Faridabad-based farm equipment manufacturer Escorts Tractors on Tuesday said that the domestic sales volume declined by 4.6% to 6,158 units in May 2021 compared to 6,454 units in the same month last year.
In terms of overall sales, the company sold 6,423 units in May 2021 against 6,594 units in the same month last year, down by 2.6%, the company informed in a regulatory filing.
The company said that the country is going through some tough times, and a slowdown in demand is seen due to the impact of COVID-19 in the rural parts impairing the movement of customers and smooth operations of our dealerships. The ground situation has somewhat eased in the last few days of the month, and it expects a return to normalcy soon.
In the medium term, the company sees rural sentiment to be strong, on account of all positive macroeconomic factors viz. prediction of a good monsoon, high crop production and better support by the government on crop prices. Inflation continues unabated and remains a worry,” the company said.
In terms of export, tractor sales in May 2021 was at 265 units against 140 sold in May 2020, registering a growth of 89.3%.
During the month of April 2021, Tractor manufacturers sold 6,386 tractors in the domestic market. For the full fiscal year FY21, the company recorded a jump of 24% in domestic tractor sales at 106,741 compared to 86,018 units sold in FY20.