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

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

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

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





Other Headlines:

Golden Goenka Fincorp Ltd to consider second quarter results on Nov 12, 2014
McDowell Holdings Ltd to announce quarterly results on Nov 6, 2014
ASM Technologies Ltd Board declares Interim Dividend of Rs. 1.20 for 2014-15
Director resigns from Excel Crop Care Ltd
HSIL Ltd to raise Rs. 250 crores for prepayment of debts
Provestment Services Ltd Sells Shares held in Subsidiary Company
Florence Investech Ltd to consider 2nd quarter results on Nov 10, 2014
Shipping Corporation of India Ltd sells m.v. SCI 03
Kabra Extrusiontechnik Ltd to announce Q2 results on Nov 7, 2014
Plastiblends India Ltd to announce quarterly results on Nov 7, 2014
Bodal Chemicals Ltd to consider Q2 results on Nov 14, 2014
Kopran Ltd to announce quarterly results on Nov 12, 2014
AVI Photochem Ltd calls for Board Meeting on Nov 10, 2014
Nelcast Ltd to consider financial results on Nov 14, 2014
National Plastic Industries Ltd to consider quarterly financial results on Nov 7, 2014
Mangalam Timber Products Ltd to announce quarterly results on Nov 12, 2014
Adinath Exim Resources Ltd to consider financial results on Nov 8, 2014
Cinevista Ltd to consider quarterly results on Nov 10, 2014
Sunflag Iron & Steel Company Ltd to consider Q2 results on Nov 7, 2014
Viceroy Hotels Ltd to consider quarterly results on Nov 8, 2014
R Systems International Ltd fixes remuneration of MD
R Systems International Ltd Board declares Third Interim Dividend of Rs. 0.90
KSE Ltd appoints Independent Directors and Chairman
Morgan Industries Ltd Fixes Book Closure for 25th AGM
United Drilling Tools Ltd Fixes Book Closure for 32nd AGM
Tecpro Systems clarifies on news regarding sale of exposure by banks
VHCL Industries Ltd calls for Board Meeting on Nov 01, 2014
Omkar Speciality Chemicals Ltd updates on the grant of Patent
Belapur Industries Ltd appoints Directors
Andhra Petrochemicals updates on Company's plant at Vishakpatnam
Sunil Healthcare Ltd to announce quarterly results on Nov 10, 2014
Brooks Laboratories Ltd to consider Q2 results on Nov 14, 2014
United Breweries (Holdings) Ltd to announce quarterly results on Nov 14, 2014
Dynemic Products Ltd to consider financial results on Nov 8, 2014
Speciality Restaurants Ltd to consider quarterly results on Nov 12, 2014
KJMC Corporate Advisors (India) Ltd calls for board meeting on Nov 10, 2014
KJMC Financial Services Ltd to announce quarterly results on Nov 10, 2014
Marsons Ltd to consider quarterly results on Nov 14, 2014
Sudar Industries Ltd to announce quarterly results on Nov 13, 2014
JL Morison India Ltd to consider Q2 results on Nov 7, 2014
Weizmann Forex Ltd to consider quarterly results on Nov 7, 2014
IL&FS Transportation Networks Ltd to announce Q2 results on Nov 11, 2014
Sesa Sterlite Ltd Board declares Interim Dividend of Rs. 1.75 for 2014-15
Karma Energy Ltd to consider financial results on Nov 7, 2014
Khator Fibre & Fabrics Ltd to consider Q2 results on Nov 6, 2014
Explicit Finance Ltd calls for Board Meeting on Nov 10, 2014
Bayer CropScience Ltd to announce Q2 results on Nov 11, 2014
Puneet Resins Ltd to announce 2nd quarter results on Nov 10, 2014
Williamson Magor & Company Ltd to consider quarterly results on Nov 10, 2014
Rishiroop Rubber International Ltd to consider 2nd quarter results on Nov 10, 2014




  

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

disclaimer copyright © 2005 - 2014