Escorts Limited has reported a 25.5 per cent drop in its standalone profit for the quarter ended March 31, 2022. Standing profit for January-March quarter stood at Rs 202.2 crore as against Rs 271.3 crore in the corresponding quarter last year.
Escorts Limited today also reported that its net profit for FY22 dropped by 12.4 per cent at Rs 765.6 as against a profit of Rs 87 4 .1 crore in the previous year
Revenue from operations was at Rs 7,152.7 crore in the year ended March 2022 as against Rs 6,929.3 crore in the corresponding period last year. For the quarter ended March 2022, revenue from operations was at Rs 1,861.4 crore as against Rs 2,210.5 crore in the quarter ended March 2021.
At a consolidated level, revenue from operations was at Rs 7,238.5 crore during FY22 as against Rs 7,014.4 crore in the year ended March 2021. Consolidated net profit recorded at ~ 735.6 crore in the year ended March 2022 was as against a profit of Rs 871.6 crore in the corresponding period last year.
The Board of Directors has recommended a final dividend of 70 per cent i.e., a dividend of Rs 7 per share of face value of Rs 10 for the financial year 2021-22.
Speaking on the results, Chairman and Managing Director, Nikhil Nanda said, "Agri sector is seeing some positive tailwinds. April industry growth of 41 % is a big booster of confidence. With prediction of normal monsoon and good news on crop prices and production, we hope this sector will continue to flourish."
"Construction & Railway sectors have also shown signs of improvement. With Government spending focus in these sectors, the situation shall only improve from here. Continued inflation is a big cause of worry, both in terms of suppressing potential demand as well as for ecosystem profitability," Nada added.
For the year ended March 2022, tractor volumes at 94,228 units went down by 11.7 per cent as compared to 1,06,741 units in the corresponding period last fiscal. For the quarter ended March 2022, tractor volumes at 21,895 units went down by 13.5 per cent sequentially and were down by 32.8 per cent as against 32,588 units in the corresponding quarter.
While construction equipment sales at 4,117 units were up by 5.2 per cent in FY22 compared to 3,913 units in the corresponding period last fiscal. For the quarter ended March 2022, construction equipment sales at 1,286 units went up by 11.7 per cent sequentially but were down by 19.8 per cent as against 1,604 units in the corresponding quarter previous year
In FY22, the railway product division achieved its higher ever yearly revenue at Rs 636.2 crore, it grew by 32.8 per cent against Rs 479.0 crore in the last fiscal.
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