Escorts Limited reported the highest standalone quarterly profit of all time on Tuesday £ 280.7 crore for the quarter ended December 2020, an 83.4% increase over a profit of £ 153.1 crore in the same period last year.
Sales from operating business rose by 23.5% £ 2,017.4 crore for the quarter ended December 2020 £ 1,633.4 crore for the corresponding period last year, the company said in the regulatory filing.
Revenues from operating business £ 4,718.8 crore in the nine months to December 2020 increased 7.7% year over year £ 4,380.3 crore in the corresponding period of the last financial year.
Independent net income for the nine months ended December 2020 at £ 602.7 crore rose 74.6% versus a profit of £ 345.1 crore in the corresponding period of the last financial year.
At the consolidated level, revenues from operating business contribute £ 4,785.7 crores increased 8.2% year over year in nine months to December 2020 £ 4,424.4 cores in nine months through December 2019.
Consolidated net income recognized at £ 606.2 crore in the nine months ended December 2020, up 76.2% versus a profit of £ 344.0 crore in the corresponding period of the last financial year.
Commenting on the results, Chairman and CEO Nikhil Nanda said: “Agricultural demand for tractors and the mechanization of farms continues to grow. We hope for continued momentum as we see a strengthening of the agricultural and rural economies. We have maintained an appropriate security standard throughout the company to ensure uninterrupted supply to our customers. The positive development in the construction machinery sector is also encouraging. We are optimistic that the construction and railroad equipment segments will see a better environment for business recovery. The government’s Covid vaccination drive will continue to build confidence in the sectors and provide further momentum to the economy. “
On Tuesday, Escorts Scrip on BSE rose 5.06% in late trading £1,328.90.
Agricultural machinery escort
The tractor volume increased by 25.7% in the quarter to December 2020 to 31,562 units compared to 25,109 units in the corresponding period of the last fiscal year. Segment sales rose by 28.0% £ 1,652.7 crore for the quarter ended December 2020 £ 1,291.5 crore in the corresponding period of the last financial year.
Escort construction machinery
The sales volume for construction machinery rose by 20.1% in the quarter to December 2020 to 1,254 machines compared to 1,044 machines in the corresponding period of the last financial year. Segment sales rose by 13.0% £ 244.7 crore in the quarter ended December 2020 £ 216.6 crore in the corresponding period of the last financial year.
Railway products division
The sales for the third quarter were £ 117.4 crore for the quarter ended December 2020 £ 124.4 crore in the corresponding quarter. During the quarter, we fulfilled 69.2% of all orders in the category of new products with more import content and lower margins than in the previous year when it was only 44.2%.
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