To commemorate the 75th financial year of the company, the Board of Directors recommended a total dividend of 75% comprising normal final dividend of 50% and one-time platinum jubilee year special dividend of 25% i.e. total dividend of Rs 7.5/- per share of face value Rs 10/-, for the financial year 2020-21 as against the dividend of Rs 2.5 per share of face value of Rs 10/- for 2019-20.

Revenue from operations at Rs 6,929.3 crore in the year ended March 2021 was up by 20.3 % as against Rs 5,761.0 crore in the corresponding period last year. For the quarter ended March 2021, revenue from operations at Rs 2,210.5 crore was up by 60.1% as against Rs 1,380.7 crore in the quarter ended March 2020.

At consolidated level, revenue from operations  at Rs 7,014.4 crore in the year ended March 2021 was up by 20.7 % as against Rs 5,810.1 crore in the year ended March 2020. Consolidated net profit recorded at Rs 871.6 crore in the year ended March 2021 was up by 85%, as against a profit of Rs 471.7 crore in the corresponding period last year.

Speaking on the results, Chairman and Managing Director Nikhil Nanda said, “ The entire country is under a severe impact of second wave of pandemic. This time it has impacted the rural geographies as well affecting our core customer base. Escorts topmost priority at this time is safety and well-being of our customers, dealers, suppliers and our employees. We are taking all possible measures to support all our stakeholders to sail through these challenging times. Escorts, and the sectors we operate in, proved their resilience during the first wave. We are sure we will overcome this wave too with collective strength and safeguards.

Agri machinery industry remained buoyant in Q4 of FY21 owing to positive macro-economic factors and pent-up demand from first and second quarters of the year. Escorts did well in this space by registering higher share of market in Q4 than our average market share of the year. While currently the demand is subdued and various state lockdowns are impacting supply chain, we believe this is a temporary phase which shall soon be over. Following all government guidelines, we are making all efforts to ensure that farming communities are well served in the upcoming sowing season.

While we witnessed some positive developments in the construction equipment and railway equipment space too in Q4, we might see an impact of the current environment on these businesses going ahead. While the nation is fighting the pandemic, we are sure that with ongoing government initiatives, vaccination drive and other supportive measures, safety will prevail for all and the economy will be back on strength.”

Escorts Agri Machinery: Tractor volumes were up by 24.1% at 1,06,741 units in the fiscal year 2020-21 as against 86,018 units in the previous year. Segmental revenue came at Rs 5,667.3 crore in the fiscal year 2020-21, up by 27.7%, as against Rs 4,437.6 crore in the previous year. This year operating leverage, favourable product mix and cost efficiencies, resulted in ever highest EBIT margin at 18.2% in the fiscal year 2020-21 as compared to 13.0% in the previous year.

For the quarter ended March 2021, Tractor sales were at 32,588 units as against 20,108 units in the corresponding period last year. Segmental revenue came at Rs 1,738.8 crore in the quarter ended March 2021, up by 64.3% as against Rs 1,058.4 crore in the corresponding period last year. EBIT margins for the quarter ended March 2021 was at 17%, up by 120 bps, as compared to 15.8% in the corresponding period last year.

Escorts Construction Equipment: Construction equipment sales were at 3,913 units in the fiscal year 2020-21 as against 4,042 units in the previous year. Segmental revenue came at Rs 776.1 crore in the fiscal year 2020-21 as against Rs 839.8 crore in the previous year. EBIT margin maintained at 3.6%.

For the quarter ended March 2021, construction equipment sales were at 1,604 units, up by 62.7% as against 986 units in the corresponding period last year. Segmental revenue came at Rs 322 crore in the quarter ended March 2021, up by 53.3% as against Rs 210.0 crore in corresponding period last year. EBIT margins for the quarter ended March 2021 was at 7.3%, up by 300 bps, as compared to 4.3% in the corresponding period last year.

Railway Equipment Division: Revenue from Railway Equipment Division came at Rs 479 crores in the fiscal year 2020-21 as against Rs 477.2 crores in previous year. Sales from new product grew by 52.9% in the fiscal year 2020-21 and now EBIT margin for the year stands at 16.0% as against 18.0% in the previous year. Indian Railways is still not running its full operations of passenger trains, due to unprecedented Covid-19 pandemic situation.

Revenue for the quarter ended March 2021 at Rs 146.5 crore was up by 35.6% as against Rs 108.0 crores in the corresponding period last year. EBIT margin stands at 19.1% in the quarter ended March 2021, up by 510 bps as compared to 14.0% in the corresponding period last year. Order book for the division stood at more than Rs 340 crore as at end of March 2021, that will get executed in the next 6~8 months.