Escorts Q1 standalone profit more than doubles to Rs 185.2 crore

Escorts Ltd. on Thursday reported a net profit of Rs 185.2 crore in the quarter ended June 30, 2021, up by 101%, as against a profit of Rs 92.2 crore in the corresponding quarter of the previous fiscal and as against Rs 271.3 crore in the sequential quarter, one of the country's largest tractor manufacturers said in a regulatory filing.

Revenue from operations at Rs 1,671.5 crores in the quarter ended June 2021, went up by 57.4% as against Rs 1,061.6 cores in the corresponding quarter and Rs 2,210.5 crore in the sequential quarter. EB IDT A for the quarter ended June 30, 2021, at Rs 233.2 crore up by 95.0%, as against Rs 119.6 crore in the quarter ending June 2020.

At consolidated level revenue from operations at Rs 1,701.8 crores in quarter ended June 2021, up by 56.2% as against Rs 1,089.3 cores m corresponding quarter.

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Consolidated net profit recorded at Rs 178.5 crore in the quarter ended June 30, 2021, up by 92.8%, as against a profit of Rs 92.6 crore in the corresponding period last fiscal. EPS reported at 18.13 was up by 68.2% as against Rs 10.78 in the corresponding quarter and Rs 27 .03 in the sequential quarter.

Speaking on the results, Nikhil Nanda, Chairman and Managing Director, said, "While respective states are gradually activating controlled unlocks, we at Escorts, are extremely careful and adhering to all safety guidelines. Well-being & safety of our customers, dealers, suppliers, and our employees remain our topmost priority. We have facilitated vaccination for all our employees and working closely with our distribution base to support vaccinations across dealerships and customers and also in local communities."

He further added that unlocking has helped "in building demand, easing transport & logistics and improved supply chain across farming community to create a positive industry momentum."

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"We certainly hope that with sustained government efforts, tractor and Agri equipment industry and construction equipment industry will be back on a growth path. While we are witnessing some encouraging developments in the railway equipment space too, it may take some time to come out of the impact of the current environment and regain the pre-Covid business levels," Nanda said.

"We still need to be well prepared and firm up readiness for any further pandemic hit backs. We are aligned and fully supportive to all national efforts to fight the pandemic, and believe, this shall pass soon," he added.