Escorts Ltd. Q1 Profit up 92.7% YoY to ₹120.7 cr.
- Tractor volumes up by 39.5% at 24,494 units
- Construction Equipment volumes up by 51.8% at 1,345 units
- EBIDTA up by 90.2% at ₹185.5 crore
- Profit up by 92.7% at ₹120.7 crore
New Delhi, July 30,2018: Escorts Limited today reported profit of ₹120.7 crore in quarter ended June 30, 2018 up by 92.7 percent as against a profit of ₹62.6 crore in corresponding quarter of the previous fiscal and up by 7.2% as against ₹112.5 crore in sequential quarter.
Revenue from operations up by 29.9% correspondingly to ₹1,511.3 cr. and up by 5.2% Sequentially.
EBIDTA for the quarter correspondingly up by 90.2% at ₹185.5 crore against ₹ 97.5 crore in quarter ending June 2017 and sequentially up by 6.8% against ₹73.8 crore in quarter ending March 2017. EPS reported at ₹10.10 as against ₹5.24 in corresponding quarter.
Speaking on the results, Mr. Nikhil Nanda, Managing Director, said, "Escorts has seen a positive momentum in the first quarter of this fiscal with a strong performance in June reflecting both farm optimism as well as warm reception for Escorts products with innovative technologies. We are in a continuous process of developing solutions that are intelligent, environmentally safer and providing better value to our customers. Apart from our focus on advanced technologies such as electric and autonomous tractors, we are partnering global IT, engineering and technology driven firms to develop products that will fundamentally change the way in which farming is done. Similarly, our focus on urban smart infrastructure and safe railway transport segments is tapping into technology driven sectors. Our strong focus on cost compression, better margins and strong customer connect driven with innovation, we have embarked on a game changing pathway. With a strong focus on innovation and quality across Agri Machinery, Construction and Railways, the company will continue to strengthen its product offering and leverage the improved market conditions."
SEGMENT WISE PERFORMANCE
Escorts Agri Machinery (EAM)
Tractor sales in the quarter ended June 2018 correspondingly up by 39.5% to 24,494 tractors against 17,561 tractors in quarter ended June 2017 and sequentially up by 3.9% against 23,568 tractors in quarter ended March 2018. Segmental revenues increased correspondingly by 25.0% at ₹1,177.2 crore in quarter ending June 2018 against ₹942.1 crore in quarter ended June 2017 and sequentially up by 7.6% against ₹1,094.1 crore in quarter ended March 2018. EBIT margin correspondingly up by 335 bps, stood at 14.2% for quarter ended June 2018.
Escorts Construction Equipment (ECE)
Construction equipment sales in the quarter ended June 2018 correspondingly up by 51.8% to 1,345 units against 886 units in quarter ended June 2017. Segmental revenues increased correspondingly by 49.5% at ₹246.0 crore in quarter ending June 2018 against ₹164.5 crore in quarter ended June 2017. EBIT margin correspondingly up by 451 bps, stood at 2.4% for quarter ended June 2018.
Railway Products Division (RED)
Railway division sales in the quarter ended June 2018 correspondingly up by 35.0% at ₹88.1 crore as against ₹65.2 crore in quarter ended June 2017 and sequentially up by 15.9% against ₹76.02 crore in quarter ended March 2018. This quarter we have better product mix, higher spare sales, that resulted in EBIT margin correspondingly moving up by 1543 bps and sequentially up by 947 bps, now stood at 25.3% for quarter ended June 2018. Current order book as of 30th June 2018 is more than ₹300 crore and will be executed in the next 11-12 months.
The reviewed accounts of the quarter ending June 2018 has been approved by the Board of Escorts Limited.
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Group Head-Corporate Marketing & Brand Communication Escorts Ltd.