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:

Saumya Capital Ltd appoints women director
Perfectpac Ltd appoints Woman Director
Parrys Sugar Industries Ltd to consider financial results on Apr 24, 2015
GIVO Ltd announces demise of Director
S.E.INVESTMENTS LTD. Board recommends Dividend of Rs. 1
Sinclairs Hotels Ltd appoints S C Sekhar as Director
Rasi Electrodes Ltd appoints additional director
NTPC Ltd commissions Unit 3 of 200 MW of Koldam Hydro Power Project
Vice Chairman K D Bhat resigns from PHIL Corporation Ltd
Can Fin Homes Ltd appoints Smt. Veena G Kamath as Company Secretary
GVK Power & Infrastructure Ltd arm commissions first unit of 82.50 MW
VLS Finance Ltd announces demise of Director
Archana Software Ltd appoints women director
Magnum Ltd appoints additional director
Starvox Electronics Ltd appoints woman independent director
MCA passes draft assessment order in the matter of proposed amalgamation of NSEL with FTIL
Ramco Systems Ltd to consider financial results on Apr 20, 2015
Thomas Cook (India) Ltd appoints independent director
Great Eastern Shipping Company Ltd to consider FY15 results on May 07, 2015
Glenmark Pharmaceuticals Ltd files Scheme of Amalgamation with ROC
Real Realty Management Company Ltd appoints Woman Director
Alkali Metals Ltd announces resignation of Company Secretary & Compliance Officer
Satguru Corporate Services Pvt Ltd approves conversion of NCDs
Mount Shivalik Industries Ltd calls for Board Meeting on April 20, 2015
Hinduja Finance Ltd appoints additional director
Transgene Biotek Ltd calls for Board Meeting on April 17, 2015
Essar Securities Ltd announces resignation of Director
Mercator Ltd announces resignation of Company Secretary
TCM LTD. appoints director
Inani Marbles & Industries Ltd appoints woman director
Director resigns from PH Trading Ltd
Whole-time Director resigns from Filtron Engineers Ltd
Neyveli Lignite Corporation Ltd clarifies on MoU with Kobe Steel
Director resigns from Shree Ganesh Jewellery House (I) Ltd
Jupiter Infomedia Ltd to file application for migration to main board of BSE
Arcee Industries Ltd appoints Compliance Officer
Goa Carbon Ltd Board to consider Dividend for 2014-15
Sah Petroleums Ltd calls for Board Meeting on April 14, 2015
Walchand Peoplefirst Ltd announces demise of Director
Ramkrishna Forgings Ltd Board to consider Dividend for 2014-15
Merchant Banking activities transferred to IIFL Holdings Ltd
Pincon Spirit Ltd files for listing in NSE
Southern Latex Ltd approves change in Company Secretary & Compliance Officer
Zylog Systems Ltd calls for Board Meeting on April 17, 2015
Hindustan Copper Ltd approves formation of JV
Eastern Gases Ltd clarifies on increase in share price
Anna Infrastructures Ltd approves appointment of independent director
Bedmutha Industries Ltd restructures bank loan
Mukesh Patel expresses inability to be appointed as Independent Director of Aimco Pesticides Ltd
Srinivasa Hatcheries Ltd clarifies on delisting process


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

disclaimer copyright © 2005 - 2014