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Informist, Friday, Nov. 1, 2024

 

--Escorts Kubota: Oct total sales 18,110 units vs 15,113 year ago 

--Escorts Kubota: Oct domestic sales 17,839 units vs 14,550 year ago 

 

MUMBAI – Tractor and engineering goods maker Escorts Kubota Ltd. Friday said it sold 18,110 tractors in October, up 20% from 15,113 units a year ago. This is the company's highest ever monthly sales, driven by an increase in demand as various festivals and auspicious days were concentrated in a single month, the company said in an exchange filing.

 

While domestic sales of tractors rose to 17,839 units in October from 14,550 units a year ago, its exports fell to 271 units from 563 a year ago. The company's cumulative tractor sales for Apr-Oct were 72,016 units, up only 2.7%, but its exports fell 29.1% in the same period to 2,459 units. Besides festivals, favourable macroeconomic conditions, increased minimum support price for a few crops, and an above-average rainfall, which resulted in higher water reservoir levels, also boosted demand for tractors, the company said. Escorts Kubota expects sales to continue to grow in the second half of the current financial year as well.

 

Escorts Kubota said its construction equipment business sold 635 machines in October, down 3.6% from 659 units a year ago. For Apr-Oct, total sales of this division were 3,411 units, down 11% from 3,834 units a year ago. The company expects the construction equipment business' growth momentum to increase in the second half of the current financial year due to various government initiatives and upcoming changes in emissions norms.

 

Escorts Kubota had reported a net profit of INR 2.90 billion for the June quarter on revenues of INR 22.93 billion. On Thursday, shares of the company closed at INR 3,745.10 on the National Stock Exchange, up 3.1%.  End

 

Reported by Aman Aryan

Edited by Ashish Shirke

 

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