Escorts Kubota Q1 Results: Net profit up 91% YoY to ₹282 crore; revenue jumps 15%
- Escorts Kubota Q1 Results: The revenue from operations jumped 15.5% YoY from ₹2,014.9 crore to ₹2,237.7 crore
Escorts Kubota released their April to June quarter results on Tuesday and reported an all-time high net profit of ₹282.8 crore which was 91% up from the ₹147.5 crore reported during the corresponding quarter in the previous fiscal. The revenue of operations of Escorts Kubota jumped 15.5% from ₹2,014.9 crore in Q1FY23 to ₹2,327.7 during the period under review.
Sequentially, the company's profit after tax (PAT) grew 52.5% from ₹185.5 crore during the quarter ending March 2023 and the revenue from operations jumped 6.6% from ₹2,183 crore during the previous quarter.
Significant growth in EBITDA
The Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Escorts Kubota during Q1 stood at ₹326.9 crore up 62.6% against ₹201.6 crore during the corresponding quarter previous fiscal. Sequentially, the EBITDA grew 38.6% from ₹235.8 crore.
“In the agribusiness, overall sentiments were mixed last quarter as markets with good rainfall and crop prices showed good momentum, and markets with a delayed monsoon had a slightly dampened demand. Going forward, with further advancement of monsoon across the country, adequate reservoir levels, better liquidity, and consumer credit availability, we expect the demand momentum to improve,” Chairman and Managing Director Nikhil Nanda said.
“Construction business has done well and is poised well for further growth with government thrust and focus on faster execution of infrastructure projects. The demand for construction machinery is still buoyant and post-monsoon, we expect the momentum to further accelerate. Railway business, with innovative products and expanded portfolio, is well aligned with growing requirements of rail transport both on the domestic and international front and continues to grow,” he added.
"In addition to our domestic business growth, we are strategically aligning our efforts to leverage on our export network for further impetus and open new opportunities. The innovative product line expanded coverage and quality excellence remain our top priority. Capacity built-up and process optimization will help us in further growth and create new benchmarks in customer experience," Deputy Managing Director Seiji Fukuoka said.
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Business NewsCompaniesCompany ResultsEscorts Kubota Q1 Results: Net profit up 91% YoY to ₹282 crore; revenue jumps 15%
First Published:1 Aug 2023, 03:40 PM IST
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