Escorts domestic tractor sales dip 40% in January

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Biznextindia : Escorts Agri Machinery (EAM) in January 2022 on Tuesday reported YoY 36.7 percent drop in tractor sales at 5707 units as against 9021 units in January 2021. The dip in monthly sales is mainly due to sharp 40 percent drop in domestic sales, which was at 5,103 tractors as against 8,510 tractors in January 2021. Export tractor sales in January 2022 was at 604 tractors against 511 tractors sold in January 2021, registering a growth of 18.2 percent.

“Industry wholesales continues to be impacted in January 2022, due to unseasonal rainfall in certain part of country, high base of last year and inflationary impact on short term demand leading to higher level of channel inventory in certain geographies. Going forward with improved liquidity in hand of farmers, overall high rabi sowing and good water level reservoirs, we expect same will help boost demand recovery in coming months” the company said.

Meanwhile, Escorts Ltd. Construction Equipment Segment (ECE) in January 2022 sold 375 machines against 475 machines sold in January 2021, a drop of 21.1 percent year-on-year.

“Construction equipment industry during January 2022 has faced short term challenges due to COVID-19 related restrictions, coupled with low rental rates, impacting retails largely in high volume low end segment. Going forward, we expect demand to trigger led by various proposed government initiatives for developing worldclass infrastructure in the country at an accelerated pace, using modern technologies and equipment” the company said.

 

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