Escorts Kubota, a renowned name in the agricultural machinery sector, recently announced their tractor sales for March 2024. As per the official statement of the company, sales of 8,587 tractors were registered during the month.
Domestic Tractor Sales Figures
|
Particulars |
FY24 |
FY23 |
%Change |
|
Domestic |
8,054 |
9,601 |
-16.1% |
|
Export |
533 |
704 |
-24.3% |
|
Total |
8,587 |
10,305 |
-16.7% |
Q4 (January-March)
|
Particulars |
FY24 |
FY23 |
%Change |
|
Domestic |
19,912 |
23,081 |
-13.7% |
|
Export |
1,341 |
1,684 |
-20.4% |
|
Total |
21,253 |
24,765 |
-14.2% |
FY (April-March)
|
Particulars |
FY24 |
FY23 |
%Change |
|
Domestic |
90,239 |
95,266 |
-5.3% |
|
Export |
5,619 |
8,024 |
-30.0% |
|
Total |
95,858 |
1,03,290 |
-7.2% |
Construction Equipment Business Shows Growth
Despite the challenges faced in the tractor segment, Escorts Kubota's Construction Equipment Business Division exhibited growth. In March 2024, the division sold 662 machines, marking a noteworthy 9.2% increase compared to March 2023. The company attributes this growth to the government's ongoing focus on infrastructure development, which lays a robust foundation for sustained growth in the industry.
Future Outlook
Escorts Kubota remains optimistic about the future, anticipating a stabilization in demand post-elections. Early signs indicate an above-average monsoon in FY25, which is expected to positively impact agricultural sentiments and, consequently, tractor sales. Additionally, the government's continued emphasis on infrastructure development is poised to be a driving force for sustained growth in the construction equipment segment.
Financial Performance
In terms of financial performance, Escorts Kubota's standalone net profit surged by 48.75% to Rs 277.27 crore in Q3 FY24. Revenue from operations also saw a 2.5% increase to Rs 2,320.35 crore over the same period in FY23.
Escorts Kubota, with its focus on innovation and quality, continues to be a significant player in the agricultural and construction machinery sector. Despite the recent challenges in tractor sales, the company's diversified portfolio and optimistic outlook suggest a potential for recovery and sustained growth in the future.
