Escorts Ltd. Q2 reports profit up by 1.8 per cent at Rs 104.6 cr

Escorts Limited recently reported a standalone profit of Rs 104.6 crore in quarter ended September 30, 2019, up by 1.8 per cent as against a profit of Rs 102.7 crore in the corresponding period last year,
Escorts Limited recently reported a standalone profit of Rs 104.6 crore in quarter ended September 30, 2019, up by 1.8 per cent as against a profit of Rs 102.7 crore in the corresponding period last year, in its official release. Revenue from operations stood at Rs 1,323.9 crore in quarter ended September 2019 as against Rs 1,398.4 crore in the corresponding period, last year.
 
The standalone net profit for the first half year ending September 2019 at Rs 192.1 crore as against a profit of Rs 223.4 crore in the corresponding period last fiscal. Revenue from operations at Rs 2,746.8 crore in first half ended September 2019 as against Rs 2,909.6 crore in the corresponding period last fiscal.
 
Nikhil Nanda, Chairman & MD, Escorts Ltd., said, “Our new products across business lines, investments in distribution for wider reach & enhanced customer experience with technology upgrades has helped us foray strong in the current industrial pace. Our continuous cost optimisation initiatives will offer us additional leverage for stronger revenue, profitability & increased share of market. We will continue to invest in R&D to create value for our customers across domestic and export geographies.”
 
Tractor sales were at 19,750 units in quarter ended September 2019 as against 20,553 units in the corresponding period last fiscal. Segmental revenue came at Rs 995.6 crore in quarter ended September 2019 as against Rs 1,043.3 crore in corresponding period last fiscal. This quarter on account of lower volume and unfavourable product mix, EBIT margins now stands at 10.3 per cent.For first half of current fiscal tractor volumes at 40,801 units as compared to 45,533 units in corresponding period last fiscal. Segmental revenue came at Rs 2,087.7 crore in half year ended September 2019 as against Rs 2,220.5 crore in corresponding period last fiscal. EBIT margin for first half of fiscal at 10.6 per cent as compared to 14.4 per cent in the corresponding period last fiscal.
 
Construction equipment sales volume for the quarter ended September 2019 were 945 machines as against 1,331 machines in corresponding period last fiscal. Segmental revenues came at Rs 201 crore in quarter ending September 2019 as against Rs 249.1 crore in corresponding period last fiscal.EBIT margin wentup by 195 bps to 2.7 per cent as against 0.7 per cent in corresponding period last fiscal.
For first half of current fiscal construction equipment volumes at 2,012 units as compared to 2,676 units in corresponding period last fiscal. Segmental revenue came at Rs 413.2crore in half year ended September 2019 as against Rs 495.1 crore in corresponding period last fiscal. EBIT margin for first half of fiscal went up by 105 bps to 2.6 per cent as compared to 1.6 per cent in the corresponding period last fiscal.
Revenue for the second quarter up by 19.6 per cent at Rs 126.7 crore as against Rs 105.9 crore in the corresponding quarter. This quarter we have higher sales from new products and now EBIT margin stands at 19.1 per cent in quarter ended September’19.
 
For first half of current fiscal railways products segmental revenue went up by 26.2 per cent to Rs 244.8 crore in half year ended September 2019 as against Rs 194.01 crore in corresponding period last fiscal. EBIT margin for first half of fiscal at 19.5 per cent as compared to 22.4 per cent in the corresponding period last fiscal. Order book for the division as at end of September’19 is around Rs 500 crore that will get executed in the next 12 to 15 months.
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