Escorts to increase tractor prices from Nov 21
Farm machinery and construction equipment major Escorts on Monday said it would increase tractor prices with effect from November 21 in order to offset the rise in commodity prices.
Escorts Agri Machinery (EAM), a division of the company, shall be increasing the prices of its tractors effective November 2021.
To offset the impact of the
steady rise in commodity prices, the farm equipment maker think it is necessary to hike price.The increase in prices would vary across models and variant.
Separately, the board of the company will meet on November 18 to consider proposals to raise funds by issue of bonds, debentures, non-convertible debt instruments among others.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment. Escorts reported 23.1% fall in standalone net profit to Rs 176.7 crore on a 1.4% rise in revenue from operations to Rs 1,662.3 crore in Q2 FY22 over Q2 FY21.
Meanwhile, Escorts has reported a 1.1% decline in total tractor sales at 13,514 units in October 2021.
The company had sold a total of 13,664 units in the same month last year.
Domestic tractor sales in October 2021 was at 12,749 units as against 13,180 units in October 2020, down 3.3%.
Exports, however, were at 765 units as against 484 units in the same month last year, a growth of 58.1%.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.