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Uttar Pradesh, August 09, 2010
New Delhi, July 19, 2010
New Delhi, July 05, 2010
Morocco, April, 2010
New Delhi, April 22, 2010
Punjab, March 11, 2010
New Delhi, February 15, 2010
New Delhi, January 22, 2010
New Delhi, January 15, 2010
Registers growth of 22% in tractor deliveries for the quarter ended June 2010
Uttar Pradesh, August 09, 2010
Escorts Limited, India's leading tractor manufacturer, is upbeat about its sales in the market of Uttar Pradesh. The company registered a growth of 22% in tractor deliveries for the quarter ended June 30, 2010 as compared to the corresponding quarter last year. The turnaround has been made possible with the launch of a new tractor variant Powertrac 429 (PT429), customer support programmes, increasing points of sale, revamping dealer distribution network and customer focused initiatives.
PT 429, a 27 HP - 2 cylinder offering, which has been specifically designed for the needs of the farmer in Uttar Pradesh, is proving to be a runaway success with sales of over 200 units for the period April - June 2010. Available at an enviable price of Rs 3,21,199, PT 429, comes with a fuel efficient engine which is suitable for cultivation at higher speeds resulting in higher agri productivity.
What's more! The company has also introduced a special scheme for customers in Uttar Pradesh which entitles new customers of PT 429 to assured gifts and freebies. Not only this, customers can also participate in lucky draws and win prizes ranging from a watch to motorbike and even a brand new car!
Mr. Rohtash Mal, Executive Director and CEO, Escorts Agri Machinery Group said, "Uttar Pradesh contributes about 26% of the total volumes of Escorts. In the last quarter we have seen a growth of 22% which is higher than the industry average. This shift has been possible as we blend the knowledge of customer market and farmer opportunity to offer a holistic package to the farmer for improving his present yields and ultimately his farm income."
"PT 429 is a perfect example of Escorts vision of making a difference in the lives of the farmers by offering innovative products which best suits his needs. In fact, this is the first time that Escorts has introduced a 2-cylinder offering under the POWERTRAC brand, which is best known for its performance and durability. The product offers wider options to farmers for both agri and haulage needs besides being best suited for the booming brick kiln business prevalent in Uttar Pradesh,"
Mr. Mal added.
New Delhi, July 19, 2010
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Nine month PAT at Rs 110.7 crore, up from Rs 29.7 crore |
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Nine Month sales up 33 per cent at Rs 2078 crore |
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Quarter Sales grows by 38.5 per cent to Rs. 806 crore |
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Q3 Profit Before Tax at Rs.68.4 crore |
Escorts Limited today reported a profit of Rs. 45.84 crore for the quarter ended June 30, 2010, a 106 per cent increase over Rs 22.2 crore registered for the corresponding period of last fiscal. The Profit Before Tax (PBT) stands at Rs.68.4 crore for the quarter, as against a profit of Rs.41.4 crore in the corresponding period. Net sales rose to Rs 806 crore, a 38.5 per cent increase from Rs.582 crore in the previous year. EBITDA before exceptional items went up by 24 per cent from Rs 63.1 crore to Rs.78.3. Escorts Limited follows an October-September fiscal year.
During the quarter, Escorts Limited registered Tractor sales of 17,917 units, a 39 per cent increase over 12,889 units. The sales performance is a result of aggressive marketing backed by a streamlined sales & marketing team. The tractor industry grew by 34% during the period October 09 to June 10. During the same period Escorts sales grew by 43%.
During the quarter, Escorts launched its new tractor variant Powertrac 429 (PT429), a 27 HP - 2 cylinder offering to bring the best solution to farmers to deliver maximum productivity. Besides this, the Construction Equipment Business of the company recently introduced its backhoe loader – DIGMAX, as part of its strategy to expand its product portfolio to address larger share of the construction equipment market.
Speaking on the results, Chairman and Managing Director Mr Rajan Nanda said, “Escorts is creating value in the market place, for the company and its shareholders. I am very pleased that we have been able to justify the faith that our shareholders have reposed in us and the track record of growth and profits on a sustained basis should serve to act as assurance that the company is poised for great advancements. Our efforts at cost savings, streamlining and cost management puts us in a situation where sales growth translates into both equivalent revenue and profit growth. Our liquidity has improved, interest costs have fallen substantially and debt:equity ratio is attractive. The company is consistently enhancing shareholder value through growth initiatives, fiscal prudence and innovative strategies. We are leveraging our ability to engineer technology to chart a growth path that spans a wider canvas of economic activity across agriculture and infrastructure sector. “
He further added, “We will be investing in Agri machinery business to expand capacity and develop new technology. We plan to launch 6-7 new products which are best suited for specialized application needs of the farmer. Keeping pace with the growing expectations of the farming community, we are today transforming ourselves to be a provider of mechanized farm solutions for the farmers. We have tied up with leading implement and attachment manufacturers to provide farming solutions across various stages of the cropping cycle as well as non–farm applications.”
According to Joint Managing Director Mr Nikhil Nanda, “Escorts financial performance continues to gain momentum quarter after quarter which demonstrates a growth momentum that is unflagging as well as an appetite for a higher share of the market. In comparison to the previous quarter of the current fiscal, net profit is up from Rs 41.47 crore to Rs 45.84 crore, operational profit is up by 28%, net sales is up by 20% and tractor sales volumes are up by 22.5% . The focus on efficiencies has led our EBITDA to grow by 18.5 per cent. Going forward, we will continue to focus on creating a top-quality efficient business that delivers higher value to our stakeholders.”
To open two offices and set up service support in African market New Delhi, July 05, 2010
Escorts Limited, India’s leading tractor manufacturer, today set a new benchmark by winning Indian tractor industry’s largest ever order for tractors. Valued at US $ 40 million (about Rs. 185 Cr) the prestigious order has been awarded to Escorts by the Government of the United Republic of Tanzania.
Escorts has been chosen to supply 1430 units of its premium range of powerful Farmtrac tractors to Tanzania which is implementing a national “Food Sufficiency Programs” aimed at making it a Food surplus country. Against global average of 19.7 tractors per 1000 hectare of land, Tanzania is estimated to have about 2 tractors per 1000 hectare of land. The tractors are being procured by Tanzania to impart a major thrust to farm mechanization and enhance agricultural productivity.
Mr. Rajan Nanda, Chairman, Escorts Limited said, “We strongly believe that farm mechanization holds the key to greater food security. Escorts powered the green revolution in India and we are privileged to support the national efforts to usher in the green revolution in Tanzania. With world class market mapped tractors and strong engineering capabilities, Escorts is well positioned to catalyse farm productivity in the Africa. Escorts has an ambitious immediate plan to open two offices in the African continent and set up a service and upkeep infrastructure in Africa.”
“It is also a matter of great pride for Escorts to win the largest ever order for tractors in Indian industry. We already have over 1000 tractors in African markets. Our satisfied customers in Tanzania and the global quality of Framtrac tractors have helped Escorts win this very prestigious order,” Mr. Nanda further said.
Escorts will commence the supply of tractors in July. Escorts will supply the tractors in SKD (semi knocked down) form and assist the Government organizations in Tanzania to assemble these tractors into CBU (completely built-up units). Escorts’ Farmtrac range comprises from 34HP to 75 HP and has powerful features that provide maximum productivity and efficiency to the farmers.
Morocco, April, 2010
Escorts Limited, India’s leading tractor manufacturer, today announced its foray into Morocco by launching its high-end premium tractor range - FARMTRAC. The company unveiled its four-cylinder offerings FARMTRAC 80 and FARMTRAC 80DT, at SIAM (the 5th International Agricultural Fair) being held in Meknes, Morocco. The company has taken on board FIRST MATERIEL as its authorized distributor in Morocco, who will be responsible for assembling the tractors, which will be imported from India in a semi knocked-down state. FIRST MATERIEL will also be marketing and promoting the FARMTRAC brand locally and will also ensure after-sales service support.
Synonymous with reliability, the Farmtrac 80 and Farmtrac 80 DT, fitted with 75HP Perkins engines and Carraro transmission, are fuel efficient, have long serviceability and low maintenance cost. Keeping in tune with modern day requirements, the tractors have been designed for both agricultural and commercial applications and are compatible with a number of implements such as rotavator, cultivator, thrasher, reaper, baler and seed drills. The tractors meet the emission norms of the US and European markets.
Speaking on the occasion, Mr. Nikhil Nanda, Joint Managing Director, Escorts Limited said, “Over the past six decades, Escorts in its own way, has been a part of the dynamic process which ushered in farm mechanization and brought prosperity to Indian farmers. Our products are durable, sturdy, cost effective solutions which have stood the test of time. From the basic tractor model many years ago, we have today a full range of quality products which are technologically more advanced and far more economical to cater to varied needs of the market.”
“Today, the Escorts brand is present in over 32 countries including 22 African countries. Our dominance in the African continent continues by the high volume of orders that we receive from the regions of Senegal, Sudan, Burkina Faso, South Africa, Madagascar and Tanzania. Our FARMTRAC range of offerings is a step towards improving agricultural practices thereby paving the way for prosperous yields.”
Mr. Rohtash Mal, Chief Executive Officer and executive Director – Escorts Agri Machinery Group said, “Morocco is a very strategic market for us, being among one of the largest markets in Africa. Poor tractor penetration and accelerated growth of agri sector, provides huge potential for growth in Morocco. We feel that our aesthetically designed tractor range will help serve the needs of the customers by harnessing the best of modern technology.”
“Export markets of Africa continue to be the focus for Indian manufacturers and Escorts looks to build on the leverage that it already enjoys in surrounding countries of Morocco. Following our success in Ghana and Nigeria, we strongly believe that the farm-mechanization market in Africa will continue to grow strongly. We have aggressive plans for increasing our market share here.”
First Materiel, which has its own branches in important commercial points of Casablanca, Marrakesh, Tangier and Agadir, will extend its distribution network to 10 new points in the first year of operations. Over the years, the distribution channel will be extended to include about ten cities and towns.
New Delhi, April 22, 2010
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Half year Sales up by 30.2% at Rs. 1272 crore |
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Quarter Net Profit grows 430% to Rs. 41.47 crore |
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Quarter Sales rise by 39.5% to Rs. 672 crore |
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Quarter EBITDA shoots 84.2% to Rs. 66.09 crore |
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ICRA has recently upgraded Escorts rating |
Escorts Limited today reported a higher profit of Rs. 64.87 crore for the half year ended March 31, 2010, a 767% increase over Rs 7.48 crore registered for the corresponding period of last fiscal. The Profit Before Tax (PBT) stood at Rs. 87.14 crore for the half year, as against a profit of Rs.16.46 crore in the corresponding period. Total half yearly sales and income from operations rose to Rs. 1272 crore from Rs. 977 crore in the previous year. The company reported a cash profit of Rs.114.34 crore as against Rs. 36.85 crore in the corresponding period. Escorts Limited follows an October-September fiscal year.
For the quarter ending March 31, 2010, Escorts Limited registered a higher profit of Rs. 41.47 crore, an increase of 430% against Rs. 7.82 crore in the previous year. Total sales and income from operations for the quarter rose 39.5% to Rs. 672 crore against 482 crore in the previous year. The company closed the quarter with Profit Before Tax (PBT) standing at Rs.51.69 crore against Rs. 15.76 crore recorded in the corresponding period of last fiscal. EBITDA increased by 84.2% to Rs. 66.09 crore against Rs. 35.89 crore in previous fiscal.
During the quarter, Escorts Limited registered Tractor sales of 14, 623 units, a 51.2% increase over 9,672 units sold in corresponding quarter last fiscal enabled through streamlining of sales & marketing on the ground. During the quarter, Escorts launched FT-60 X-TRA TORQUE, a new powerful model with higher torque in Punjab and Haryana. The FT-60 X-TRA TORQUE is designed keeping in mind the increasing use of tractors for specialized application and heavy-duty implements & attachments.
Speaking on the results, Chairman and Managing Director Mr Rajan Nanda said, "Escorts has recorded strong performance across all parameters this quarter. The company is consistently enhancing shareholder value through growth initiatives, fiscal prudence and innovative strategies. We are leveraging our ability to engineer technology to chart a growth path that spans a wider canvas of economic activity across agriculture and infrastructure sector. Escorts today has created a strong platform for growth and enhancing shareholder value."
According to Joint Managing Director Mr Nikhil Nanda, "Escorts' journey of sustained and profitable growth accelerated this quarter. Driven by the twin focus of winning in the market and efficiency, Escorts financial performance continues to gain momentum quarter after quarter. In comparison to the previous quarter of this current fiscal, profit is up by 77.2%, net sales is up by 11.9% and tractor sales volumes are up by 7.8% for the quarter ending March 31."
"On a year to year basis, for the quarter ending March 31, 2010, cash Profits have grown over 3 times during the quarter and EBITDA is up 84.2% to Rs 66.09 crore. Combining a lean and learning culture with strong engineering capabilities, Escorts is geared to capitalize on the emerging opportunities in agriculture and infrastructure sector", Mr Nikhil Nanda added.
Punjab, March 11, 2010
An upgraded version of the Escorts FT-60 variant, the new model best suited for specialized applications offers higher power, improved breaking system and power steering
Escorts Limited, India’s leading tractor manufacturer, today announced the launch FT-60 X-TRA TORQUE, an upgraded version of its FT-60 offering. The new and improved model, with higher torque is a far more powerful version with improved features for farmers in Punjab and Haryana. The tractor which has currently been launched in the states of Punjab and Haryana, will subsequently be launched in Rajasthan, Western Uttar Pradesh and Madhya Pradesh.
Given the high usage of tractors, especially in North Indian states, the new upgraded version of the FT60 has been specially designed with features such as Higher Torque, Oil Immersed Brakes, Power Steering, Multi-Speed PTO & higher hydraulic lift capacity. Aimed at providing comfort and increased performance, farmers will now be able to use FT-60 X-TRA TORQUE for all kinds of specialized applications such as laser levellers, rotavators, planters and heavy haulage applications. Farmers who currently own Escorts FT-60 variant can go for the upgraded version by contacting Escorts dealers at respective locations.
Speaking at the launch, Mr. Rohtash Mal, Executive Director and CEO, Escorts Agri Machinery Group said, “The launch of an upgraded version of the FT60 has been long due. FT-60 X-TRA TORQUE has been specially designed keeping in mind the increased proliferation of tractor usage for specialized applications and heavy-duty implements & attachments. The new variant of the FT60 is our endeavor at providing the farmer with a wide and intelligent choice of products which addresses their requirements for increasing agricultural productivity.”
“This is only a part of the slew of products that we plan to offer to farmers, which are not only price competitive but also follow global quality norms in terms of technology, performance and durability. Backed by our strong after sales service support deliveries, we hope to deliver to our customers overall satisfaction for a long term relationship,” he further added.
New Delhi, January 22, 2010
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Launches ‘SEVA CHAKRA’ – enhanced and timely service at farmers’ doorstep |
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Reinforces ‘Care & Concern’ for the farmers through HUMRAKSHAK, a unique Kisan insurance |
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Introduces SPECIAL 3-YEAR quality assurance warranty |
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Launches all-India TOLL-FREE CUSTOMER-CARE HELPLINE |
Escorts Limited, India’s leading tractor manufacturer, which is celebrating its 65 glorious years of existence, is on a roll. The company recently crossed the 11 lakh unit mark in tractor sales. This significant milestone is a reflection of Escorts commitment to provide customer-focused solutions, sound engineering and technological excellence.
The company has also seen a 33.8% growth in sales in quarter-ended December as compared to the corresponding quarter last year. This has been aided by the strengthening of the company’s sales & marketing network and by providing farmers a wide range of innovative and value-engineered solutions to meet the agri-requirements. Speaking on the occasion, Mr. Rajan Nanda, Chairman, Escorts Limited said, “Over the past 6 decades, Escorts in its own way, has been a part of the dynamic process which ushered in farm mechanization and brought prosperity to Indian farmers. The 11 lakh unit tractor mark is a reflection of that trust and confidence.”
To mark the occasion and take forward the brand that has been built on the trust of 11 lakh customers, the company has introduced a series of initiatives for the betterment of the country’s agrarian population. Aimed towards serving the farmer better, the company has introduced its ‘Seva Chakra’ initiative which will offer mobile service vans and service bike facility at the farmers’ doorstep. While the fully-equipped mobile service vans with spares, mechanic and a helper on board, will act as workshop-on-wheels catering to individual needs of the farmer, the service bike facility would be used to resolve minor complaints of the farmers. Furthermore, customers can register their complaints at respective dealerships or call on the all India toll-free customer-care helpline number. The all-India helpline facility, mobile service vans and service bike facilities will be initially introduced in Rajasthan and Haryana and will soon be extended to other states across the country.
Further, Escorts will continue to offer comprehensive shelter to farmers represented in the form of ‘Humrakshak’ – a unique Kisan insurance. Humrakshak addresses one of the most important challenges that farmers and their families face in case of an unfortunate accident. Under this initiative, in the event of a farmer’s death or permanent disability, the farmer or the dependent is entitled to a cover amount linked to the tractor model purchased by them. Escorts tractors ranging from 40-60 HP, 35-39HP and 27-34HP carry a cover of Rs 7lac, Rs 5lac and Rs3 lac respectively, for one year from the date of delivery. The company is also offering a special 3-year warranty on new tractor models including FT 65EPI, FT 60 DRPTO, PT 439DX, PT4455.
“Escorts tractors are symbolic of reliability and trust and enjoy the support and confidence of the farming community. Besides manufacturing superior quality products that are sturdy, cost effective, and highly durable, we would like to take a step forward to provide enhanced and timely service to our valued customers at their doorstep,” Mr. Rohtash Mal, Executive Director & CEO, Escorts Agri Machinery Group said.
New Delhi, January 22, 2010
Escorts Construction Equipment Limited (ECEL), the Construction Equipment and Material Handling Equipment manufacturing arm of Escorts Limited, today announced the launch of its backhoe loader - DIG MAX, a best-in-class 76HP, 8 tonne operating weight backhoe loader with an array of superior features especially designed for Indian conditions.
The Company also recently introduced to the Indian market Telescopic Handlers, Access Platforms, Wheel Loaders and Motor Graders by tying up with leading manufacturers including M/S Manitou BF, SA Corporation of France and Xiamen Machinery Company Limited (XGMA) of China. Truck Cranes and All-terrain Truck Cranes were other products introduced in Indian recently by signing agreement with China’s Hunan Zoomlion International Trade Co. Ltd. With its ever evolving product portfolio, ECEL has the most diverse range of Construction Equipment and Material Handling equipment in the country.
Speaking on the occasion, Mr. K.K. Vij, CEO & Executive Director, Escorts Construction Equipment Limited said, “The launch of DIG MAX is part of our strategy to expand our product portfolio to address larger share of the construction equipment market by offering complete solution to road construction industry. ECEL pioneered the Construction & Earth Moving Equipment industry in India and today, aims to be an end-to-end solution provider for its customers.”
Mr. Rajesh Sharma, Vice-President, Marketing, Escorts Construction Equipment Limited said, “With DIG MAX, the best has just got better! It offers the best in class backhoe loader for end-users. With it’s never before features for backhoe loaders, DIG MAX combines productivity, fuel efficiency and ease of operation. It has been designed to keep the total cost of operation economical. This will increase our reach across the different market segments and increase our customer base.”
New Delhi, January 15, 2010
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Profit Before Tax (PBT) surges over 50 fold at Rs 35.45 crore |
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EBIDTA up 82.4% at Rs. 54.15 crore |
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Agri Machinery Division revenue up by 22.5% |
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Tractor volumes grow 33.8% |
Escorts Limited has registered a 21.2% increase in sales in the first quarter of fiscal 2009-10 ending December 31, 2009. Net Sales for the quarter rose to Rs.600.22 crore as against Rs. 495.26 crore in corresponding period. Escorts Limited turned in a net profit of Rs 23.40 crore for the quarter against a loss of Rs 0.34 crore in the corresponding period. The company sold 13,561 tractors in the quarter as against 10,135 nos. in Q1 last year - a growth of 33.8%. Escorts Limited follows an October-September fiscal year.
The Company registered over 50-fold increase in Profit before Tax (PBT) Year on Year (YoY) at Rs 35.45 crore against Rs 0.70 crore of corresponding quarter. Escorts Limited increased its EBITDA by 82.4% Year on Year (YoY) to Rs 54.15 crore from Rs 29.69 crore.
Speaking on the results, Chairman and Managing Director Mr Rajan Nanda said, "Escorts has turned in a robust performance this quarter. Quarter sales have increased across the businesses. The Agri Machinery division revenue grew by 22.5% riding on market share gains by the new range of higher horse power tractors introduced last fiscal and a concerted push in designated markets.
The new tractors models address more segments and agro-climatic zones and have been well received in the market. Escorts Railways Division has got a good order book for the current fiscal and registered a revenue growth of 17.6%. The railway business offers potential for growth and Escorts is according high priority to its railway division. 4 new railway products for coaches and wagons built for the Indian Railways are to be introduced by the division. The company will further reinforce the focus on agriculture and infrastructure this fiscal."
Mr Nikhil Nanda, Joint Managing Director said, "The results reflect our consistent focus to enhance profitability through a slew of measures. All key ratios have shown significant improvement in comparison to the corresponding quarter. Material costs as a % to sales have been brought down by 2.5% from 70.3% to 67.8% through a series of cost reduction measures. Substantial term debts have been reduced leading to interest charges dropping by 58.7% to Rs 6.78 crore from Rs 16.40 crore. As we move ahead, cost rationalization and resource optimization initiatives will be further strengthened."
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