Kubota's Tractor Sales Increased By 16.5% In January 2023

Escorts Kubota Agri Machinery sold 6,649 tractors in January 2023, a 16.5% increase over the 5,707 tractors sold in January 2022.

Escorts Kubota shares rose about a percent at the opening on February 1 after the company reported strong sales growth numbers for January 2023, raising hopes that rural income is improving.

According to an exchange filing, domestic tractor sales in January 2023 were 6,235 tractors, a 22.2 percent increase from 5,103 tractors sold in January 2022.

The stock was up 1.46 percent to Rs 2,120 on the BSE at 9:20 a.m.

Retail demand remained strong across all geographies. Crop prices, both in the wholesale market and at the Minimum Support Prices (MSPs), are higher than last year, and growth trends are expected to continue during this quarter, owing to positive customer sentiments fueled by abundant finance, better rabi sowing, and an early festive season in March this year.

In January 2023, 414 tractors were sold for export, compared to 604 in January 2022.

"Crop prices, both in the wholesale market and the Minimum Support Prices (MSPs), are higher than last year, and growth trends are expected to continue during this quarter on the back of positive customer sentiments driven by ample finance availability, better rabi sowing, and an early festive season in March this year," the statement added.

Overall tractor sales increased 9.1 percent year on year between April 2022 and January 2023. (YoY). Domestic sales increased by 9.1 percent during the period, while exports increased by 9.5 percent.

The stock will also be scrutinized ahead of the Union Budget, as any rural economy incentive announced that can increase farmer income will have a direct positive impact on Escorts Kubota.

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