Faridabad : Escorts Agri Machinery (EAM) in March 2022 sold 10,074 tractors as against 12,337 tractors sold in March 2021, a drop of 18.3 percent year-on-year. Domestic tractor sales during the month was at 9,483 tractors as against 11,730 tractors in March 2021. Export tractor sales during the month was at 591 tractors against 607 tractors sold in March 2021.
Due to high base of last year and subdued commercial demand, the tractor industry wholesales continues to remain subdued in March 2022. During next year, the tractor demand is expected to improve led by higher Rabi output, good level of water reservoirs, increased Union budget allocations to rural and agri sector coupled with favourable crop prices, and initial positive forecast of 2022 monsoon season as normal, all supporting rural customer sentiments. The rising inflation however continues to be an area of concern.
Escorts Construction Equipment sales drop by 23%
Meanwhile, Construction Equipment Segment (ECE) of the compnay in March 2022 sold 525 machines against 680 machines sold in March 2021, a drop of 22.8 percent year-on-year. Construction equipment industry continues to remain subdued in March 2022, due to high base of last year, steep price increases due to emission norm changes coupled with higher inflation in commodity prices and muted rentals, impacting retails sales. Due to Government thrust on infrastructure projects, we expect demand to start improving for construction equipment in the coming year. Inflation in commodity prices continues to be an area of concern.