Escorts will see 10% volume growth in Q4, says CFO Madan
Farm equipment and engineering major Escorts reported a 52.34 percent increase in standalone net profit at Rs 140.11 crore for the third quarter ended December 2018. Bharat Madan, group CFO of Escorts, spoke to CNBC-TV18 about the company's financial performance and growth outlook.
Farm equipment and engineering major Escorts reported a 52.34 percent increase in standalone net profit at Rs 140.11 crore for the third quarter ended December 2018.
Bharat Madan, group CFO of Escorts, spoke to CNBC-TV18 about the company's financial performance and growth outlook.
“We had given a guidance for the full year earlier at 12-14 percent range. If you look at our performance last quarter, it was pretty good, we have grown 34 percent and we are expecting the industry to grow in that range 25-30 percent which didn’t happen in the last quarter, which actually led to some correction happening now in the full year guidance. However, we can assure you from Escorts side, we are still going to do better than the industry numbers. We expect we should be able to deliver better growth in Q4,” Madan said on Tuesday.
Talking about the company's outlook, Madan said, “Looking at the first nine months, we had done almost double of what the industry has done. So if the industry has grown to about 13 percent, we have growth 25 percent. We expect fairly the same momentum will continue in this quarter as well,” he added.
“Last year we had seen the Q4 numbers had grown by 49 percent, which is a very huge growth we saw last year. So base is already very high and partly also because some of the festive season used to fall normally in March but this time it should shift to April first week. So that is why we expect that the next six months should be good for the industry. We don’t think there is any reason for worry as such specially in strong market,” said Madan.
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