Quote on Escorts Volumes by Mr. Milan Desai, Angel One Ltd
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Below is quote on Escorts Volumes by Mr. Milan Desai, Lead Equity Analyst, Angel One Ltd
Escorts Ltd has reported a lower than expected MoM increase in domestic tractor sales for Sep’21. The domestic volumes grew 62.1% MoM to 7,975 units while Exports have been up 8.8% to 841 units. Owing to the higher base the domestic volumes have declined by -30.4% YoY, which is along the expected lines, and we expect industry volumes to continue the declining trajectory for FY22. As per the company above normal rainfall in September has delayed harvesting in some parts of the country resulting in a two-to-four-week delay in the onset of the festive season demand. We currently have a Neutral view on the stock.
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