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14 April, 2021 20:26 IST
Escorts Q3 standalone profit rises 83.4% to Rs 2,807 mn
Source: IRIS | 02 Feb, 2021, 05.05PM
Rating: NAN / 5 stars.
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 Escorts, one of the leading tractor manufacturers, on February 02 reported highest ever standalone quarterly profit of Rs 2,807 million in quarter ended December 2020, up by 83.4% as against a profit of Rs 1,531 million in the corresponding period last year.

Revenue from operations at Rs 20,174 million in quarter ended December 2020 went up by 23.5% as against Rs 16,334 million in the corresponding period last year.

EPS reported at Rs 21.28 was up by 66.1% as against Rs 12.81 in corresponding quarter and up by 20.1% as against Rs 17.72 in sequential quarter.Revenue from operations at Rs  47,188 million in nine months ended December 2020 was up by 7.7% as against Rs 43,803 million in the corresponding period last fiscal.

Standalone net profit for the nine months ended December 2020 at Rs 6,027 million was up by 74.6% as against a profit of Rs 3,451 million in the corresponding period last fiscal.

At consolidated level revenue from operations at Rs 47,857 million in nine months ended December 2020 was up by 8.2% as against Rs  44,244 million in nine months ended December 2019.Consolidated net profit recorded at Rs 6,062 million in nine months ended December 2020 was up by 76.2%, as against a profit of Rs 3,440 million in corresponding period last fiscal.

Speaking on the results, Chairman and managing Director Nikhil Nanda said, "Agriculture demand for tractors and farm mechanization is witnessing a continuous growth. We are hopeful of a sustained momentum as we see strengthening in farm and rural economies. We have been maintaining adequate safety standard across the organization to maintain an uninterrupted supply to our customers. The positive development in the construction equipment space is also encouraging. We are optimistic of better environment ahead for business recovery in the Construction and Railway Equipment segments as well. The Government's efforts on Covid vaccination will further infuse confidence across sectors and will provide further impetus to the economy."

Tractor volumes were up by 25.7% at 31,562 units in quarter ended December 2020 as against 25,109 units in the corresponding period last fiscal. Segmental revenue went up by 28.0% at Rs 16,527 million in quarter ended December 2020 as against Rs 12,915 million in corresponding period last fiscal. This quarter operating leverage, favourable product mix and cost efficiencies, resulted in ever highest quarterly EBIT margin at 20.1%, up by 564 bps, as compared to 14.5% in corresponding period last fiscal.

Escorts Construction Equipment sales volumes for the quarter ended December 2020 were up by 20.1% at 1,254 machines as against 1,044 machines in corresponding period last fiscal. Segmental revenues were up by 13% at Rs 2,447 million in quarter ending December 2020 as against Rs 2,166 million in corresponding period last fiscal. EBIT margin at 7.5% went up by 270 bps as against 4.8% in corresponding period last fiscal.

Railway Products Division revenue for the third quarter was at Rs  1,174 million in quarter ending December 2020 as against Rs 1,244 million in the corresponding quarter. During the quarter we have executed 69.2% of total orders from new products category with more import content and lower margin as compared to previous fiscal when it was only 44.2%. EBIT margin now stood at 12.7% in quarter ended December 2020.

Shares of the company gained Rs 81.1, or 6.41%, to settle  at  Rs 1,346.  The total volume of shares traded  was  196,528 at  the BSE (Tuesday).



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