Standalone net sales (including other operating income) for the quarter ended Mar 2021 has increased 60% to Rs 2210.53 crore. Operating profit margin has jumped from 14.1% to 15.6%, leading to 77% rise in operating profit to Rs 344.71 crore. Other income up 44% to Rs 39.94 crore. Provision for interest fell 10% to Rs 2.57 crore. Provision for depreciation rose 10% to Rs 30.44 crore. Profit before tax grew 84% to Rs 351.64 crore. Provision for tax was expense of Rs 80.3 crore, compared to Rs 51.2 crore. Effective tax rate was 22.8% compared to 26.7%.Profit after tax rose 93% to Rs 271.34 crore.
- Sales of Agri Machinery Products segment has gone up 64% to Rs 1738.82 crore (accounting for 78.78% of total sales) driven by 62% growth in sales volume and 1% growth in per unit realisaiton. Sales of Railway Equipments segment rose 36% to Rs 146.46 crore (accounting for 6.64% of total sales). Sales of Construction Equipment segment has gone up 53% to Rs 321.97 crore (accounting for 14.59% of total sales) driven largely by 63% growth in sales volume.
- Profit before interest, tax and other unallocable items (PBIT) has jumped 81% to Rs 347.19 crore. PBIT of Agri Machinery Products segment rose 76% to Rs 295.80 crore (accounting for 85.20% of total PBIT). PBIT of Railway Equipments segment rose 85% to Rs 27.98 crore (accounting for 8.06% of total PBIT). PBIT of Construction Equipment segment rose 160% to Rs 23.41 crore (accounting for 6.74% of total PBIT).
- PBIT margin of Agri Machinery Products segment rose from 15.84% to 17.01%. PBIT margin of Railway Equipments segment rose from 13.99% to 19.10%. PBIT margin of Construction Equipment segment rose from 4.28% to 7.27%. Overall PBIT margin rose from 13.93% to 15.73%.
Yearly performance
Net sales (including other operating income) has increased 20% to Rs 6929.29 crore. Sales of Agri Machinery Products segment has gone up 28% to Rs 5667.25 crore (accounting for 81.87% of total sales). Sales of Railway Equipments segment was flat at Rs478.96 crore (accounting for 6.89% of total sales). Sales of Construction Equipment segment has gone down 8% to Rs776.11 crore (accounting for 11.24% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 64% to Rs 1,135.81 crore. PBIT of Agri Machinery Products segment rose 79% to Rs 1031.24 crore (accounting for 90.79% of total PBIT). PBIT of Railway Equipments segment fell 11% to Rs 76.76 crore (accounting for 6.76% of total PBIT). PBIT of Construction Equipment segment fell 8% to Rs 27.81 crore (accounting for 2.45% of total PBIT).
PBIT margin of Agri Machinery Products segment rose from 12.99% to 18.20%. PBIT margin of Railway Equipments segment fell from 17.99% to 16.09%. PBIT margin of Construction Equipment segment fell from 3.60% to 3.57%. Overall PBIT margin rose from 12.03% to 16.41%.
Operating profit margin has jumped from 11.7% to 16.3%, leading to 67% rise in operating profit to Rs 1129.23 crore. Other income up 68% to Rs 154.56 crore. Provision for interest fell 29% to Rs 10.98 crore. Provision for depreciation rose 11% to Rs 115.7 crore. Profit before tax grew 79% to Rs 1157.11 crore. Provision for tax was expense of Rs 283.05 crore, a jump of 85%. Effective tax rate was 24.46% compared to 24.00%.Profit after tax rose 80% to Rs 874.06 crore.
Other developments
Board of Directors of the Company at its meeting held on May 14, 2021, inter alia, has recommended a Normal Final Dividend @ 50% per share of Face Value of Rs. 10/- each (i.e. Rs. 5.00 per share). It also recommended to pay an additional Special one-time Platinum Jubilee (75th Year) Dividend @ 25% per share of Face Value of Rs. 10/- each (i.e. Rs. 2.50 per share). Thus the total Dividend @ 75% per share i.e. Rs. 7.50 per equity share payable on all outstanding shares on the record date to be announced for the purpose other than Shares held by Escorts Benefit &Welfare Trust (Treasury Shares).
Promoters' stake was 36.59% as of 31 March 2021,compared to 40.25% as of 31 March 2020.
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