Escorts Sells 12,533 Tractors in June; Registers 15.5% Growth

In June 2021, Escorts Agri Machinery Segment sold 12,533 tractors, up 15.5 percent from 10,851 in June 2020. June revenues had reached an all-time high for the corporation.

Domestic sales of 11,956 tractors and export sales of 577 tractors, respectively, increased by 12.5 percent and 153.1 percent.

Additionally, the corporation has announced that all tractors would be subject to a hefty price increase beginning July 1, 2021. In the last nine months, the corporation has raised its prices three times.

The ongoing growth in our volumes, as well as that of the tractor industry, is a testament to the rural and agricultural industries' resilience, according to Escorts. Despite the problems faced by the pandemic, our country's farmers worked tirelessly to ensure that we all had enough to eat.

According to escorts, the situation on the ground improved in June as the second wave of pandemics began to fade. With the exception of a few localities, most dealerships were able to stay open and service consumers, albeit during limited hours.

Escorts further said, "Our inventory levels, both at the company and in the channel, have remained consistent. We are bullish for the remainder of the fiscal year, as a timely and projected above-normal rainfall, a rise in MSP prices, and record government direct procurement are all contributing to a good build-up of farmer attitudes. In the coming months, business activity is projected to pick up much more. The rural sector will benefit much more from the increased pace of mass vaccinations."

Inflation, on the other hand continues unabated beyond industry expectations. According to the escorts, "While we are working to offset some of this through internal cost-cutting measures, we have announced a significant price increase on all tractors beginning July 1, 2021. We've raised our prices three times in a row, despite this,Inflation continues to exert pressure on the margins."