Escorts Ltd reported 60.85% yoy increase in consolidated sales revenues for the Mar-21 quarter at Rs2,228.75cr. For the sequential quarter, the sales revenues were lower by -7.22% compared to the revenues of Rs2,402cr in the Dec-20 peak festive quarter.
The core business of Agri-machinery grew by 65% to Rs1,753cr in Mar-21 quarter while the construction equipment business was also up by 53% yoy at Rs322cr. The much smaller railway equipment business also recorded 36% yoy growth at Rs146.5cr.
The operating profit was up by 103.23% at Rs312.75cr and this was largely driven by a yoy growth of 82% in the EBITDA of the Agri-business vertical to Rs296cr.
Overall higher sales ensured much better absorption of fixed costs in the Mar-21 quarter as the operating margins also improved from 11.11% to 14.03% in the Mar-21 quarter.
The consolidated Profit after tax (PAT) for the Mar-21 quarter improved by 107.52% to Rs265.42cr. It was largely the operating benefits that trickled down to the bottom line. The net margins improved from 9.23% in Mar-20 quarter to 11.91% in the Mar-21 quarter. NPM was almost flat on a sequential basis.
Financial highlights for Mar-21 compared yoy and sequentially
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Escorts Ltd |
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Rs in Crore |
Mar-21 |
Mar-20 |
YOY |
Dec-20 |
QOQ |
|
Total Income (Rs cr) |
₹ 2,228.75 |
₹ 1,385.65 |
60.85% |
₹ 2,402.23 |
-7.22% |
|
Operating Profits (Rs cr) |
₹ 312.75 |
₹ 153.89 |
103.23% |
₹ 330.77 |
-5.45% |
|
Net Profit (Rs cr) |
₹ 265.42 |
₹ 127.90 |
107.52% |
₹ 285.64 |
-7.08% |
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Diluted EPS (Rs) |
₹ 26.96 |
₹ 14.91 |
|
₹ 29.17 |
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Operating Margins |
14.03% |
11.11% |
|
13.77% |
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Net Margins |
11.91% |
9.23% |
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11.89% |
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