Escorts Q3 Net Profit Up 14% To Rs 201.5 Cr, Standalone Profit For 9 Months At 563.4 Cr

Amid the ongoing Coronavirus pandemic, Escorts on Tuesday said that it has reported standalone quarterly profit of Rs 201.5 crore in the 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.

According to the official statement, the revenue from operations at Rs 1,957.5 crore in the quarter ended December 2021 was up by 17.8 per cent as against Rs 1,662.3 crore in the sequential quarter and down by 3 per cent as against Rs 2,017.4 crore in the corresponding quarter. 

EPS reported at Rs 15.33 as against Rs 13.39 in the 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 the nine months period ended December 2021 as against per cent 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, it added. 

Talking about the consolidated level revenue from operations, the company said it 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 ₹ 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.

“The tractor industry has now been impacted for two consecutive quarters due to the high base of last year, 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 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," said Chairman and Managing Director, Nikhil Nanda. 

"We continue to invest in new product development and distribution spread to offer enhanced reach and customer experience across domestic & global markets. Multiple initiatives in agriculture and infrastructure development from the government will be helpful in creating opportunities across our agriculture, construction & railway portfolio," added Nanda.