Escorts’ Tractor sales dipped 30% in November on delayed harvest of Kharif crops

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Biznextindia : Escorts Agri Machinery (EAM) has reported 30 percent year-on-year.(YoY) drop in November sales at 7116 tractors as against 10,165 tractors sold in November 2020. Domestic tractor sales during the month dropped by 32.8 percent to 6,492 tractors, as against 9,662 tractors in November 2020. However, export sales rose by 24 percent to 624 tractors.

“Delayed harvest of Kharif crops owing to late monsoon rains this year affected the rural cash flows and hence the retail demand. This we believe is a temporary phenomenon and cash flows should start improving soon as Kharif harvest gets fully monetized. Industry wholesale in November was further impacted by post-season channel destocking. Going forward all macroeconomic factors remain in favour of the tractor industry. However high inflation remains a worry impacting profitability” the company said.

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