• Annual sales up 17 per cent at rupee 3210.1 crore
• EBIDTA at rupee 174.5 crore
New Delhi, November 28,
2011:Escorts Limited today reported a rise in
Net Sales by 17% at Rs 3,210 crore in the financial year
2010-11as against Rs 2,745 crore in the previous year. The
company reported a Net Profit of Rs120.1 crore for the
financial year 2010-11 ending September 30, 2011. This is
against a net profit of Rs 137.5 crore in the previous
fiscal. EBIDTA stood at Rs 174.5 crore in the current fiscal.
Total expenditure saw a rise of 20 per cent, largely on
account of a 24 per cent increase in material cost due to
inflationary pressures.Escorts Limited follows
an October-September fiscal year.
Escorts Agri Machinery recorded revenues of Rs 2,951 crore,
up 19.3 per cent from Rs 2,474 crore in the previous fiscal.
Tractor volumes were up by 5.5% at 63,420 units against
60,086 units in the previous year. In the year past, Escorts
Agri Machinery has introduced a slew of products under the
'Jai Kisan Series' to tap into the increasing trend
of farm mechanization. In addition, the division's
increasing network, introduction of innovative products and
customer support programme has helped in strengthening sales
in a challenged market.
Speaking on the results, Chairman and Managing
Director Mr. Rajan Nanda said,"The Escorts
annual results reflect the direct impact of a sharp rise in
material costs in an overall inflationary economy
characterized by price increase of raw material, higher
petroleum prices and high interest rates. The continued
profitability of the group is a reflection of its sound
fundamentals, market resilience and successful implementation
of market strategies that offset the cost increase and
constrained market situation. Looking ahead, our aggressive
market strategies, launch of new products, recent price
revisions and an ongoing cost compression exercise should
provide some cushion in the event of continued inflationary
pressures."
Mr. Nanda further said,"At the
same time, Escorts Constructions Equipment has been on a
growth path as a result of an expansion in product portfolio
as well as strong demand in the Indian earth moving and
construction industry. In the past 12 months, ECEL has
achieved an invoicing value of about Rs 1000 crore.
Importantly, ECEL's growth has encompassed the entire
product portfolio."
Wholly owned subsidiary Escorts Construction Equipment Ltd
(ECEL) has been recording a CAGR of 10% and is projected to
register a 45 per cent increase in net sales for the year
2011-12.
Mr. Nikhil Nanda, Joint Managing Director
said, "The year past has been a test for
the basic business parameters in the face of mounting costs.
However, there is much to look forward to as Escorts has
entered into a number of new areas in the tractors business
and is looking at significant expansion of products and
geographical reach. We are, therefore, focusing on providing
customers a range of crop solutions and implements to
compliment our brands Farmtrac® and Powertrac®. Farm
mechanization will be the catalyzer for farmer productivity
and profitability in the days ahead. With the advent of newer
applications across cropping cycle as well as use in
commercial applications, Escorts is catering to the need for
tractors to be customized and specialized to maximize farm
productivity."
The audited accounts of 2010-11 ending September 2011 has
been approved by the Board of Escorts Limited.
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