Tractor and construction machinery major Escorts Kubota Ltd on Monday (September 4) said the company will raise tractor prices.
Starting from September 16, 2023, the company is set to implement a price increase across its range of tractors, affecting various models and variants in different geographic regions.
"Escorts Kubota Ltd – Agri Machinery Business Division, shall be increasing the prices of its tractors effective 16th September 2023 onwards. The increase in prices would vary across models/variants and geographies," according to a stock exchange filing.
Escorts Kubota reported a 93 percent year-on-year (YoY) jump in net profit at Rs 283 crore for the first quarter that ended June 30, 2023. In the corresponding quarter last year, Escorts Kubota posted a net profit of Rs 147.4 crore, the company said in a regulatory filing.
In Q1, total revenue stood at Rs 2,327.7 crore, up 15.5 percent, against Rs 2,014.9 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 61.8 percent to Rs 327 crore in the first quarter of this fiscal over Rs 202 crore in the corresponding period in the previous fiscal.
The EBITDA margin stood at 14 percent in the reporting quarter against 10 percent in the year-ago period. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Shares of Escorts Kubota Ltd ended at Rs 3,036.45, down by Rs 99.15, or 3.16 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
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