Tractor and construction machinery major Escorts Kubota on Wednesday reported a growth of 13.5 percent at 8,704 units in its domestic sales in May. The company had posted domestic sales of 7,667 units in the same month a year ago, as per a company release.
The Faridabad-based company's total sales (domestic+exports) also rose by 9 percent at 9,167 units last month as compared to 8,421 units in May 2022.
According to Escorts Kubota, the macroeconomic factors overall and farmer sentiments remain positive, resulting in a positive sales trend across most geographies.
"Going forward, we expect the current momentum to continue in the near term, led by normal rainfall forecast, adequate reservoir levels, better liquidity, and consumer credit availability," the company added.
Export tractor sales in May 2023 were at 463 as against 754 tractors sold in May 2022. In the construction equipment segment, the company sold a total of 425 machines last month, up 39.3 percent as against 305 machines sold in May 2022.
"Growth momentum continues in May 2023 and with government thrust, across all infrastructure sectors and increased capital expenditure outlay proposed for the current fiscal year, we expect demand to further accelerate for construction equipment post-monsoon season," the company said.