Escorts records highest ever November sales

The leading tractor manufacturing company in India, Escorts Ltd announced on Tuesday about its sales for the month of November 2020.

Escorts’ Agri machinery segment (EAM) recorded the highest-ever November sales with a sale of 10,165 tractors, recording a growth of 33 per cent YoY compared to 7,642 tractors in November 2019.

Despite robust growth, the stock traded 2.79 per cent down from its previous close, recording an intraday low of Rs 1,363.45.

On the domestic front, the company registered a growth of 30.9 per cent YoY to 9,662 tractors as against 7,379 tractors in the corresponding month of the previous year. On the export's front, it registered a growth of 91.3 per cent YoY to 503 tractors in November 2020 compared to 263 tractors exported the previous year.

With healthy water reservoir levels and a good harvest, the company expects a stock correction in the upcoming months. Moreover, it has taken a price increase this month to pass on the inflation in the commodity prices.

Escorts is an Indian multinational conglomerate and is present across the high growth sectors of agri-machinery, construction & material handling equipment, and railway equipment. On the revenue front, the company earns 96.35 per cent from its domestic market and 3.65 per cent from exports.

At around 1.05 pm today, its share was trading 1.84 per cent down at Rs 1,376.80 on BSE. In comparison, S&P BSE Auto index was trading 0.15 per cent higher.