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Escorts Agri Machinery products to be costlier from today

Escorts Agri Machinery products to be costlier from today

Escorts Agri Machinery products to be costlier from today
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By CNBCTV18.com Nov 16, 2022 1:07:25 PM IST (Published)

Escorts Kubota registered an over 50 percent plunge in net profit to Rs 87.6 crore in three months ended September 2022 from Rs 176.7 crore in the year-ago period.

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Escorts Agri Machinery (EAM), a division of Escorts Kubota, will increase the prices of its tractors from November 16. The company aims to offset the effects of cost inflation in both commodities and other costs with the price rise.


Without sharing details about the exact amount, the company said that the increase will vary between models and variants.

Escorts Kubota saw weak performance during the September quarter with its operating profit declining 33 percent from last year to Rs 153 crore while the margin dipped to single digits, witnessing a decline of 450 basis points from the same period last year.
In an interaction with CNBC-TV18 earlier this month, group CFO Bharat Madan mentioned that the margin has hit the bottom for the company and they will take at least 4-5 quarters to return to normal levels.
Through these price hikes, the company aims to get back to a double-digit margin.

The stock is currently trading at Rs 2,016.65, up 0.19 percent.

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