Escorts This autumn outcomes: Escorts This autumn outcomes: Internet revenue jumps two-fold to Rs 285 crore
NEW DELHI: The major in agricultural machinery and engineering on Friday reported a more than double increase in consolidated net income to Rs 285.41 billion in the fourth quarter through March 2021, largely driven by robust sales. The company had posted consolidated net income of Rs 127.73 billion for the same period prior to fiscal year, Escorts Ltd said in a regulatory filing.
Consolidated operating revenues for the period were Rs 2,228.75 billion, compared to Rs 1,385.65 billion a year ago, the company added.
Tractor sales rose 62.1 percent to 32,588 units in the fourth quarter, Escorts said.
For the year ended March 31, Escorts Ltd announced that consolidated net income was Rs 871.63 billion, compared to Rs 471.72 billion in FY20, an increase of 85 percent.
Consolidated operating revenue for 2020-21 was Rs 7,014.42 billion compared to Rs 5,810.09 billion for 2019-20, she added.
In FY21, tractor sales rose 24.1 percent to 1,06,741 units, she added.
Escorts Ltd Chairman and CEO Nikhil Nanda said, “The agricultural machinery industry remained buoyant in the fourth quarter of FY21 due to positive macroeconomic factors and the backlog from the first and second quarters of the year. Escorts did well in this area by taking one higher fourth quarter market share than our average market share for the year “.
However, he said while “demand is currently subdued and various government lockdowns are affecting the supply chain, we believe this is a passing phase that will soon be over”.
“In accordance with all government guidelines, we are making every effort to ensure that the farming communities are well served in the upcoming sowing season,” said Nanda, adding that the entire country is suffering the severe effects of the second wave of the pandemic, and this one Sometimes this is the case also had an impact on the rural regions and influenced the core customer base of escorts.
Explaining that the company’s top priority right now is the safety and well-being of its customers, dealers, suppliers and employees, he said, “We are taking all possible steps to support all of our stakeholders to
through these challenging times. Escorts and the industries we operate in have proven their resilience in the first wave. We are sure that we will overcome this wave with collective strength and security. ”
The company said its board of directors proposed a total dividend of 75 percent, consisting of a normal final dividend of 50 percent and a one-time special dividend for the platinum anniversary year of 25 percent, for a total dividend of 7.5 rupees per share with a face value of 10 rupees for the 2020-21 fiscal year versus the dividend of Rs 2.5 per share of nominal value of Rs 10 for 2019-20