Escorts posts 1% decline in tractor sales in October

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Farm machinery and construction equipment major Escorts on Monday reported a 1.1 per cent decline in total tractor sales at 13,514 units in October 2021.

The company had sold a total of 13,664 units in the same month last year, Escorts Ltd said in a regulatory filing.

Domestic tractor sales in October 2021 was at 12,749 units as against 13,180 units in October 2020, down 3.3 per cent, it added.

Exports, however, were at 765 units as against 484 units in the same month last year, a growth of 58.1 per cent.

On the outlook, Escorts said, "Festival period of Navratri and Dussehra witnessed good footfalls and delayed sowing and harvesting cycle of the current Rabi crop augurs well for festive retails for industry during November too, coupled with overall positive rural sentiments on account of good rainfall, expected good yield and crop production, higher crop MSPs and better retail finance availability.”

However, inflation continues unabated and is putting a pressure on our margins, the company said.