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Construction : Web Exclusive | January 2019 | Source : Equipment India

Escorts posts 52.3 per cent net profit growth in Q3

Escorts reported a profit of Rs 1.401 billion in the quarter ending December 31, 2018, up by 52.3 per cent as against a profit of Rs 0.92 billion in the corresponding period last fiscal. Revenue from operations was up by 37.4 per cent to Rs 16.551 billion in quarter under review as against Rs 12.05 billion in the corresponding period last fiscal.

The net profit for the nine months ending December 2018 was up by 56.6 per cent at Rs 3.635 billion as against a profit of Rs 2.322 billion in the corresponding period last fiscal. Revenue from operations went up by 27.5 per cent to Rs 45.647 billion in nine months ended December 2018 as against Rs 35.799 billion in the corresponding period last fiscal.

Speaking on the results, Nikhil Nanda, Chairman and Managing Director, said, “Escorts today is driving technology-led growth across businesses and endeavour to engineer unique engineering solutions for mechanised agriculture and strengthened infrastructure. We are continuously investing in new technologies, product mix and expanded distribution network for significant domestic growth and global reach. With recent technology collaborations and strategic JVs with global leaders like Kubota, Tadano and others, we aim to manufacture innovative products for emerging economies and offer unique solutions for domestic mechanised farming, smart construction and safe modern railways.”

Tractor sales were up by 36 per cent at 25,743 units during the third quarter of the current fiscal. For nine months of current fiscal, tractor volumes were up by 25.4 per cent at 71,276 units as compared to corresponding period last fiscal.

Sales of construction equipment went up by 30 per cent at 1,413 units in the quarter ended December 2018 as against 1,087 units in the corresponding quarter last fiscal. For nine months of current fiscal, construction equipment’s volumes went up by 38.9 per cent at 4,089 units as compared to corresponding period last fiscal. In the Railway Products division, revenue for the third quarter was up by 34.1 per cent at Rs 0.966 billion as against Rs 0.72 billion in the corresponding quarter last fiscal. For nine months of current fiscal, revenue went up by 38 per cent at Rs 2.906 billion as compared to the corresponding period last fiscal. Order book at the end of December 2018 is more than Rs 4.50 billion and will be executed in the next 13~15 months.

 
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