Profit before exceptional items and tax stood at Rs 315.22 crore for the second quarter of FY24, up 64.64% YoY.

EBIDTA grew 72.4% to Rs 263.3 crore in Q2 FY24 from Rs 152.7 crore reported in Q2 FY23, led by softening in commodity prices and improved price realisation. EBIDTA margin improved to 12.9% in Q2 FY24 as compared with 8.1% registered in the same period last year.

In Escorts Agri Machinery segment, tractor volumes at 22,024 units decreased by 7.08% as against 23,703 units in the corresponding period last year. The segment revenue de-grew 4.2% to Rs 1,394.2 crore in the quarter ended September 2023 as against Rs 1,454.9 crore in corresponding period last year. EBIT margin was up by 381 bps to 12.2% as against 8.4% in corresponding period last year, led by better realization and softening in commodity prices.

Construction Equipment sales were up by 72% to 1,577 units as against 917 units in corresponding period last year. Segment revenues went up by 71.9% to highest ever quarterly revenue of Rs 415.8 crore as against Rs 241.9 crore in corresponding period last year. EBIT margin was up at 10.2% as against negative 2.6% in corresponding period last year, led by higher volume, better product mix and softening in commodity prices.

The company's revenue for railways product segment came at Rs 234.3 crore, up by 28.8% as against Rs 182 crore in corresponding period last year. EBIT margin was up to 18.5% in quarter ended September 2023 as against 14.6% in corresponding period last year. Order book for the division was approximately Rs 870 crore at the end of September 2023.

On consolidated basis, the tractor maker's consolidated net profit soared 125.95% to Rs 223.31 crore on 8.91% increase in revenue from operations to Rs 2,059.30 crore in Q2 FY24 over Q2 FY23.

Escorts Kubota is an engineering conglomerate. The company has diversified business across three different verticals viz., agri machinery, construction equipment & railway equipment division.

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