Escorts posts over 13 pc decline in tractor sales during July

New Delhi: Engineering conglomerate Escorts Ltd said on Thursday its Agri machinery division sold 4,860 tractors in July against 5,610 in the same month of last year, marking a decline of 13.4 percent.

Domestic tractor sales in July 2019 were at 4,505 tractors against 5,483 tractors in July 2018, registering a decline of 17.8 percent year-on-year.

On the other hand, export sales rose a whopping 179.5 percent to 355 units. From October 2018 onwards, sales to Nepal and Bhutan have been included in exports, the company said.

Last week, Escorts India said it sold 21,051 tractors from April to June, down 14 percent in comparison to sales in the June quarter of last fiscal.

It also reported a decline of 27.6 percent in its profit after tax during the quarter ended June 30. The consolidated net profit slipped to Rs 87.66 crore in comparison to Rs 121 crore during the corresponding quarter of last fiscal.

Revenue from operations slipped 5.8 percent to Rs 1,440 crore in comparison to Rs 1,529 crore in Q1 FY19, said the company.

Subscribe us on The Siasat Daily - Google News
Back to top button