New Delhi: Farm equipment manufacturer Escorts Agri Machinery on Thursday reported a 124.4% increase in domestic tractor sales at 11,730 units in March.
The company had sold 5,228 units in March 2020 when sales were affected by the COVID-19 lockdown and are not strictly comparable, the company said in a regulatory filing.
Escorts Agri Machinery said tractor demand is expected to continue to be strong led by higher rabi output, favourable crop prices, and initial positive forecast of 2021 monsoon season, all supporting rural customer sentiments. The rising inflation however continues to be a worry, the company added.
Exports last month were at 607 units compared to 216 units in March 2021. Total tractor sales during March 2021 were at 12,337 units as against 5,444 units in February 2020, up 126.6%, Escorts said.
For 2020-21 fiscal, the company reported 23.8% growth in total sales at 1,01,848 units compared to 82,252 units in 2019-20.
“In Fiscal 2020-21, for the first time ever in any financial year, company has crossed the 100,000-unit landmark in terms of tractor sales and tractor production in India,” Escorts said.