Escorts Ltd achieves highest ever sales of 1,00,000 tractors in FY21

Escorts Limited has informed that it has achieved the landmark sales of 1,00,000 tractors in the ongoing fiscal year i.e. FY21. It has surpassed the previous highest-ever sales achieved during the entire fiscal year 2018-19. 

Earlier this month, the company had announced that in February 2021, it had sold 11,230 tractors, which was its highest-ever February sales. It had registered a growth of 30.6 per cent against 8,601 tractors sold in February 2020. 

Domestic tractor sales in February 2021 were at 10,690 tractors, registering a growth of 32.8 per cent against 8,049 tractors in February 2020. As per the management, the tractor demand is expected to continue to be strong on the back of positive macroeconomic factors and strong rural cash flows. 

On the financial front, Escorts’ consolidated revenue for the quarter Q3FY21 came in at Rs 2,042.23 crore, registering a 23.8 per cent YoY increase, led by strong volume growth in tractors. EBITDA for the quarter grew by 88 per cent YoY to Rs 362.89 crore while the EBITDA margin for the quarter stood at 17.8 per cent. PAT for the quarter came in at Rs 286.42 crore, registering a YoY increase of 85 per cent. 

Tractor volumes were up by 25.7 per cent at 31,562 units in December 2020 quarter as against 25,109 units in the corresponding period last year. 

On Thursday during the early morning session, the stock of Escorts was trading 1.3 per cent higher at Rs 1,347.95 from its previous close of Rs 1,330.10 on BSE.