Escorts Ltd. announces Q3 profits up by 9.2 per cent at Rs 153.1 crore

With new budget company will focus on agriculture and infrastructure segments

New Delhi

Escorts Limited has recently announced its Q3 results and has profit of  Rs 153.1 crore in the quarter ending December 31, 2019 up by 9.2 per cent as against a profit of Rs 140.1 crore in the corresponding period last fiscal. Revenue from operations at Rs 1,633.4 crore in quarter ended December 2019 as against Rs 1,655.1 crore in the corresponding period last fiscal.

Net profit for the nine months ending December 2019at Rs 345.1as against a profit of Rs 363.6 crore in the corresponding period last fiscal. Revenue from operations at Rs 4,380.3 crore in nine months ended December 2019 as against Rs  4,564.7 crore in the corresponding period last fiscal.

Nikhil Nanda, CMD, Escorts Ltd, said, “We are continuing our journey of providing unique and innovative technology solutions for maximising agriculture yield, bring in efficiency in the construction equipment space and make rail transport safer. Our investment in new product development, R&D and wider distribution is in line with the enhanced customer experience that we commit to offer to create value for our customers across domestic and export geographies. As the nation is inching towards a new budget focus, we are sure with enhanced central focus on agriculture and infrastructure, we will be able to play a larger role in national growth and development.”

The company’s tractor sales were at 25,109 units in quarter ended December 2019 as against 25,743 units in the corresponding period last fiscal. Segmental revenue came at Rs 1,291.5 crore in quarter ended December 2019 as against Rs 1,292.6 crore in corresponding period last fiscal. EBIT margins for quarter ended December 2019 at 14.5 per cent up by 22 bps as compared to 14.3 per cent in the corresponding period, supported with softening commodity prices.

For nine months of current fiscal tractor volumes at 65,910 units as compared to 71,276 units in corresponding period last fiscal. Segmental revenue came at Rs 3,379.2 crore in nine months  ended December 2019 as against  Rs 3,513.1 crore in corresponding period last fiscal. EBIT margin for nine months of fiscal at 12.1 per cent as compared to 14.4 per cent in the corresponding period last fiscal.

Its construction equipment sales volume for the quarter ended December 2019 were 1,044 machines as against 1,413 machines in corresponding period last fiscal. Segmental revenues came at Rs 216.6 crore in quarter ending December 2019 as against Rs 265.9 crore in corresponding period last fiscal. EBIT margin went up by 133 bps to 4.8 per cent as against 3.5 per cent in corresponding period last fiscal.

For nine months of current fiscal construction equipment volumes at 3,056 units as compared to 4,089 units in corresponding period last fiscal. Segmental revenue came at Rs 629.8crore in nine months ended December 2019 as against Rs 761.0 crore in corresponding period last fiscal. EBIT margin for nine months of fiscal went up by 113 bps to3.4 per cent as compared to 2.2 per cent in the corresponding period last fiscal.

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