Escorts Expects Tractor Industry’s Sales To Grow 20% In First Quarter
Escorts’ CFO Madan gives the industry guidance for the first quarter and the entire FY19.
Tractor maker Escorts Ltd. has said industry sales are likely to grow at 15-20 percent in the three months to June on expectations of a good monsoon.
The sales guidance for the full year, however, is pegged at 9-11 percent, according to Chief Financial Officer Bharat Madan.
“The first quarter will definitely give better growth numbers. Expectation-wise, the industry will grow 15-20 percent in the first quarter,” he told BloombergQuint in an interview. “But overall for the full year, we maintain the guidance of double-digit growth, 9-11 percent looks like a more realistic number for the year.”
Escorts sold 8,325 tractors in May, an increase of 20.9 percent over the year-ago period, according to its exchange filing. The company’s domestic sales rose 19.5 percent year-on-year to 8,087 units last month. Exports jumped 105.2 percent to 238 units during the period.