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Escorts records 15.5% growth in June tractor sales

Escorts records 15.5% growth in June tractor sales
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Escorts reports 2.6% decline in May tractor sales

Escorts Agri Machinery Segment sold 6423 tractors in May 2021 compared to 6594 tractors in May 2020, recording a decline of 2.6%. Domestic tractor sales in May 2021 stood at 6,158 tractors as against 6,454 tractors in May 2020, recording a decline of 4.6%. Exports rose 89.3% to 265 tractors in May 2021 compared to 140 tractors in May 2020. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with

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Escorts tractor sales decline 2.6% YoY in May

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. The company s domestic tractor sales declined 4.59% in May 2021 to 6,158 tractors as against 6,454 tractors in May 2020. Escorts said slowdown in demand is seen due to impact of COVID-19 in the rural parts impairing movement of customers and smooth operations of our dealerships. The company further said that the ground situation has somewhat eased in the last few days of the month, and it expects return to normalcy soon. In the medium term, the company expects rural sentiment to be strong, on account of all positive macroeconomic factors viz. prediction of a good monsoon, high crop production and better support by Government on crop prices. Inflation continues unabated and remains a worry, the company said.

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Auto stocks, RIL, IndusInd Bank in spotlight

On a consolidated basis, Reliance Industries (RIL) reported 108.36% surge in net profit to Rs 13,227 crore on 9.59% increase in net sales to Rs 149,575 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20). EBITDA rose 1.9% quarter-on-quarter (QoQ) and it advanced 2.77% year-on-year (YoY) to Rs 26,602 crore in Q4FY21 over Q4FY20. The sequantial improvement was primarily due to improvement in O2C and retail businesses. The company s board also declared a final dividend of Rs 7 per share for the financial year ended March 2021. IndusInd Bank reported 190.2% surge in standalone net profit to Rs 875.95 crore on 0.45% increase in total income to Rs 9,199.48 crore in Q4 March 2021 (Q4FY21) over Q4 March 2020 (Q4FY20).

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Escorts Agri Machinery Segment sells 6979 tractors in April

Escorts Agri Machinery Segment in April 2021 sold 6,979 tractors registering a growth of 889.9 percent as against 705 tractors sold in April 2020. Domestic tractor sales in April 2021 were at 6,386 tractors registering a growth of 941.8 percent against 613 tractors in April 2020. The demand in April last year was drastically impacted by Covid-19 national lockdown; so was it in April 2021 although not to the same extent. This time around supply chain had minimal impact from local restrictions owing to the second wave of Covid-19. This enabled the Company to build some inventory in anticipation of some pent-up demand as the pandemic situation improves. The medium-term macroeconomic factors remain positive on account of record rabi harvest, sustained crop prices, and good prediction of monsoons this year. Inflation continues unabated and remains a worry.

Escorts-agri-machinery-segment
Capital-market
Tractors
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