Haryana - Escorts Kubota Limited., a tractor manufacturing company, reported an 11% year-on-year decline in December 2024 tractor sales, with agriculture machinery division selling 5,472 units. Domestic sales dropped by 12.5% to 5,016 units, while exports saw a slight increase to 456 units, up from 405 units in December 2023.
For the third quarter ending December, Escorts Kubota reported a 4.5% year-on-year increase in total tractor sales, reaching 32,556 units. Domestic sales grew by 6%, totaling 31,585 units, while exports declined significantly by 29.2%, with 971 units sold.
From April to November, Escorts Kubota's tractor sales saw a marginal decline of 0.8% year-on-year, totaling 88,921 units. Domestic sales increased slightly by 0.5%, reaching 85,762 units, while exports dropped significantly by 26.2% to 3,159 units. The company is optimistic about future demand, expecting a boost due to kharif procurement, strong rabi sowing, and improved water levels in reservoirs.
In December 2024, Escorts Kubota achieved highest-ever construction equipment sales, with 873 machines sold, marking a 10% YoY growth. However, sales in the second quarter declined 0.9% to 1,989 units, and for the nine-month period, sales dropped 8.1% to 4,765 units. The company expects demand in the construction equipment segment to rise, driven by increased government capital expenditure this year.
Agricultural equipment accounts for approximately 73% of Escorts Kubota's revenue, while construction equipment and the railway business contribute 18% and 9%, respectively.
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