Escorts Kubota Limited reported consolidated net profit for the quarter ended in March, 2023 at Rs. 216.5 crore as against a profit of Rs. 190 crore in corresponding quarter of the previous year representing 13.9% growth year on year and 19.7% growth as against Rs. 180.8 crore in sequential quarter.
More Details:
- Consolidated Revenue from operations at Rs. 2,214.5 crores up by 17.4% as against Rs. 1,886.6 crore in corresponding quarter of the previous year. EBIDTA for the quarter ended in March 2023, came at Rs. 233.2 crore as against Rs. 248.2 crore in corresponding quarter of the previous year.
- For the year ended in March 2023, consolidated revenue from operations at Rs. 8,428.7 crore was up by 15.7% as against Rs. 7,282.7 crore in the previous year. The consolidated profit before tax and before the exceptional item of Rs. 53.1 crore was at Rs. 887.6 crore against Rs. 992.8 crore in the previous year.
- Consolidated profit after tax was at Rs. 636.7 crore against Rs. 735.6 Crore in the previous year. EPS reported at Rs. 58.85 as against Rs. 74.06 in the previous year.
- For the year end March 2023, Standalone revenue from operations came at Rs. 8,345.0 crore as against Rs. 7,196.9 crore in the previous year. The profit before tax and before the exceptional items was at Rs. 902.3 crore as against Rs. 1,021.9 crore in the previous year.
- Net profit after tax came at Rs. 607.0 crore against Rs. 765.6 Crore in the previous year, adversely impacted mainly due to commodity price inflation coupled with exceptional items of Rs. 97.2 crore on account of impairment of investment in the Joint Venture Tadano Escorts India Private Limited and wholly owned subsidiary Escorts Crop solutions limited.
Speaking on the results, Mr. Nikhil Nanda, Chairman and Managing Director, said,“Our efforts are aligned with our Mid Term Business Plan for achieving the targeted growth in coming years. In agri business, while the retail sales were impacted due to unseasonal rainfall and crop damage in certain regions, however, with better crop prices, improved finance availability and good water reservoir levels, we expect demand momentum to continue across geographies in the coming quarters. We witnessed growth across the construction equipment portfolio towards the second half of this fiscal year across material handling, earth moving as well as road segment. The current market sentiments are positive, and demand is expected to remain buoyant due to the continuous focus of the government towards infrastructure projects. Railway business has also been consistently growing and the focus on rail network and connectivity will further provide impetus to the segment. Our investments in expanding coverage, building capacity, and producing innovative product lines will continue for enhanced customer reach and product experience.”
Mr. Seiji Fukuoka, Deputy Managing Director, said “We are committed to offer state of the art technology and solutions to our customers for increased productivity and operational efficiency. Our efforts across domestic and export geographies are well mapped to leverage on opportunities across our core business verticals, and we are hopeful that with our strategic initiatives we will be able to achieve desired growth. Quality and performance will be our topmost priority and we will continue to focus on innovation and enhancing customer experience.”
Segment Wise Performance:
Railway Products Division:
- For the quarter ended in March 2023, Revenue for railways product segment came at Rs. 237.2 crore, up by 37.3% as against Rs. 172.8 crore in corresponding period last year. EBIT margin was up to 14.0% in the quarter ended March 2023 as against 13.1% in corresponding period last year.
- For the year ended in March 2023 railways products segment revenue went up by 32.3% at Rs. 841.9 crore, highest ever, as against Rs. 636.2 crore in corresponding period last year.
- EBIT margin for the year ended in March 2023 stood at 13.8% as compared to 14.8% in the corresponding period last year, down due to inflation in commodity prices and adverse product mix.
Construction Equipment:
- For the quarter ended in March 2023, Construction equipment sales volume at 1,528 machines went up by 18.8% as against 1,286 machines in corresponding period last year.
- Segment revenues went up by 20.5% at Rs. 384.8 crore in the quarter ending March 2023 as against Rs. 319.5 crore in corresponding period last year.
- EBIT margin was up to 8.1% as against 3.6% in corresponding period last year, led by higher volume, better product mix and softening in commodity prices.
- For the year ended in March 2023, construction equipment volumes went up by 12.2% to 4,620 units as compared to 4,117 units in corresponding period last year.
- Segment revenue went up by 19.5% to Rs. 1,179.0 crore in the year ended in March 2023 as against Rs. 986.8 crore last year. EBIT margin for the year ended in March 2023 came at 2.9% as against 2.4% last year.
Source: Escorts Kubota Limited- Press Release | Image Credit (representational): Escorts Kubota Limited
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