|
For the quarter ending March 2022,
consolidated net sales (including other operating income) of Escorts has declined 15.71% to Rs 1878.51 crore compared to quarter ended march 2021. Sales of Agri Machinery Products segment has gone down 21.43% to Rs 1,377.32 crore (accounting for 73.68% of total sales). Sales of Railway Equipments segment rose 17.98% to Rs 172.80 crore (accounting for 9.24% of total sales). Sales of Construction Equipment segment has gone down 0.89% to Rs 319.11 crore (accounting for 17.07% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 29.46% to Rs 244.79 crore. PBIT of Agri Machinery Products segment fell 28.74% to Rs 210.67 crore (accounting for 86.06% of total PBIT). PBIT of Railway Equipments segment fell 18.88% to Rs 22.69 crore (accounting for 9.27% of total PBIT). PBIT of Construction Equipment segment fell 51.17% to Rs 11.43 crore (accounting for 4.67% of total PBIT). PBIT margin of Agri Machinery Products segment fell from 16.86% to 15.30%. PBIT margin of Railway Equipments segment fell from 19.10% to 13.13%. PBIT margin of Construction Equipment segment fell from 7.27% to 3.58%. Overall PBIT margin fell from 15.62% to 13.10%. Operating profit margin has declined from 15.43% to 12.78%, leading to 30.19% decline in operating profit to Rs 240.02 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 63.17% to 61.04%. Purchase of finished goods cost rose from 5.54% to 7.19%. Employee cost increased from 6.70% to 6.97%. Other expenses rose from 9.28% to 11.13%. Other income rose 50.29% to Rs 62.97 crore. PBIDT fell 21.45% to Rs 302.99 crore. Provision for interest rose 10.56% to Rs 3.56 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 21.72% to Rs 299.43 crore. Provision for depreciation rose 7.85% to Rs 33.52 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 24.33% to Rs 265.91 crore. Share of profit/loss was 61.26% lower at Rs -8.45 crore. Provision for tax was expense of Rs 67.48 crore, compared to Rs 80.78 crore. Effective tax rate was 26.21% compared to 23.33%. Minority interest decreased 9,300% to Rs -0.94 crore. Net profit attributable to owners of the company decreased 28.07% to Rs 190.92 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 .
Full year results analysis.
Net sales (including other operating income) of Escorts has increased 3.19% to Rs 7238.43 crore. Sales of Agri Machinery Products segment has gone down 2.54% to Rs 5,586.60 crore (accounting for 77.50% of total sales). Sales of Railway Equipments segment rose 32.83% to Rs 636.21 crore (accounting for 8.83% of total sales). Sales of Construction Equipment segment has gone up 26.95% to Rs 985.31 crore (accounting for 13.67% 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 15.39%. 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 13.56%. Operating profit margin has declined from 16.06% to 13.14%, leading to 15.58% decline in operating profit to Rs 951.19 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 59.16% to 62.07%. Purchase of finished goods cost rose from 6.42% to 6.99%. Employee cost decreased from 7.94% to 7.42%. Other expenses rose from 10.11% to 10.50%. Other income rose 35.94% to Rs 218.02 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
The company has issued and alloted 93,63,726 equity shares of Rs 10 each to Kubota, by way of prefrential issuance, on Feb 2022. This has led to change in share capital from Rs 122.58 crore to Rs 131.94 crore.
Post the completion of the preferential allotment and open offer, certain Existing Promoters has become effective on April 11. 2022 and accordingly, Kubota Corporation has become a Joint Promoter of the Company effective April 11 , 2022 along with the existing promoters of the Company.
Board Recommended the dividend of Rs 7.00 (70%)
per fully paid up equity share of Rs 10 each for the financial year 2021-22.
Record Date to be announced for the purpose.
In Q4 FY22, Tractor volume fell 32.8% to 21,895
units and construction Volume fell 19.8% to 1,286 units on YoY basis. For FY22, Tractor volume fell 11.7% to 94,228
units and construction Volume rose 5.2% to 4,117 units on YoY basis.
Order book for the railway division, at end of
March 2022, was more than Rs 440 crore. For Q4 FY22, Capacity
utilization of EAM (Escorts Agri Machinery) segment was around 60%. For
FY22, Capacity utilization of EAM segment was more than 75%.
For Q4 FY22, Capacity
utilization of ECE (Escorts Construction Equipment) segment was around 50%.
For FY22, Capacity utilization of ECE segment around 42%.
Management Comments :
Chairman
and Managing Director Mr. 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."
| Escorts : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,878.51 | 2,228.75 | -15.71 | 7,238.43 | 7,014.42 | 3.19 | | OPM (%) | 12.78 | 15.43 | -265 bps | 13.14 | 16.06 | -292 bps | | OP | 240.02 | 343.83 | -30.19 | 951.19 | 1,126.76 | -15.58 | | Other Inc. | 62.97 | 41.90 | 50.29 | 218.02 | 160.38 | 35.94 | | PBIDT | 302.99 | 385.73 | -21.45 | 1,169.21 | 1,287.14 | -9.16 | | Interest | 3.56 | 3.22 | 10.56 | 14.97 | 13.34 | 12.22 | | PBDT | 299.43 | 382.51 | -21.72 | 1,154.24 | 1,273.80 | -9.39 | | Depreciation | 33.52 | 31.08 | 7.85 | 132.06 | 118.28 | 11.65 | | PBT | 265.91 | 351.43 | -24.33 | 1022.18 | 1155.52 | -11.54 | | Share of Profit/(Loss) from Associates | -8.45 | -5.24 | -61.26 | -29.35 | -0.74 | -3,866.22 | | PBT before EO | 257.46 | 346.19 | -25.63 | 992.83 | 1154.78 | -14.02 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 257.46 | 346.19 | -25.63 | 992.83 | 1154.78 | -14.02 | | Taxation | 67.48 | 80.78 | -16.46 | 257.22 | 283.15 | -9.16 | | PAT | 189.98 | 265.41 | -28.42 | 735.61 | 871.63 | -15.61 | | Minority Interest (MI) | -0.94 | -0.01 | -9,300.00 | -0.86 | 0.17 | LP | | Net profit | 190.92 | 265.42 | -28.07 | 736.47 | 871.46 | -15.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 190.92 | 265.42 | -28.07 | 736.47 | 871.46 | -15.49 | | EPS (Rs)* | 14.47 | 20.12 | -28.07 | 55.82 | 66.05 | -15.49 | | | * EPS is on current equity of Rs 131.94 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Escorts : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Agri Machinery Products | 73.68 | 1,377.32 | 1,753.05 | -21.43 | 77.50 | 5,586.60 | 5,732.26 | -2.54 | | Auto Ancillary Products | 0.00 | 0.00 | 0.00 | - | | Railway Equipments | 9.24 | 172.80 | 146.46 | 17.98 | 8.83 | 636.21 | 478.96 | 32.83 | | Construction Equipment | 17.07 | 319.11 | 321.97 | -0.89 | 13.67 | 985.31 | 776.11 | 26.95 | | Total Reported Sales | 100.00 | 1,869.23 | 2,221.48 | -15.86 | 100.00 | 7,208.12 | 6,987.33 | 3.16 | | Less: Inter segment revenues | | 1.43 | 0.00 | - | | 7.48 | 0.00 | - | | Net Sales | 100.00 | 1,867.80 | 2,221.48 | -15.92 | 100.00 | 7,200.64 | 6,987.33 | 3.05 | | PBIT | | Agri Machinery Products | 86.06 | 210.67 | 295.64 | -28.74 | 87.91 | 859.55 | 1,032.55 | -16.75 | | Auto Ancillary Products | 0.00 | 0.00 | 0.00 | - | | Railway Equipments | 9.27 | 22.69 | 27.97 | -18.88 | 9.65 | 94.32 | 76.75 | 22.89 | | Construction Equipment | 4.67 | 11.43 | 23.41 | -51.17 | 2.44 | 23.87 | 27.81 | -14.17 | | Total PBIT | 100.00 | 244.79 | 347.02 | -29.46 | 100.00 | 977.74 | 1,137.11 | -14.02 | | Less : Interest | | 3.56 | 3.22 | 10.56 | | 14.97 | 13.34 | 12.22 | | Add: Other un-allcoable | | 16.23 | 2.39 | 579.08 | | 30.06 | 31.01 | -3.06 | | PBIT Margin(%) | | Agri Machinery Products | | 15.30 | 16.86 | -156.87 | | 15.39 | 18.01 | -262.70 | | Auto Ancillary Products | | 0.00 | 0.00 | 0.00 | | Railway Equipments | | 13.13 | 19.10 | -596.66 | | 14.83 | 16.02 | -119.90 | | Construction Equipment | | 3.58 | 7.27 | -368.90 | | 2.42 | 3.58 | -116.07 | | PBT | 100.00 | 257.46 | 346.19 | -25.63 | 100.00 | 992.83 | 1,154.78 | -14.02 |
|
|