3.4 per cent fall in sales of Escorts in May 2020
Data on sales for the month of May 2020 has been declared by Escorts, a leader in the agri-machinery sector. Under its agri-machinery segment, it sold 6,594 tractors in May 2020 compared to a sale of 6,827 tractors in May 2019, reflecting a 3.4 per cent drop.
Domestic tractor sales of the company recorded a slight increase of 0.5 per cent, standing at 6,454 tractors in May 2020 as against 6,488 tractors in May 2019. In case of exports, the company had sales of 140 tractors in May 2020 as against 339 tractors in the corresponding month of the previous year, thus, witnessing a decline in sales of 58.7 per cent.
Amidst the lockdown, Escorts' operations had stopped and become completely non-operational starting March 22, 2020. Now, with the government's authorization, the company has resumed work at the plant located in Faridabad, Haryana.
Escorts has recently released its Q4FY20 numbers. While its consolidated revenue stood at Rs 1,385.65 crore, registering a 16 per cent YoY decline, its EBIDTA for the quarter fell by 1.5 per cent YoY to Rs 182.07. EBITDA margin for the quarter stood at 13.1 per cent. PAT for the quarter came in at Rs 127.73 crore with a YoY increase of 9.7 per cent.
The stock of Escorts has gained nearly four per cent today, and made an intraday high of Rs 942 on BSE. At 11.16 am, the stock was trading nearly at Rs 936.15 on BSE.