Tepid sales in southern and western Indian states is pulling down the overall growth of the tractor industry, according to Escorts Ltd.'s Group Financial Controller Bharat Madan.
“The entire rural belt of Uttar Pradesh, Madhya Pradesh, Rajasthan has done well. However, the southern and western markets are declining,” Madan told BloombergQuint in an interview. “The industry growth declined by about 17 percent in March and most of it came from the southern market. We see this trend (North-South mismatch) to continue for at least another quarter.”
Escorts sold 11,905 tractors in March, an increase of 1 percent from the year-ago month, according to its exchange notification filed on Monday. Madan said the company achieved a market share of 15 percent in March, an increase of 2 percent compared to the year-ago period.
Watch the full interview here:
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