Escorts posts record tractor sales in September on positive rural demand

Faridabad: Indicating a revival in the Agriculture sector Escorts Ltd said on Thursday that it’s Agri Machinery Segment (EAM) has witnessed record sales in September. During the month the company has sold 11,851 tractors, up 9.2 per cent against 10,855 tractors in September 2019.

“Domestic tractor sales in September was at 11,453 tractors registering a growth of 8.9 per cent against 10,521 tractors in September 2019. Export tractor sales in September 2020 was at 398 tractors against 334 tractors exported in September 2019, registering a growth of 19.2 per cent.

In the first six months, the company’s tractor sales has registered a 4.4 per cent growth of 42591 units. While domestic sales has risen by 5 per cent to 40846 units, exports have dropped by 7.7 per cent to 1745 units.

“The rural demand continues to remain positive led by lower base of last year, pent-up demand from Covid-19 related lockdowns, and fundamentally positive macroeconomic factors. Timely and widespread monsoon, record Rabi crop production, early Kharif sowing, and good availability of retail finance have helped drive positive farmer sentiment. While currently operating close to our peak capacity, we are trying to further ramp up production and supply to meet the excess demand. We remain optimistic for the coming festive season” said the company.