Escorts Agri Machinery (EAM), a division of Escorts, has announced that the prices of its tractors will increase on Wednesday, April 20th, 2022. Commodity prices have been steadily rising, necessitating a price increase to offset the impact of ongoing inflation.
The price hike would be different for different models and variants, according to the company.
Escorts' consolidated net profit fell 32.36 percent to Rs 193.71 crore in Q3 FY22 over Q3 FY21, owing to a 2.83 percent drop in revenue from operations to Rs 1,984.28 crore.
The Escorts Group is an Indian engineering firm that specializes in agri-machinery, construction and material handling equipment, as well as railway equipment.
Escorts' stock dropped 0.09 percent to Rs 1,545.40 on the BSE.
About Escorts Agri Machinery:
Escorts Agri Machinery first appeared in 1960. Farmtrac, Powertrac, and Steeltrac are the brands under which the company manufactures tractors. The first Escorts tractors were built in 1961 under the Ursus licence. [8] In 1969, a partnership with Ford was formed to produce licenced Ford tractors for India.
Escorts owns a plant in Mrgowo, Poland, which it purchased from Pol-Mot in 2000, as well as four plants in India. Long Agri purchased an assembly plant in Tarboro, North Carolina, but the North American subsidiary went bankrupt in 2008.
About Escorts Limited:
Escorts Limited was founded in 1944 as Escorts Agents Ltd. by brothers Har Prasad Nanda and Yudi Nanda. In Jammu, they established the Nanda Bus Company, a family-owned business.
Escorts Limited was established in 1960 after the company established its manufacturing base in Faridabad and began producing agricultural machinery, x-ray machines with Westinghouse, and heating elements with Elpro.
