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Escorts rises after strong sales in June
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Escorts to hike tractor prices from 1 July
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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.
Escorts sold 6,979 tractors in April 2021 as compared to 705 tractors sold in April 2020.
The company s Agri Machinery Segment (EAM) recorded domestic sales of 6,386 tractors in April 2021 as 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 Construction Equipment (ECE) segment in March 2021 sold 680 machines, its highest ever March sales, and registered a growth of 252.3% as against 193 machines sold in March 2020. With continued Government thrust on infrastructure spending with an aim to achieve accelerated growth in GDP and massive Capex plan under NIP (National Infrastructure Pipeline), timely disbursal of project payments, major policy amendments for highway concessionaires and asset monetisation to ensure liquidity, we expect construction equipment demand will continue to be strong. However, some supply chain issues and rising inflation in commodity prices, continue to be worrying factor, Escorts said in a regulatory filing.
Escorts construction equipment volumes jumped 62.7% YoY to 1,604 units in Q4 March 2021 from 986 units sold in Q4 March 2020. However, for the year ended FY21, Escorts volumes declined 3.2% to 3,913 units compared with 4,042 units sold in in the same period last year.
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