Escorts reported 93.2% jump in consolidated net profit to Rs 346.2 crore on 60.8% increase in revenue from operations to Rs 2,228.8 crore in Q4 FY21 over Q4 FY20.
On a standalone basis, the company's net profit increased 93.2% to Rs 271.3 crore in Q4 FY21 from Rs 140.4 crore in Q4 FY20. Revenue from operations jumped 60.1% year-on-year (YoY) to Rs 2,210.5 crore during the quarter.
For the quarter ended March 2021, Tractor sales were at 32,588 units, up 62.06% as against 20,108 units in the corresponding period last year. Segmental revenue came at Rs 1,738.8 crores in Q4 FY21, up by 64.3% as against Rs 1,058.4 crore in Q4 FY20.
Construction equipment sales in the fourth quarter were at 1,604 units, up by 62.7% as against 986 units in the same period last fiscal. Segmental revenue came at Rs 322 crore in the quarter ended March 2021, up by 53.3% as against Rs 210 crore in corresponding period last year.
Revenue from Railway Equipment Division came at Rs 146.5 crore, up by 35.6% from Rs 108 crore in Q4 FY20. 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 to 8 months.
Standalone EBIDTA improved 77.3% to Rs 344.7 crore in Q4 FY21 from Rs 194.4 crore in Q4 FY20. EBIDTA margin was at 15.6% as on 31 March 2021 as compared with 14.1% as on 31 March 2020.
Escorts recorded 80% jump in standalone net profit to Rs 874.1 crore on 20.3% rise in revenue from operations to Rs 6,929.3 crore in the year ended 31 March 2021 over the year ended 31 March 2020.
The company's board has recommended a total dividend of Rs 7.5 per share for the financial year 2020-21.
Nikhil Nanda, chairman and managing director, said: "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 & railway equipment space too in Q4, we might see an impact of the current environment on these businesses going ahead."
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
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