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Escorts’ profit up by 52.3 per cent at Rs 140.1 crore for Q3



New Delhi, January 28, 2019: Escorts Limited registered a profit of Rs 140.1 crore in the quarter ending December 31, 2018 up by 52.3 per cent as against a profit of Rs 92 crore in the corresponding period last fiscal. Revenue from operations increased by 37.4 per cent to Rs 1,655.1 crore in the quarter ended December 2018, as against Rs 1,205 crore in the corresponding period last fiscal.
 
The net profit for the nine months ending December 2018 was up by 56.6 per cent at Rs 363.5 crore in nine months ended December 2018 as against a profit of Rs 232.2 crore in the corresponding period last fiscal. Revenue from operations saw a rise by 27.5 per cent to Rs 4,564.7 crore in nine months ended December 2018, as against Rs 3,579.9 crore in the corresponding period last fiscal.
 
Speaking on the results, Chairman and Managing Director Nikhil Nanda said, “Escorts today is driving technology led growth across businesses and endeavour to engineer unique engineering solutions for mechanised agriculture and strengthened infrastructure. We are continuously investing in new technologies, product mix and expanded distribution network for significant domestic growth and global reach. With recent technology collaborations and strategic JVs with global leaders like Kubota, Tadano and others, we aim to manufacture innovative products for emerging economies and offer unique solutions for domestic mechanised farming, smart construction and safe modern railways.”
 
Segment Wise Performance
 
Escorts Agri Machinery 
Tractor sales went up by 36 per cent at 25,743 units during the third quarter of the current fiscal. EBIT margins for quarter ended December 2018 at 14.3 per cent as compared to 14.6 per cent in the corresponding period last fiscal. For nine months of current fiscal, tractor volumes were up by 25.4 per cent at 71,276 units as compared to corresponding period last fiscal. EBIT margin for nine months of fiscal reached 14.4 per cent as compared to 13.1 per cent in the corresponding period last fiscal.
 
Escorts Construction Equipment
Sales of construction equipment went up by 30 per cent at 1,413 units in quarter ended December 2018, as against 1,087 units in the corresponding quarter. EBIT margin saw a rise at 3.5 per cent as compared to 2.2 per cent in the corresponding period last fiscal. For nine months of current fiscal, construction equipment’s volumes went up by 38.9 per cent at 4,089 units as compared to corresponding period last fiscal. EBIT margin for nine months of fiscal up at 2.2% as compared to 0.3% in corresponding period last fiscal. 
 
Railway Products Division
Revenue for the third quarter was up by 34.1 per cent at Rs 96.6 crore as against Rs 72 crore in the corresponding quarter. EBIT margin increased to 19.9 per cent as compared to 13 per cent in the corresponding period last fiscal. For nine months of current fiscal revenue went up by 38 per cent at Rs 290.6 crore against corresponding period last fiscal. EBIT margin for nine months of fiscal reached 21.6 per cent as compared to 13.2 per cent in corresponding period last fiscal. Order book at the end of December 2018 stood at more than Rs 450 crore and will be executed in the next 13-15 months.

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