According to the information processed by the Escorts Ltd. company for the fourth quarter end March 2021 the company gained a net profit of RS 285.41% crore driven by robust sales. In a regulatory filing Escorts Ltd said that the company has also revealed a consolidated profit of Rs 127.73 crore in the same period for the previous fiscal year.
Also, the company records a revenue from operations that undergoes at Rs 2,228.75 crore as against Rs 1,385.65 crore from the previous year of the same month.
Escorts also said that Tractor sales for the end of the quarter March 2021, Tractor sales were up by 62.1% at 32,588 units. The highest record for this year even in this pandemic situation.
Also, the company recorded for the fiscal ended March 31, a growth of 85%, net profit was at Rs 871.63 crore as compared to Rs 471.72 crore in FY20,
For the year 2021, tractor sales were up by 24.1 percent and sold 1,06,741 units of tractors.
From the record of 2019-20, the company gained a consolidated revenue from operations of Rs 5.810.09 in 2020-21 it was recorded of Rs 7,017.42 crore.
Escorts Ltd Chairman and Managing Director Nikhil Nanda said, “Agri machinery industry remained buoyant in Q4 of FY21 owing to positive macroeconomic factors and pent-up demand from the first and second quarters of the year. Escorts did well in this space by registering a higher share of the market in Q4 than our average market share of the year”.
He, however, said while “currently the demand is subdued and various state lockdowns are impacting the supply chain, we believe this is a temporary phase which shall soon be over”.
“Following all government guidelines, we are making all efforts to ensure that farming communities are well served in the upcoming sowing season,” Nanda said, adding the entire country is under a severe impact of the second wave of the pandemic and this time it has impacted the rural geographies as well, affecting Escorts’ core customer base.
He also gave priorities with the safety and well being of its customers, dealers, suppliers and employees and said that, “We are taking all possible measures to support all our stakeholders to sail NSE -1.22 % through these challenging times. Escorts, and the sectors we operate in, proved their resilience during the first wave. We are sure we will overcome this wave too .
“The company said its board has recommended a total dividend of 75 per cent comprising a normal final dividend of 50 per cent and one time ‘Platinum jubilee year’ special dividend of 25 per cent i.e. total dividend of Rs 7.5 per share of face value Rs 10 for the financial year 2020-21 as against the dividend of Rs 2.5 per share of the face value of Rs 10 for 2019-20.”