Customer Focus key Growth Driver
The last quarter has been an exciting one for Escorts. Not only has the company enriched its product portfolio to penetrate newer markets, we have also capitalised on the positive macro-economic factors to deliver sustained growth.
Escorts is today focused on strengthening its product portfolio to meet the aspirations of its customer base with higher dependency on mechanization and technology. We want to achieve technology leadership and play a central role in giving India's best to the world and bringing the world's best to India.
In the domestic market, our key focus area is tractors above 50 HP, which are targeted to meet the needs of the ‘executive’ farmer community in the country. These entrepreneurial farmers are exposed to innovative technologies and modern farm practices. For them, a tractor is not just about power and efficiency, but also about status and aspirations. Our recently-launched Farmtrac New Executive Series of tractors caters to the aspirations of these farmers. In the international market, our long-term objective is to globally create leadership positions in the tractor market below 100 horse power.
The overall macro-economic factors, including crop prices, monsoons, crop production and government focus has helped in sustaining growth in the sector. We feel we shall continue on the growth path and improve on the basis of new products launched in the last two quarters. We continue to expect a growth of over 10% and are working towards further expanding our customer reach.
Our railway products business is witnessing good growth in sales, against a backdrop of stagnant growth in Indian Railways. Our indigenously manufactured Bogie Mounted Brake Systems have been performing satisfactorily in the field for the past nine months and commercial benefits will start after approval by mid-2014. In this business, our key focus area will be the Metro Rail, which is currently the most sought-after segment in railways.
Our recent one-on-one meetings with customers have given us useful insight into the needs and expectations of our buyers. Our customers’ understanding of products and markets has enriched us about the way our business can evolve. In the long run, we want to be known as a customer-centric company that is acutely sensitive to the experiences of its customer.
Rajan Nanda, Chairman and Managing Director
Nikhil Nanda, Managing Director