Escorts Agri Machinery Segment (EAM) in July 2021 sold 6,564 tractors, the company's highest ever July sales and registering a growth of 23.3 percent against 5,322 tractors sold in July 2020.

Domestic tractor sales in July 2021 stood at 6,055 tractors as against 4,953 tractors in July 2020, registering a growth of 22.2 percent. The three-week slowdown in monsoon activity from mid-June to mid-July temporarily affected sowing of Kharif crops leading to some slowdown in sales in July. However, monsoon has now caught up to be normal, and sowing has also picked up pace in the last few days. This should augur well for the remaining months of the year. Also, most of the dealerships are now open and are able to fully serve customers. Commodity inflation continues to put pressure on the margins despite three price increases in the last nine months.

Export tractor sales in July 2021 stood at 509 tractors against 369 tractors sold in July 2020, registering a growth of 37.9 percent.

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Sequentially, Escorts' total tractor sales declined 47.6% in July 2021 as compared with 12,533 tractors sold June 2021. The company said it has registered highest ever July sales.

Domestic tractor sales in July 2021 was at 6,055 tractors as against 4,953 tractors in July 2020, registering a growth of 22.2%. The three-week slowdown in monsoon activity from mid-June to mid-July temporarily affected sowing of Kharif crops leading to some slowdown in sales in July. Meanwhile, Escorts said that the commodity inflation continued to put pressure on the margins despite three price increases in the last nine months.

Export tractor sales in July 2021 was at 509 tractors against 369 tractors sold in July 2020, registering a growth of 37.9%.

Escorts is one of India's leading engineering conglomerates. The company has diversified business in to three different segments: Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE) & Railway Equipment Division (RED).

Shares of Escorts were trading 2.06% lower at Rs 1,160 on BSE.

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Escorts will hold a meeting of the Board of Directors of the Company on 5 August 2021.

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Escorts Agri Machinery Segment sold 12,533 tractors in June 2021 compared to 10,851 units in June 2020, recording a growth of 15.5%. This is the company's highest ever June sales.

Total sales include domestic sales of 11,956 tractors and export of 577 tractors, higher by 12.5% and 153.1% respectively.

Meanwhile, the company has announced a significant price hike effective 1 July 2021 on all tractors. This is the company's third consecutive price hike in the last nine months.

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