New Delhi (Anish Yande): Escorts shares fell by over 1 percent as the firm posted a strong performance in the March 2021 quarter. Shares of the engineering firm opened at Rs 1,177 per share on Friday. The shares of Escorts rose to an intraday high of Rs 1,184, as compared to the previous close of Rs 1,169 on NSE.
Escorts Ltd March quarter results:
Escorts Ltd recorded a consolidated net profit of Rs 127.73 crore in the March quarter of FY20. The equipment and engineering company's consolidated net profit rose to Rs 285.41 crore in the fourth quarter ended March 2021. The net profit rose at an increase of over 90% on a year-on-year basis.
For the fiscal year 2021, the company reported a consolidated net profit of Rs 871.63 crore as compared to a loss of Rs 471.72 crore in the previous financial year 2019-2020, at an increase of 85 percent.
The consolidated revenue from operations of the company rose to Rs 2,228.75 crore in the quarter ended March 2021. Revenue from operations of Escorts was at Rs 1,385.65 crore in the quarter ended March 2020.
Consolidated revenue from operations of Escorts Ltd in the fiscal year 2020-21 was at Rs 7,014.42 crore as compared to Rs 5,810.09 crore in 2019-20.
Escorts Ltd EBITDA rises 17%
Earnings before interest and taxes margins increased to 17% during the quarter ended March 31, 2021. Ebit margins of Escorts were at 15.8% in the corresponding period last year at an increase of 120 bps.
Sales of the tractors developed by Escorts Ltd were at 32,588 units in the quarter under review, at an increase of 62.1 percent as compared to the corresponding quarter last year. In the fiscal year 2021, tractor sales increased to 1,06,741 units, rising by 24.1 percent in FY20.
The board of directors of Escorts Ltd has recommended a total dividend of Rs 7.5 per share of face value Rs 10 for the financial year 2020-21. In 2019-20, the dividend was at Rs 2.5 per share of the face value of Rs 10.
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