India's Escorts Kubota's Profits Fall in Q3 Due to Lower Tractor Demand

Escorts Kubota, a prominent player in India's tractor market, has reported a shortfall in its third-quarter profit expectations due to a decline in tractor demand. The company's performance during this period was adversely affected by various factors, reflecting the broader challenges faced by the agricultural machinery sector.

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Indian tractor manufacturer Escorts Kubota Ltd reported a third-quarter profit that was lower than expected due to reduced demand, despite cost reductions. Standalone net profit increased by nearly 49% to 2.77 billion rupees, falling short of analysts' expectations of 2.82 billion rupees. Tractor sales were down 7.2% from a year ago, with 25,999 units sold. 

Revenue rose by 2.5% to 23.20 billion rupees, marking the slowest growth since at least March 2022. The agri-machinery products segment, which makes up over 70% of total revenue, decreased by 2.9%. 

Revenue from the construction equipment segment increased by 49.4%, while that from railway equipment decreased by 17.8%. The cost of materials consumed, which represents the majority of total expenses, decreased by nearly 8% to 12.93 billion rupees. 

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