Escorts India sold 21,051 tractors during the June quarter of the ongoing financial year, the company said in its regulatory filings, down 14.1 percent in comparison to the tractor sales the June quarter of the last fiscal. Escorts India Domestic tractor market share down 448 bps to 10.5% vs 15% QoQ. Tractor biz margins down 330 bps YoY at 10.8%.
"Escorts has been treading aligned to expectations across Agri Machinery, Construction, and Railway businesses. Tractor industry has been slowing down since the last few months, thus our endeavor is to keep revenue and profitability intact with strategic initiatives and elimination of waste and inefficiencies. We will continue to invest in critical new products and technologies, efficient and diversified distribution which will enable us to increase our market share across domestic & export markets," said Nikhil Nanda, Chairman and Managing Director, Escorts India.
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