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:

Dynacons wins Managed Services Contract of LIC
Rane Brake Lining Limited announces first quarter results
Autoline Industrial Parks Limited signs MOU with Poddar Housing arm
Gujarat Petrosynthese Limited appoints company secretary
CyberTech Q1FY18 Total Revenue at Rs 226 million
Dynacons Systems and Solutions Ltd secures Rs 20 crores order from LIC
Dhunseri Tea & Industries Ltd prepones Board Meeting to Aug 28, 2017
HOV Services Ltd calls for Board Meeting on Aug 31, 2017
SMS Pharmaceuticals Ltd Updates on PMDA, Japan inspection at manufacturing facility - Unit-II, located at Bachupally
Diana Tea Company Ltd calls for Board Meeting on Sep 1, 2017
Ahmedabad Ring Road Infrastructure Limited completes refinancing
Simplex Projects Limited announces resignation of Director
Sadbhav Infrastructure Project Ltd updates on NHAI project in Karnataka
FIEM Industries Ltd to consider Q1 resylts on Sep 4, 2017
India Ratings downgrades credit rating of Ansal Housing and Construction Ltd
Millitoons Entertainment Ltd calls for Board Meeting on Aug 26, 2017
Hindustan Copper updates on restarting Surda Mine
Cipla launches Nicotex Nicotine Patch
MAXIMAA SYSTEMS LTD calls for Board Meeting on Aug 31, 2017
TamilNadu Petroproducts Ltd calls for Board Meeting on Sep 5, 2017
Butterfly Gandhimathi Appliances Ltd to consider Q1 results on Sep 6, 2017
Sunil Industries Ltd appoints company secretary
Tuticorin Alkali Chemicals and Fertilisers Ltd calls for Board Meeting on Sep 6, 2017
HCL Infosystems Limited to consider fund raising on Aug 29, 2017
Pincon Spirit Ltd takes over 5 liquor retail outlets
Glenmark Pharmaceuticals receives ANDA approval for Triamcinolone Acetonide Ointment USP, 0.1%
DishTV appoints Mr. Pushkar Singh Kataria as Chief Human Resources Officer
Morphy Richards brings its global range of products to India
IndiaFirst Life Insurance launches 'IRIS - IndiaFirst Responds'
Tata Power becomes the first power utility to introduce QR code for bill payments in India
Autoline Industries Ltd to consider fund raising on Aug 26, 2017
Safari Industries India Ltd calls for Board Meeting on Aug 30, 2017
Bhagiradha Chemicals & Industries Ltd to consider quarterly results on Aug 29, 2017
Magma Fincorp & PCRA train 1 lakh truck drivers to make the environment and highways a safer place
Wipro, First Book Bring New Books to Houston Area Kids in Need
XPRO India Ltd calls for Board Meeting on Sep 7, 2017
Quantum Build-Tech Ltd appoints company secretary
Mayur Uniquoters Ltd Board declares First Interim Dividend of Rs. 0.50 for 2017-18
TCI Express Ltd assinged Credit Rating by CRISIL
Foods & Inns Ltd calls for Board Meeting on Sep 13, 2017
Cravatex Limited calls for Board Meeting on September 8, 2017
Pondy Oxides & Chemicals Ltd calls for Board Meeting on Sep 4, 2017
Bampsl Securities Ltd Board recommends 3:20 Bonus Issue
Tata Power JV synchronizes 186 MW Georgia Hydro Project in record time, commences stabilization procedures
Honda SIEL Power Products Ltd calls for Board Meeting on Sep 8, 2017
Mukta Arts Limited disposes stake in Maya Digital Studios
Aurionpro Solutions Ltd calls for Board Meeting on Aug 28, 2017
Zydus receives final approval from the USFDA for Pindolol Tablets USP
Dr. Reddy's Laboratories announces the out-licensing of DFD-06 to Encore Dermatology
Eros Worldwide pays down over $40 million of debt through EIML share sale


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

disclaimer copyright © 2005 - 2017