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Escorts Ltd. Standalone Profit at ₹ 485.5 cr. in Fiscal 2019-20

Q4FY20 Standalone profit up by 15.7% YoY

  • Tractor volumes at 86,018 units
  • Construction Equipment volumes at 4,042 units
  • EBIDTA from continued operations at ₹ 675.8 crore
  • Standalone Net Profit at ₹ 485.5 crore
  • Board recommends a dividend of 25%

New Delhi, May 14, 2020: Escorts Limited today reported, Standalone profit of ₹ 485.5 crore in year ended March 31, 2020 as against a profit of ₹ 484.9 crore in the previous fiscal and consolidated profit of ₹ 471.7 crore in year ended March 31, 2020 as against a profit of ₹ 477.9 crore in the previous fiscal. Profit for quarter ended March 2020 was up by 15.7 percent at ₹ 140.4 crore as against ₹ 121.4 crore in the corresponding quarter last year.

The Board of Directors recommended a final dividend of ₹ 2.5/- per share of face value ₹ 10/-, for 2019-20 as against the dividend of ₹ 2.5/- per share of face value of ₹ 10/- in 2018-19.

Speaking on the results Chairman Mr. Nikhil Nanda said “The recent epidemic has changed the business narrative and its time that our priority remains valuing life and securing business to support our community. Escorts, amidst the global crisis, is committed to safety & wellbeing of all our employees, partners and stakeholders. We are aligned to government advisories and will ensure taking all the precautions and preventions at our facilities. There is a serious impact on the industry and respective business operations and it will take some time to regain normalcy. This quarter reflects partial impact but we are preparing ourselves to set new norms through reinventing, innovating and digitizing our ways to engage and connect stakeholders for the business operations ahead even as the uncertainty of affairs still exist. There would be a lot of dependency on the flexibilities and policies that will be issued by the government for the sectors and the aid offered to support the farming community to sustain their essentials and requirements. Good harvest, increased procurement by respective governments and their focussed support to farming & prediction of normal monsoon will enable quick revival across farm ecosystem. We are optimistic for the coming quarters and hope that the collective efforts will help in containing the crisis and the Indian economy will be on its strength soon again.”

SEGMENT WISE PERFORMANCE

Escorts Agri Machinery

Tractor volumes were at 86,018 units in fiscal 2019-20 as against 96,412 units in previous fiscal. Segmental revenue came at ₹ 4,437.6 crore in fiscal 2019-20 as against ₹ 4,744.0 crore in previous fiscal. EBIT margin was at 13.0% in fiscal 2019-20 as compared to 14.0% in previous fiscal.

Tractor sales were at 20,108 units in quarter ended March 2020 as against 25,136 units in the corresponding period last fiscal. Segmental revenue came at ₹ 1,058.4 crore in quarter ended March 2020 as against ₹ 1,230.9 crore in corresponding period last fiscal. EBIT margins for quarter ended March 2020 was at 15.8%, up by 270 bps, as compared to 13.1% in the corresponding period, supported with softening commodity prices and operational efficiencies.

Escorts Construction Equipment

Construction equipment sales were at 4,042 units in fiscal 2019-20 as against 5,544 units in the previous fiscal. Segmental revenue came at ₹ 839.8 crore in fiscal 2019-20 as against ₹ 1,054.1 crore in previous fiscal. EBIT margin was at 3.6%, flat as compared to previous fiscal.

Construction equipment sales were at 986 units in quarter ended March 2020 as against 1,455 units in the corresponding period last fiscal. Segmental revenue came at ₹ 210.0 crore in quarter ended March 2020 as against ₹ 293.0 crore in corresponding period last fiscal. EBIT margins for quarter ended March 2020 was at 4.3% as compared to 7.1% in the corresponding period last fiscal.

Railway Equipment Division

Revenue was up by 21.1% at ₹ 477.2 crore in fiscal 2019-20 as against ₹ 394.1 crore in previous fiscal. Sales from new product grew by 74.3% in fiscal 2019-20 and now EBIT margin stands at 18.0 % in fiscal 2019-20 as against 19.9% in the previous fiscal.

Revenue for the quarter ended March 2020 was up by 4.3% at ₹ 108.0 crore as against ₹ 103.5 crore in the corresponding period last fiscal. EBIT margin stands at 14.0 % in quarter ended March 2020 as compared to 15.1% in the corresponding period last fiscal.

Order book for the division stood at more than ₹ 500 crore as at end of March 2020, that will get executed in the next 12~15 months.

The audited accounts of the 12 months ended March 2020 has been approved by the Board of Directors of Escorts Limited.

For further information, kindly contact:

Bharat Madan

Group CFO and Corporate Head
Escorts Ltd.
Email ID: bharat.madan@escorts.co.in

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