.
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Update On : Archean Chemical Industries By JM Financial Institutional Securities