For the quarter ending Dec
2023, consolidated Net sales (including other operating income) of Escorts Kubota has increased 2.19% to Rs 2341.62 crore compared to quarter ended Dec 2022. Sales of Agri Machinery Products segment has gone down 3.24% to Rs 1,679.15 crore (accounting for 71.72% of total sales). Sales of Railway Equipments segment fell 17.77% to Rs 204.98 crore (accounting for 8.75% of total sales). Sales of Construction Equipment segment has gone up 49.35% to Rs 457.17 crore (accounting for 19.53% of total sales). Inter-segment sales came down from Rs 3.64 crore to Rs -0.03 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 66.83% to Rs 307.39 crore. PBIT of Agri Machinery Products segment rose 60.04% to Rs 231.69 crore (accounting for 75.37% of total PBIT). PBIT of Railway Equipments segment rose 15.70% to Rs 37.74 crore (accounting for 12.28% of total PBIT). PBIT of Construction Equipment segment rose 453.35% to Rs 37.96 crore (accounting for 12.35% of total PBIT).
PBIT margin of Agri Machinery Products segment rose from 8.34% to 13.80%. PBIT margin of Railway Equipments segment rose from 13.09% to 18.41%. PBIT margin of Construction Equipment segment rose from 2.24% to 8.30%. Overall PBIT margin rose from 8.04% to 13.13%.
Operating profit margin has jumped from 8.35% to 13.43%, leading to 64.31% rise in operating profit to Rs 314.37 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 66.09% to 60.44%. Purchase of finished goods cost fell from 6.79% to 6.28%. Employee cost increased from 7.24% to 7.71%. Other expenses fell from 11.01% to 11.00%. Other income rose 12.99% to Rs 103.59 crore. PBIDT rose 47.68% to Rs 417.96 crore. Provision for interest fell 8.62% to Rs 3.18 crore.
PBDT rose 48.38% to Rs 414.78 crore. Provision for depreciation rose 9.67% to Rs 41.64 crore.
Profit before tax grew 54.47% to Rs 373.14 crore. Provision for tax was expense of Rs 95.01 crore, compared to Rs 54.82 crore. Effective tax rate was 25.07% compared to 23.27%.
Net profit attributable to owners of the company increased 57.06% to Rs 284.00 crore. Promoters’ stake was 67.64% as of 31 December 2023 ,compared to 72.90% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Escorts Kubota has increased 8.72% to Rs 6756.09 crore. Sales of Agri Machinery Products segment has gone down 0.62% to Rs 4,779.47 crore (accounting for 70.81% of total sales). Sales of Railway Equipments segment rose 21.90% to Rs 737.06 crore (accounting for 10.92% of total sales). Sales of Construction Equipment segment has gone up 55.27% to Rs 1,233.05 crore (accounting for 18.27% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 67.60% to Rs 878.23 crore. PBIT of Agri Machinery Products segment rose 43.13% to Rs 627.26 crore (accounting for 71.42% of total PBIT). PBIT of Railway Equipments segment rose 73.16% to Rs 143.29 crore (accounting for 16.32% of total PBIT). PBIT of Construction Equipment segment rose 3,513.42% to Rs 107.68 crore (accounting for 12.26% of total PBIT).
PBIT margin of Agri Machinery Products segment rose from 9.11% to 13.12%. PBIT margin of Railway Equipments segment rose from 13.69% to 19.44%. PBIT margin of Construction Equipment segment rose from 0.38% to 8.73%. Overall PBIT margin rose from 8.44% to 13.01%.
Operating profit margin has jumped from 8.76% to 13.41%, leading to 66.46% rise in operating profit to Rs 906.12 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 67.48% to 63.19%. Purchase of finished goods cost fell from 6.20% to 5.58%. Employee cost increased from 7.02% to 7.28%. Other expenses fell from 10.75% to 10.43%. Other income rose 42.77% to Rs 293.03 crore. PBIDT rose 59.97% to Rs 1199.15 crore. Provision for interest rose 1.04% to Rs 9.74 crore.
PBDT rose 60.74% to Rs 1189.41 crore. Provision for depreciation rose 9.89% to Rs 122.74 crore.
Profit before tax grew 69.78% to Rs 1,066.67 crore. Provision for tax was expense of Rs 271.16 crore, compared to Rs 136.78 crore. Effective tax rate was 25.38% compared to 24.56%.Minority interest increased 80% to Rs -0.02 crore. Net profit attributable to owners of the company increased 89.68% to Rs 797.21 crore.
Promoters’ stake was 67.64% as of 31 December 2023 ,compared to 72.90% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Escorts Kubota has increased 15.74% to Rs 8428.69 crore. Sales of Agri Machinery Products segment has gone up 13.64% to Rs 6,397.08 crore (accounting for 75.99% of total sales). Sales of Railway Equipments segment rose 32.32% to Rs 841.86 crore (accounting for 10.00% of total sales). Sales of Construction Equipment segment has gone up 19.48% to Rs 1,178.98 crore (accounting for 14.01% of total sales). Inter-segment sales rose Rs 7.48 crore to Rs 8.81 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 23.98% to Rs 743.32 crore. PBIT of Agri Machinery Products segment fell 30.97% to Rs 593.32 crore (accounting for 79.82% of total PBIT). PBIT of Railway Equipments segment rose 22.85% to Rs 115.87 crore (accounting for 15.59% of total PBIT). PBIT of Construction Equipment segment rose 42.98% to Rs 34.13 crore (accounting for 4.59% of total PBIT).
PBIT margin of Agri Machinery Products segment fell from 15.27% to 9.27%. PBIT margin of Railway Equipments segment fell from 14.83% to 13.76%. PBIT margin of Construction Equipment segment rose from 2.42% to 2.89%. Overall PBIT margin fell from 13.48% to 8.83%.
Operating profit margin has declined from 13.67% to 9.22%, leading to 21.89% decline in operating profit to Rs 777.52 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.70% to 67.22%. Purchase of finished goods cost fell from 6.95% to 5.94%. Employee cost decreased from 7.37% to 7.07%. Other expenses rose from 10.43% to 10.72%. Other income rose 61.64% to Rs 280.93 crore. PBIDT fell 9.47% to Rs 1058.45 crore. Provision for interest fell 11.36% to Rs 13.27 crore. Loan funds rose to Rs 57.30 crore as of 31 March 2023 from Rs 51.95 crore as of 31 March 2022. Inventories rose to Rs 1,217.68 crore as of 31 March 2023 from Rs 846.56 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,179.65 crore as of 31 March 2023 compared to Rs 792.62 crore as of 31 March 2022. Cash and bank balance rose to Rs 471.90 crore as of 31 March 2023 from Rs 271.84 crore as of 31 March 2022. Investments declined from Rs 4,835.84 crore as of 31 March 2022 to Rs 4,766.69 crore as of 31 March 2023.
PBDT fell 9.45% to Rs 1045.18 crore. Provision for depreciation rose 13.63% to Rs 150.06 crore. Fixed assets increased to Rs 1,931.47 crore as of 31 March 2023 from Rs 1,873.58 crore as of 31 March 2022. Intangible assets increased from Rs 55.27 crore to Rs 73.36 crore.
Profit before tax down 12.43% to Rs 895.12 crore. Share of profit/loss was 74.51% higher at Rs -7.48 crore. Provision for tax was expense of Rs 197.94 crore, compared to Rs 257.22 crore. Effective tax rate was 23.72% compared to 25.91%.
Minority interest increased 84.88% to Rs -0.13 crore. Net profit attributable to owners of the company decreased 13.54% to Rs 636.78 crore.
Equity capital stood at Rs 131.94 crore as of 31 March 2023 to Rs 131.94 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 72.90% as of 31 March 2023 ,compared to 28.10% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 223.91 crore for year ended March 2023 from Rs 32.28 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 218.79 crore, compared to Rs 186.34 crore during the year ended March 2022.
Other Highlights
In Q3 FY24,
tractor volume stood at 25,999 units, down by 7.2% YoY. In 9M FY24, tractor
volume stood at 74,605 units, down by 5% YoY.
In Q3 FY24,
construction Volume increased 48.9% YoY to 1800 units. In 9M FY24, construction
Volume increased 53.6% YoY to 4750 units.
In Q3 FY24,
railway revenue decreased 17.8% YoY to Rs 205 crore. In 9M FY24, railway
revenue increased 21.9% YoY to Rs 737.1 crore.