Tractor and construction machinery major Escorts Kubota Ltd on Tuesday (August 1) 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 the quarter, total revenue stood at Rs 2,327.7 crore during the period under review, 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.
Also Read: Bosch Q1 Results | Net profit rises 22% to Rs 409 crore, revenue up 17% to Rs 4,158 crore
EBITDA margin stood at 14 percent in the reporting quarter as compared to 10 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Agri Machinery Products
For the quarter ended June 2023, tractor volumes stood at 26,582 units as against 26,797 units in the corresponding period last year and up by 7.3 percent as against 24,765 units in the sequential quarter.
Segment revenue went up by 4.5 percent to Rs 1,666.6 crore in the quarter ended June 2023 as against Rs 1,595.8 crore in the corresponding period last year and went up by 7.0 percent against Rs 1,557.5 crore in the sequential quarter.
Construction Equipment
For the quarter ended June 2023, construction equipment sales were up by 42.1 percent to 1,373 units, the company's highest ever first quarter volume as against 966 units in the corresponding period last year and down by 10.1 percent as against 1,528 units in the sequential quarter.
Railway Equipment
For the quarter that ended June 2023, railway equipment segment revenue went up by 71.8 percent to Rs 297.7 crore, ever highest as against Rs 173.4 crore in the corresponding period last year, and was up by 25.5 percent as against Rs 237.2 crore in the sequential quarter.
Shares of Escorts Kubota Ltd ended at Rs 2,561.35, up by Rs 21.15, or 0.83 percent on the BSE.
First Published: Aug 1, 2023 5:16 PM IST
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