For the quarter ending dec
2022, consolidated Net sales (including other operating income) of Escorts Kubota has increased 14.67% to Rs 2291.35 crore compared to quarter ended Dec 2021. Sales of Agri Machinery Products segment has gone up 12.65% to Rs 1,735.40 crore (accounting for 75.76% of total sales). Sales of Railway Equipments segment rose 43.39% to Rs 249.29 crore (accounting for 10.88% of total sales). Sales of Construction Equipment segment has gone up 10.84% to Rs 306.11 crore (accounting for 13.36% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 31.83% to Rs 184.25 crore. PBIT of Agri Machinery Products segment fell 39.34% to Rs 144.77 crore (accounting for 78.57% of total PBIT). PBIT of Railway Equipments segment rose 31.21% to Rs 32.62 crore (accounting for 17.70% of total PBIT). PBIT of Construction Equipment segment rose 1.18% to Rs 6.86 crore (accounting for 3.72% of total PBIT).
PBIT margin of Agri Machinery Products segment fell from 15.49% to 8.34%. PBIT margin of Railway Equipments segment fell from 14.30% to 13.09%. PBIT margin of Construction Equipment segment fell from 2.45% to 2.24%. Overall PBIT margin fell from 13.58% to 8.04%.
Operating profit margin has declined from 13.94% to 8.35%, leading to 31.30% decline in operating profit to Rs 191.33 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 58.02% to 66.09%. Purchase of finished goods cost fell from 7.30% to 6.79%. Employee cost decreased from 7.78% to 7.24%. Other expenses fell from 11.05% to 11.01%. Other income rose 243.24% to Rs 91.68 crore. PBIDT fell 7.28% to Rs 283.01 crore. Provision for interest fell 9.14% to Rs 3.48 crore.
PBDT fell 7.26% to Rs 279.53 crore. Provision for depreciation rose 14.71% to Rs 37.97 crore.
Profit before tax down 9.97% to Rs 241.56 crore. Share of profit/loss was 11.08% higher at Rs -5.94 crore. Provision for tax was expense of Rs 54.82 crore, compared to Rs 67.91 crore. Effective tax rate was 23.27% compared to 25.96%.
Minority interest increased 95.83% to Rs -0.02 crore. Net profit attributable to owners of the company decreased 6.89% to Rs 180.82 crore. Promoters’ stake was 72.90% as of 31 December 2022 ,compared to 30.25% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Escorts Kubota has increased 15.16% to Rs 6214.21 crore. Sales of Agri Machinery Products segment has gone up 13.31% to Rs 4,809.06 crore (accounting for 77.47% of total sales). Sales of Railway Equipments segment rose 30.48% to Rs 604.65 crore (accounting for 9.74% of total sales). Sales of Construction Equipment segment has gone up 19.01% to Rs 794.14 crore (accounting for 12.79% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has slumped 28.51% to Rs 523.99 crore. PBIT of Agri Machinery Products segment fell 32.46% to Rs 438.26 crore (accounting for 83.64% of total PBIT). PBIT of Railway Equipments segment rose 15.52% to Rs 82.75 crore (accounting for 15.79% of total PBIT). PBIT of Construction Equipment segment fell 76.05% to Rs 2.98 crore (accounting for 0.57% of total PBIT).
PBIT margin of Agri Machinery Products segment fell from 15.29% to 9.11%. PBIT margin of Railway Equipments segment fell from 15.46% to 13.69%. PBIT margin of Construction Equipment segment fell from 1.86% to 0.38%. Overall PBIT margin fell from 13.64% to 8.44%.
Operating profit margin has declined from 13.85% to 8.76%, leading to 27.15% decline in operating profit to Rs 544.36 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.99% to 67.48%. Purchase of finished goods cost fell from 6.89% to 6.20%. Employee cost decreased from 7.51% to 7.02%. Other expenses rose from 10.23% to 10.75%. Other income rose 72.54% to Rs 205.25 crore. PBIDT fell 13.46% to Rs 749.61 crore. Provision for interest fell 15.51% to Rs 9.64 crore.
PBDT fell 13.43% to Rs 739.97 crore. Provision for depreciation rose 13.34% to Rs 111.69 crore.
Profit before tax down 16.92% to Rs 628.28 crore. Share of profit/loss was 12.63% higher at Rs -18.26 crore. Provision for tax was expense of Rs 136.78 crore, compared to Rs 189.74 crore. Effective tax rate was 24.56% compared to 25.80%.Net profit attributable to owners of the company decreased 22.96% to Rs 420.29 crore.
Promoters’ stake was 72.90% as of 31 December 2022 ,compared to 30.25% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of Escorts Kubota has increased 3.82% to Rs 7282.65 crore. Sales of Agri Machinery Products segment has gone down 1.80% to Rs 5,629.34 crore (accounting for 77.62% of total sales). Sales of Railway Equipments segment rose 32.83% to Rs 636.21 crore (accounting for 8.77% of total sales). Sales of Construction Equipment segment has gone up 27.15% to Rs 986.79 crore (accounting for 13.61% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 14.02% to Rs 977.74 crore. PBIT of Agri Machinery Products segment fell 16.75% to Rs 859.55 crore (accounting for 87.91% of total PBIT). PBIT of Railway Equipments segment rose 22.89% to Rs 94.32 crore (accounting for 9.65% of total PBIT). PBIT of Construction Equipment segment fell 14.17% to Rs 23.87 crore (accounting for 2.44% of total PBIT).
PBIT margin of Agri Machinery Products segment fell from 18.01% to 15.27%. PBIT margin of Railway Equipments segment fell from 16.02% to 14.83%. PBIT margin of Construction Equipment segment fell from 3.58% to 2.42%. Overall PBIT margin fell from 16.27% to 13.48%.
Operating profit margin has declined from 16.06% to 13.67%, leading to 11.66% decline in operating profit to Rs 995.41 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 59.16% to 61.70%. Purchase of finished goods cost rose from 6.42% to 6.95%. Employee cost decreased from 7.94% to 7.37%. Other expenses rose from 10.11% to 10.43%. Other income rose 8.37% to Rs 173.8 crore. PBIDT fell 9.16% to Rs 1169.21 crore. Provision for interest rose 12.22% to Rs 14.97 crore. Loan funds declined from Rs 60.61 crore as of 31 March 2021 to Rs 51.95 crore as of 31 March 2022. Inventories rose to Rs 846.56 crore as of 31 March 2022 from Rs 718.16 crore as of 31 March 2021. Sundry debtors were higher at Rs 792.62 crore as of 31 March 2022 compared to Rs 657.58 crore as of 31 March 2021. Cash and bank balance declined from Rs 1,321.76 crore as of 31 March 2021 to Rs 271.84 crore as of 31 March 2022. Investments rose to Rs 4,835.84 crore as of 31 March 2022 from Rs 1,938.02 crore as of 31 March 2021 .
PBDT fell 9.39% to Rs 1154.24 crore. Provision for depreciation rose 11.65% to Rs 132.06 crore. Fixed assets increased to Rs 1,873.58 crore as of 31 March 2022 from Rs 1,808.60 crore as of 31 March 2021. Intangible assets increased from Rs 52.32 crore to Rs 55.27 crore.
Profit before tax down 11.54% to Rs 1,022.18 crore. Share of profit/loss was 3,866.22% lower at Rs -29.35 crore. Provision for tax was expense of Rs 257.22 crore, compared to Rs 283.15 crore. Effective tax rate was 25.91% compared to 24.52%.
Net profit attributable to owners of the company decreased 15.49% to Rs 736.47 crore.
Equity capital decreased from Rs 134.83 crore as of 31 March 2021 to Rs 131.94 crore as of 31 March 2022 . Per share face Value remained same at Rs 10.00.
Promoters’ stake was 28.10% as of 31 March 2022 ,compared to 36.59% as of 31 March 2021 .
Cash flow from operating activities decreased to Rs 32.28 crore for year ended March 2022 from Rs 1,128.66 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 186.34 crore, compared to Rs 125.59 crore during the year ended March 2021.
Other Highlights
In Q3 FY23, Domestic tractor
volume increased by 10.7% YoY to 28,025 units.
In 9M FY23, tractor volume
increased by 8.6% to 78,525 units on YoY basis.
In Q3 FY23, construction
Volume increased 5% YoY to 1209 units. In 9M FY23, construction Volume
increased 9.2% YoY to 3092 units.
Domestic Tractor Market Share
in Q3 FY23 stood at 10.6% compared to 10.4% in Q3 FY22.
Domestic Tractor Market Share
in 9M FY23 stood at 9.8% compared to 10% in 9M FY22.
Order book for the railway
division, at end of Dec 2022, was more than Rs 1000 crore.
For
Q3 FY23, Capacity utilization of EAM (Escorts Agri Machinery) segment was
around 85% and capacity utilization of Construction Equipment segment was
around 45%.
In
9M FY23, Capacity utilization of EAM (Escorts Agri Machinery) segment was
around 90% and capacity utilization of Construction Equipment segment was
around 40%.