Q3FY23 Quarterly Result Announced for Escorts Kubota Ltd.
Commercial vehicles firm Escorts Kubota announced Q3FY23 results: Q3FY23: Revenue from operations was at Rs 2,263.7 crore in Q3FY23 as against Rs 1,971.5 cores in Q3FY22. EBITDA for Q3FY23 came at Rs 190.3 crore as against Rs 278.6 crore in Q3FY22. 9MFY23: Revenue from operations was at Rs 6,162.0 crore in 9MFY23 as against Rs 5,327.3 crore in 9MFY22. The standalone profit before tax and before an exceptional item of Rs 72.8 crore is at Rs 630.9 crore as against of Rs 752.4 crore in the corresponding period last fiscal. At the consolidated level revenue from operations was at Rs 6,214.2 crore as against Rs 5,396.0 core in 9MFY22. Consolidated net profit recorded at Rs 420.2 crore in 9MFY23, as against a profit of Rs 545.6 crore in 9MFY22, adversely impacted due to unabsorbed commodity price inflation coupled with an exceptional item of Rs 53.1 crore on account of impairment of investment in the joint venture Tadano Escorts India Private Limited. EPS reported at Rs 38.85 as against Rs 55.48 in 9MFY22. Speaking on the results, Chairman and Managing Director Mr. Nikhil Nanda said, "There has been positive & continuous growth across businesses, and we feel government spending on core sectors will favour demand across industry segments. We have recently announced our mid-term business plan and all our strategic efforts are directed in achieving the targeted growth. In agri business, rural sentiments continue to remain favourable owing to improved rabi sowing assisted by good monsoon this year. We are witnessing improved demand across products in our construction business too as the infrastructure projects are now moving at a fast pace and expect this demand to continue for the balance period of this fiscal year. Railway business is consistently growing on order book, and we look at a good performance ahead. We will continue to invest in new products, innovative & digitised processes, and wider global distribution for enhanced customer coverage. While inflation impact on margin may take some time to normalise, the overall macroeconomic factors remain favorable for overall economic growth. As per Deputy Managing Director, Mr. Seiji Fukuoka, "Our mid-term business plan has mapped opportunities across our core business verticals, and we are hopeful that with our strategic initiatives & operational efficiency across segments, we will be able to achieve desired growth. We will continue to develop product mix and integrate innovation for enhanced customer experience and leverage on growing demand. Enhanced focus on farming prosperity and infrastructure development will always be one of our main focus and we will continue to contribute in the space through our technology offering." Result PDF08-02-2023
