Escorts records standalone profit of ₹485.5 crore in last fiscal

Escorts
Escorts Limited in an official statement said that the company recorded standalone profit of ₹485.5 crore in the just concluded fiscal as against ₹484.9 crore in the previous fiscal. It clocked a consolidated profit of ₹471.7 crore during 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 period last year. Commenting on the performance, Chairman, Nikhil Nanda said that the the recent epidemic has changed the business narrative and its time that company's priority remains valuing life and securing business to support its community. “We are aligned with government advisories on 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. 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 and prediction of normal monsoon will enable quick revival across the farming 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 again.”

Escorts Agri Machinery
In the Escorts Agri Machinery segment, the 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.

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 at the end of March 2020, that will get executed in the next 12~15 months.
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