While domestic sales also grew 22.6% to 17,839 units in October 2024 as compared with 14,550 units sold in October 2023.
During the month, the industry experienced a notable increase in demand due to concentration of various festivals and auspicious days in a single month, leading to record sales levels. This growth was also driven by favorable macroeconomic conditions, increased minimum support price (MSP), and an above-average monsoon season, which resulted in higher water reservoir levels. These improved trading conditions are likely to see continuing sales growth in the later part of the fiscal year as well.
The company's exports tumbled 51.9% to 271 units in October 2024 as against 563 units posted in October 2023.
Further, the company’s construction equipment business division sold 635 machines in October 2024, registering a decline of 3.6% from 659 machines sold in October 2023.
“Moving forward, we expect to see increased growth momentum in the later part of the fiscal year, driven by government initiatives and upcoming changes in emission norms,” the tractor maker added.
Escorts Kubota is primarily engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulics.
The tractor maker's standalone net profit grew 2.4% to Rs 289.55 crore in Q1 FY25 as against Rs 282.81 crore posted in Q1 FY24. Revenue from operations declined 1.5% year on year to Rs 2,292.54 crore in the quarter ended 30 June 2024.
The scrip declined 0.69% to currently trade at Rs 3,723.10 on the BSE.