Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Union Budget
Budget 2011-2012 Home
Industry Expectations - Budget 2011-2012
Industry Reactions - Budget 2011-2012
Budget 2010-2011
Budget 2010-2011 Home
Industry Expectations - Budget 2010-2011
Industry Reactions - Budget 2010-2011
Contributor's Corner
Bonanza Portfolio
Hemant K Gupta
Krish Bhatt
S A A R T H I
Trinity Investments
Exchange Information
BSE 2009 Holidays
NSE 2009 Holidays
Investor Guide
Depository & Dematerialisation
Grievance Redressal
Investor Guide
SEBI
Trading of Securities
Transfer of Securities
Your Rights
Budget 2009-2010
Budget 2009-2010 Home
Industry Expectations - Budget 2009-2010
Industry Reactions - Budget 2009-2010
Interim Budget 2009-2010 Home
Industry Expectations - Interim Budget 2009
Budget 2008-2009
Railway Budget 2008-2009
Industry Expectations - Budget 2008
Union Budget 2008-2009
Highlights of Budget 2008-2009
Summary of Budget 2008-2009
Industry Reactions - Budget 2008
IPOs
Current IPOs
Past IPOs
IPO Subscription
Mutual Funds
Gold Exchange Traded Fund
MF Unique Holding
Forthcoming Dividends
ELSS Schemes Comparison
Tax Plans
New Fund Offers
Research
Arbitrages
Equity
Market Whispers
Tax Planning
Home
Equity Linked Savings Scheme
Post Office MIS
9% GOI Senior Citizens Savings Scheme
8% Savings (Taxable) Bonds
Kisan Vikas Patra
National Savings Certificate
Public Provident Fund
Stock Report

| More

Escorts reports 20% growth in sales to Rs.3,877.7 Crore, EBIDTA up 23.1% at Rs.182 crore

Posted On: 2012-11-27 10:03:09

Escorts Limited reported its first annual results of the post-merger entity. The company reported net sales of Rs. 3,877.7 crore, an increase of 20% over the previous fiscal's net sales of Rs. 3,210 crore. Escorts Limited reported a 23.1% increase in EBIDTA at Rs. 182.2 crore as against Rs. 148.1 crore in the previous fiscal. Net Profit stood at Rs. 69.6 crore.

The annual results for fiscal 2011-12 are post the completion of the process of merger of group companies Escorts Construction Equipment Limited ("ECEL"), Escorts Finance and Investments Private Limited ("EFILL") and Escotrac Finance Investments and Leasing Private Limited ("Escotrac") into Escorts Limited.

STANDALONE RESULTS

Escorts reported net sales of Rs. 3,179 crore whilst recording a 22% increase in EBIDTA at Rs. 180.6 crore. Net sales dipped marginally by 1.8%. Profit Before Tax rose from Rs. 100.6 crore last year to Rs. 107.3 crore in the current fiscal. The company reported a Net Profit of Rs. 89 crore as against Rs. 120 crore the previous fiscal. In the previous fiscal, the company's profits had benefited from a tax credit of Rs. 38 crore. Profits have also been impacted by increase in finance charges as a result of increase in deployment of working capital.

The standalone results are the performance of the company comparable to last year's results prior to merger (excluding ECEL, EFILL and Escotrac).

Escorts Limited follows an October-September fiscal year.

Speaking on the annual results, Chairman and Managing Director Mr. Rajan Nanda said, "The last fiscal was difficult and Escorts battled successfully against the market challenges both in the tractor and construction industry. Escorts has decided to take the path of driving growth by opening up markets and capturing market share while keeping a tight rein on costs. Further, the recent policy decision of allowing FDI in multi brand retail will help farmers become part of India's growth story, thereby driving mechanization. The outlook on the infrastructure and construction business continues to be difficult but the government's effort to revive growth is timely. The combined strength of the group implies greater flexibility to deal with down turns and to stay profitable in the toughest of market situations."

The tractors division EBIT increased by 20.7% to Rs 226.6 crore from Rs 187.7 crore in the previous fiscal. The year saw a slowdown in tractor sales with volumes at 60,673, down 4.3 per cent, however company domestic market share stood at 11.7%. Escorts Agri Machinery revenue dropped marginally by 1.3 per cent at Rs 2,912 crore as against Rs 2,950 crore in the previous fiscal. Net revenue for Escorts Construction stood at Rs 749 crore as against Rs 827 crore in the previous fiscal, reflecting the overall shrinkage in industry. The Auto Products Division recorded sales growth of 16.3 per cent at Rs. 143.2 crore.

Mr. Nikhil Nanda, Joint Managing Director said, "The restructured Escorts Limited will be the transformation driver for Escorts Limited and will bring significant benefits to customers, shareholders and wider stakeholders. In FY 2012-13, the company has embarked on the process of becoming a large, collaborative engineering enterprise with seamless sharing and transfer of manufacturing best practices between divisions. To start with, the Agri Machinery division is driving introduction of new products every 6 months, which not only brings value to the customers but will significantly increase Escorts market share. The Construction division too is setting its sights on the near horizon, as the return of the construction boom is imminent due to pent up demand for infrastructure and housing projects.

GROUP CONSOLIDATED RESULTS

The company and its wholly owned subsidiaries recorded net sales of Rs. 4,050 crore as against Rs. 4,101 crore in the previous fiscal, a marginal decline of 1.2%. EBIDTA improved by 13.1 % from Rs. 167.5 crore to Rs. 189.5 crore. Profit Before Tax stood at Rs. 91.9 crore while Net Profit stood at Rs. 73.2 crore. Last year, the company had a tax credit of Rs. 38 crore which had bolstered its net profit to Rs. 125 crore.

The audited accounts of 2011-12 ending September 2012 has been approved by the Board of Escorts Limited.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Hinduja Global Solutions Ltd Board declares Third Interim Dividend of Rs. 3.75 for 2015-16
Emco Ltd to withdraw scheme of arrangement
Patel Integrated Logistics Ltd to form new JV
Hexaware Technologies Ltd announces change in Directorate
Camex Limited expands its business by setting up a New Plastic Chemicals Plants at GIDC Ankleshwar
MD of Hubtown Ltd detained by State CID
Five X Finance & Investment Ltd appoints CFO
Hinduja Global Solutions Q3 consolidated PAT drops to Rs. 17.11 crores
Arman Financial Services announces Q3 results
Britannia Consolidated Revenue Grows 10% and Profit from Operations Increases 57% in Q3
Kokuyo Camlin launches CamiApp Application
Minda Corporation continues its strong performance; delivers 31.4% growth in PAT
Mayur Uniquoters Ltd Board declares Third Interim Dividend of Rs. 0.85
CRISIL Ltd Board recommends Final Dividend of Rs. 7 & Special Dividend of Rs. 3
Aurobindo Pharma Ltd Board declares Third Interim Dividend of Rs. 0.70
KSB Pumps Ltd Board to consider Final Dividend on Feb 18, 2016
Mac Charles India Ltd Fixes Feb 19, 2016 as Record Date for Interim Dividend
Gulf Oil Lubricants India Ltd Board declares Interim Dividend of Rs. 3
Minda Corporation Ltd Board declares Interim Dividend of Rs. 0.20
Moil Ltd Board declares Interim Dividend of Rs. 3
Gail (India) Ltd Board declares Interim Dividend of Rs. 2.50
Sundaram Clayton Ltd Board declares Interim Dividend of Rs. 21
Precision Wires India Ltd Board declares Second Interim Dividend of Rs. 1.50
Dhanuka Agritech Ltd Board declares Interim Dividend of Rs. 2.50
Suprajit Engineering Ltd Board declares Interim Dividend of Rs. 0.50 for 2015-16
Power Finance Corporation Ltd Board declares Second Interim Dividend of Rs. 4.50 for 2015-16
Vidhi Dyestuffs Manufacturing Ltd Board declares Third Interim Dividend of Rs. 0.20
Ambition Mica Ltd Board to consider Bonus Shares
Essar Oil Q3 net profit jumps to Rs. 364 crores
CESC Ltd Q3 net profit rises to Rs. 112 crores
Allahabad Bank posts loss of Rs. 486.14 crores in Q3
Gail (India) Ltd Q3 net profit up at Rs. 664.26 crores
Hindalco Industries Q3 PAT slides to Rs. 40.46 crores
Apollo Tyres Q3 net profit jumps to Rs. 278.51 crores
Bharat Forge Ltd Board declares Interim Dividend of Rs. 3 for 2015-16
BPCL Board to consider Second Interim Dividend for 2015-16
AXIS Bank Ltd announces re-designation of Shri. V Srinivasan, Whole Time Director as 'Deputy Managing Director' of the Bank
Lenders invoke SDR in Provogue (India) Ltd
Genomic Valley Biotech Ltd announces change in Company Secretary & Compliance officer
Deepak Fertilisers & Petrochemicals Corporation Ltd gets favorable verdict on review petition filed by Government of India
IVP Ltd announces resignation of Whole Time Director & Chief Advisor
Bombay Burmah Trading Corporation Ltd announces resignation of Managing Director
Vivid Global Industries Ltd awarded ISO 9001:2008 certification
Sri Lakshmi Saraswathi Textiles Arni Ltd approves appointment of Chief Financial Officer
ARSS Infrastructure Projects Ltd secures Work Order of Rs 63.33 Crores
Magma Fincorp Ltd purchases NRNCNPCCPS issued by subsidiary
TCS reiterates continued momentum in the BFS vertical
Bharat Forge Ltd. and Rafael Advanced Defense Systems Limited enter into a JV
PNC Infratech Ltd announces revision in ratings of Subsidiary Company
Kalyanpur Cements Ltd announces change in Designation of Director


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2014