Leading tractor manufacturer Escorts Ltd on Tuesday said it is going to increase prices of its tractors from September 1.
The increase in prices is due to rising input costs, especially of raw materials like steel. The company has so far been absorbing the impact of increased factor costs without burdening its customers, an official said.
The current hike in prices will be in the range of 2-3 per cent and applicable across the range of Farmtrac, Powertrac and Escort brand of tractors, S. Sridhar, Chief Executive Officer, Escorts Agri Machinery, said.
Over the past few months, the industry has experienced a significant increase in input costs, especially in the cost of steel and rubber. The company has absorbed the maximum part of these increased costs and a small portion has been passed on to the customer. “We expect the industry to follow the same trend to cope up with cost pressures.”