EKL Standalone Profit up by 48.8% YoY to ₹ 277.3 Crore in Q3FY24
EKL Standalone Profit up by 48.8% YoY to ₹ 277.3 Crore in Q3FY24
- Tractor volumes at 25,999 units.
- Construction Equipment volumes up by 48.9% YoY at 1,800 units.
- Standalone EBIDTA up by 64.3% YoY at ₹ 312.7 crore.
- Margin up by 507 bps to 13.5%
- Standalone EPS at ₹ 25.6 up by 78.0% YoY.
Faridabad, February 08, 2024:Escorts Kubota Limited(EKL) today reported standalone net profit of ₹ 277.3 crore in quarter ended December 31, 2023, up by 48.8% as against a net profit of ₹ 186.4 crore in corresponding period last year. Revenue from operations for the quarter came at ₹ 2,320.4 crore, up by 2.5%, as against ₹ 2,263.7 crore in the corresponding period last year. EBIDTA for the quarter came at ₹ 312.7 crore, up by 64.3%, as against ₹ 190.3 crore in corresponding period last year, led by softening in commodity prices, improved price realisation and effective cost control measures.
For 9 months ended December 2023, Standalone revenue from operations came at ₹ 6,694.3 crore, up by 8.6% as against ₹ 6,162.0 crore in corresponding period last year. The profit before tax and before the exceptional items was at ₹ 1,066.1 crore as against ₹ 630.9 crore in corresponding period last year. Net profit after exceptional items and tax at ₹ 795.1 crore went up by 88.6% as against ₹ 421.5 Crore in corresponding period last year, led by cost control measures, better realization and softening in commodity prices.
On Consolidated basis,revenue from operations for 9 months ended December 2023 was up by 8.7% to ₹ 6,756.1 crore as against ₹ 6,214.2 crore in corresponding period last year. Consolidated net profit after exceptional item and tax at ₹ 797.2 crore went up by 89.7% as against ₹ 420.2 Crore in corresponding period last year. EPS was reported at ₹ 73.57 as against ₹ 38.85 in corresponding period last year.
SEGMENT WISE PERFORMANCE
Agri Machinery Products
For the quarter ended December 2023, Tractor volume came to 25,999 units as against 28,025 units in corresponding period last year. Segment revenues went down by 2.9% to ₹ 1,658.3 crore as against ₹ 1,708.0 crore in corresponding period last year. The EBIT margin was up by 550 bps to 13.8% as against 8.3% in the corresponding period last year, led by softening in commodity prices, improved price realisation and effective cost control measures.
For 9 months ended December 2023, tractor volume came at 74,605 units as against 77,747 units in corresponding period last year. Segment revenue came at ₹ 4,719.4 crore as against ₹ 4,758.6 crore in the corresponding period last year. The EBIT margin for 9 months was up by 411 bps to 13.2% as against 9.1% in the corresponding period last fiscal, led by cost control measures, better realization and softening in commodity prices.
Construction Equipment
For the quarter ended December 2023, Construction equipment volume went up by 48.9% to 1,800 units as against 1,209 units in corresponding period last year. Segment revenues went up by 49.4% to highest ever quarterly revenue of ₹ 457.2 crore as against ₹ 306.1 crore in corresponding period last year. The EBIT margin was up by 607 bps to 8.3% as against 2.2% in the corresponding period last year, led by higher volume, better product mix and softening in commodity prices.
For the 9 months ended December 2023, construction equipment volume went up by 53.6% to 4,750 units as against 3,092 units in corresponding period last year. Segment revenue went up by 55.3% to highest ever 9-month revenue of ₹ 1,233.1 crore as against ₹ 794.1 crore in corresponding period last year. The EBIT margin for 9 months was up at 8.7% as against 0.4% in the corresponding period last fiscal.
Railway Equipments
For the quarter ended December 2023, Revenue from Railway equipments came at ₹ 205.0 crore as against ₹ 249.3 crore in corresponding period last year. EBIT margin was up by 532 bps to 18.4% in quarter ended December 2023 as against 13.1% in corresponding period last year, led by better product mix.
For 9 months ended December 2023, Revenue from Railway equipments was up by 21.9% to highest ever 9-month revenue of ₹ 737.1 crore as against ₹ 604.7 crore in corresponding period last year. The EBIT margin for 9 months was up by 576 bps to 19.4% as against 13.7% in the corresponding period last fiscal.
Order book for the division, at end of December 2023, stood at more than ₹ 900 crore.
The reviewed accounts of the second quarter and first six months ended 31st December 2023 have been approved by the Board of Directors of Escorts Kubota Limited.
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