Escorts Q3 standalone profit up 14 per cent
Escorts reported standalone quarterly profit of Rs 201.5 crore in quarter ended December 2021 up by 14 per cent as against a profit of Rs 176.7 crore in sequential quarter and down by 28.2 per cent as against a profit of Rs 280.7 crore in the corresponding quarter.
Revenue from operations at Rs 1,957.5 crore in quarter ended December 2021 was up by 17.8 per cent as against Rs 1,662.3 crore in sequential quarter and down by 3 per cent as against Rs 2,017.4 crore in the corresponding quarter. EPS reported at 15.33 as against Rs 13.39 in sequential-quarter and as against Rs 21.28 in the corresponding quarter.
Revenue from operations was up by 12.1 per cent at Rs 5,291.2 crore in nine months period ended December 2021 as against Rs 4,718.8 crore in the corresponding period last fiscal. Standalone net profit for the nine months period ended December 2021 at Rs 563.4 crore came down by 6.5 per cent as against a profit of Rs 602.7 crore in the corresponding period last fiscal.
At the consolidated level revenue from operations was up by 12 per cent at Rs 5,359.9 crore in nine months period ended December 2021 as against Rs 4,785.7 crore in nine months period ended December 2020. Consolidated net profit recorded at Rs 545.6 crore in nine months period ended December 2021 was down by 9 per cent as against a profit of Rs 606.2 crore in the corresponding period last fiscal.
Speaking on the results, Nikhil Nanda, Chairman and Managing Director, Escorts, said, “The tractor industry has now been impacted for two consecutive quarters due to high base of last year, the delayed harvest of Kharif crops owing to late monsoon rains this year which affected the rural cash flows and the retail demand. Going forward, we do expect cash flows to improve with better Kharif procurement and a positive outlook with good Rabi sowing. While high inflation remains a concern, we are hopeful of macro-economic factors to be in favour of agriculture to boost rural demand.”
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