Tractor sales of Escort Agri Machinery (EAM), a division of Escort Group in the quarter ended June 2018 correspondingly up by 39.5 percent to 24,494 tractors against 17,561 tractors in quarter ended June 2017 and sequentially up by 3.9 percent against 23,568 tractors in quarter ended March 2018. Segmental revenues increased correspondingly by 25. percent at Rs 1,177.2 crore in quarter ending June 2018 against Rs 942.1 crore in quarter ended June 2017 and sequentially up by 7.6 percent against Rs 1,094.1 crore in quarter ended March 2018. Earnings before interest, taxes (EBIT) margin correspondingly up by 14.2 percent for quarter ended June 2018, a press statement of the company has said.
The overall revenue of the Group, including Escorts Construction Equipment (ECE) and Railway Products Division (RED) are up by 29.9 percent correspondingly to Rs 1,511.3 crore and up by 5.2 percent sequentially.
Escorts Limited reported profit of Rs 120.7 crore in the quarter ended June 30, 2018 up by 92.7 percent as against a profit of Rs 62.6 crore in corresponding quarter of the previous fiscal and up by 7.2 percent as against Rs 112.5 crore in sequential quarter.
Earnings before interest, taxes, depreciation and amortisation (EBIDTA) for the quarter correspondingly up by 90.2 percent at Rs 185.5 crore against Rs 97.5 crore in quarter ending June 2017 and sequentially up by 6.8 percent against Rs 73.8 crore in quarter ending March 2017. Earnings per share (EPS) reported at Rs 10.10 as against Rs 5.24 in corresponding quarter.
Speaking on the results, Nikhil Nanda, Managing Director of the Group 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. 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,” Nanda added.