Escorts’ August Tractor sales up 80% on Good Monsoon, better Khariff sowing
Biznextindia: Amid weak market conditions, Escorts Agri Machinery Segment (EAM) has achieved highest ever August sales registering 80.1 per cent Year-on-Year (YoY) growth. The company had sold 7268 tractors in August against 4,035 tractors sold in August 2019.
Backed by a good monsoon and better Khariff sowing, the company has registered positive sales growth in both the domestic market and in the export sector.
“Domestic tractor sales in August 2020 was at 6,750 tractors registering a growth of 79.4% against 3,763 tractors in August 2019. The market sentiment continues to be highly positive with a good monsoon, better Kharif sowing, crop prices holding up well, and a good supply of retail finance. We remain optimistic for the coming festive months. The supply-side situation improved significantly as compared to last month. We are currently operating close to peak capacity now. In August 2020 we could build some inventory both at dealer and depots, which since last few months was at very low levels” the company said.
“Export tractor sales in August 2020 was at 518 tractors against 272 tractors sold in August 2019, registering a growth of 90.4%.”.