Escorts Ltd Agri Machinery Segment (EAM) in April 2020 sold 705 tractors against 5,264 tractors sold in April 2019.
Domestic tractor sales in April 2020 was at 613 tractors against 4,986 tractors in April 2019. Sales was impacted by nationwide lockdown resulting in closure of dealerships in most areas and for most part of the month. Most of the sales was recorded in last few days of the month after the exemption of sale of Agri Machinery was announced by the Union Government on 20th April. Ground situation is expected to improve further over the next few days and weeks.
Overall rural sentiments are positive because of good expected output of Rabi crop and a favourable initial prediction of monsoons this year. Opening of mandis, aggressive procurement of crops by Government, and gradual opening of banks and NBFCs are positive indicators for near term recovery in demand. Going forward, we expect tractor industry to recover faster as compared to some other sectors.
Exports tractor sales for the month of April 2020 was at 92 tractors as against 278 tractors sold in April 2019.