Escorts Kubota has reported its highest-ever standalone profit of Rs 282.8 crore in Q1 FY2024, up 91.8 percent as against a profit of Rs 147.5 crore in corresponding quarter and up by 52.5 percent as against Rs 185.5 crore in the earlier quarter.
The revenue from operations came at Rs 2,327.7 crore up by 15.5 percent, EBITDA at Rs 326.9 crore, up 62.2 percent, led by operating leverage, and softening in commodity prices.
The consolidated revenue from operations came at Rs 2,355.2 crore correspondingly, a growth of 15.9 percent, consolidated net profit at Rs 289.9 crore, up 33.9 percent.
Nikhil Nanda, Chairman and MD, Escorts Kubota said, “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.”
He says the construction business have also done well and is poised to further grow on the back of government thrust and focus on faster execution of infrastructure projects.
The demand for construction machinery is still buoyant and post-monsoon. It expects the momentum to further accelerate.
“Railway business, with innovative products and expanded portfolio is well aligned with growing requirements of rail transport both on domestic and international front and continues to grow. Our investments will continue towards sustainable products and solutions, expanded portfolio, enhanced customer reach and product experience,” added Nanda.
Seiji Fukuoka, Deputy MD, Escorts Kubota said, “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 remains our top priority. Capacity built-up and process optimisation will help us in further growth and create new benchmarks in customer experience.”
