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Corporate Results


Escorts Kubota
(10:13, 09 May 2025)
On consolidated basis

Quarter ended March 2025 compared with Quarter ended March 2024.

Net sales (including other operating income) of Escorts Kubota has increased 6.27% to Rs 2444.88 crore.  Sales of Agri Machinery Products segment has gone up 41.95% to Rs 1,989.34 crore (accounting for 81.42% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 9.90% to Rs 264.82 crore.  PBIT of Agri Machinery Products segment rose 45.38% to Rs 223.64 crore (accounting for 84.45% of total PBIT).  

PBIT margin of Agri Machinery Products segment rose from 10.98% to 11.24%.  Overall PBIT margin fell from 11.52% to 10.84%.  

Operating profit margin has declined from 12.41% to 11.76%, leading to 0.69% rise in operating profit to Rs 287.53 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.81% to 55.22%.   Purchase of finished goods cost fell from 12.96% to 12.78%.   Employee cost increased from 6.94% to 8.72%.   Other expenses rose from 10.06% to 10.99%.   

Other income rose 24.74% to Rs 132.47 crore.  PBIDT rose 7.21% to Rs 420 crore.  Provision for interest fell 55.92% to Rs 5.14 crore.  Loan funds declined from Rs 448.46 crore as of 31 March 2024 to Rs 105.18 crore as of 31 March 2025.  Inventories declined from Rs 1,716.16 crore as of 31 March 2024 to Rs 1,398.99 crore as of 31 March 2025.  Sundry debtors were lower at Rs 1,331.84 crore as of 31 March 2025 compared to Rs 1,427.91 crore as of 31 March 2024.  Cash and bank balance declined from Rs 1,205.82 crore as of 31 March 2024 to Rs 1,124.13 crore as of 31 March 2025.  Investments rose to Rs 5,605.21 crore as of 31 March 2025 from Rs 5,019.48 crore as of 31 March 2024 .  

PBDT rose 9.14% to Rs 414.86 crore.  Provision for depreciation rose 4.61% to Rs 61.97 crore.  Fixed assets declined from Rs 2,229.33 crore as of 31 March 2024 to Rs 2,104.02 crore as of 31 March 2025.  Intangible assets increased from Rs 97.35 crore to Rs 101.70 crore.  

Profit before tax grew 9.98% to Rs 352.89 crore.  Share of profit/loss was 75% lower at Rs -0.28 crore.  Provision for tax was expense of Rs 79.32 crore, compared to Rs 77.3 crore.  Effective tax rate was 22.60% compared to 24.10%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 11.58% to Rs 271.62 crore.  

Equity capital increased from Rs 110.50 crore as of 31 March 2024 to Rs 111.88 crore as of 31 March 2025.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 68.04% as of 31 March 2025 ,compared to 67.64% as of 31 March 2024 .  

Full year results analysis.

Net sales (including other operating income) of Escorts Kubota has increased 4.49% to Rs 10243.88 crore.  Sales of Agri Machinery Products segment has gone up 6.73% to Rs 8,504.13 crore (accounting for 83.10% of total sales).  Sales of Construction Equipment segment has gone down 4.84% to Rs 1,730.09 crore (accounting for 16.90% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 1.80% to Rs 1,072.70 crore.  PBIT of Agri Machinery Products segment rose 1.59% to Rs 900.60 crore (accounting for 83.96% of total PBIT).  PBIT of Construction Equipment segment rose 2.94% to Rs 172.10 crore (accounting for 16.04% of total PBIT).  

PBIT margin of Agri Machinery Products segment fell from 11.13% to 10.59%.  PBIT margin of Construction Equipment segment rose from 9.20% to 9.95%.  Overall PBIT margin fell from 10.77% to 10.48%.  

Operating profit margin has declined from 11.54% to 11.38%, leading to 3.04% rise in operating profit to Rs 1,165.30 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.49% to 52.59%.   Purchase of finished goods cost rose from 12.07% to 17.69%.   Employee cost increased from 7.00% to 7.70%.   Other expenses rose from 10.13% to 10.43%.   

Other income rose 17.75% to Rs 461.31 crore.  PBIDT rose 6.83% to Rs 1626.61 crore.  Provision for interest fell 29.98% to Rs 29.17 crore.  Loan funds declined from Rs 448.46 crore as of 31 March 2024 to Rs 105.18 crore as of 31 March 2025.  Inventories declined from Rs 1,716.16 crore as of 31 March 2024 to Rs 1,398.99 crore as of 31 March 2025.  Sundry debtors were lower at Rs 1,331.84 crore as of 31 March 2025 compared to Rs 1,427.91 crore as of 31 March 2024.  Cash and bank balance declined from Rs 1,205.82 crore as of 31 March 2024 to Rs 1,124.13 crore as of 31 March 2025.  Investments rose to Rs 5,605.21 crore as of 31 March 2025 from Rs 5,019.48 crore as of 31 March 2024 .  

PBDT rose 7.86% to Rs 1597.44 crore.  Provision for depreciation rose 8.74% to Rs 243.65 crore.  Fixed assets declined from Rs 2,229.33 crore as of 31 March 2024 to Rs 2,104.02 crore as of 31 March 2025.  Intangible assets increased from Rs 97.35 crore to Rs 101.70 crore.  

Profit before tax grew 7.71% to Rs 1,353.79 crore.  Share of profit/loss was 117.65% lower at Rs -1.11 crore.  Provision for tax was expense of Rs 226.95 crore, compared to Rs 313.4 crore.  Effective tax rate was 16.80% compared to 24.94%.

Net profit attributable to owners of the company increased 19.19% to Rs 1,124.05 crore.  

Equity capital increased from Rs 110.50 crore as of 31 March 2024 to Rs 111.88 crore as of 31 March 2025.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 68.04% as of 31 March 2025 ,compared to 67.64% as of 31 March 2024 .  

Cash flow from operating activities increased to Rs 1,003.19 crore for year ended March 2025 from Rs 788.60 crore for year ended March 2024.  Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 255.72 crore, compared to Rs 283.17 crore during the year ended March 2024.  

Other Highlights

The Board has recommended a final dividend of Rs 18 per share. Including the interim dividend of Rs 10 per share, which was already declared and paid, the total dividend for FY25 amounts to Rs 28 per share.

The profitability of the Railway Equipment division is shown separately as discontinued operations. The expected date of completion of sale/ transfer of RED Business is June 01, 2025, subject to completion of conditions precedent as specified in the Amended and Restated Business Transfer Agreement.

In Q4 FY25, tractor volume stood at 26,663 units, up by 7.6% YoY. Construction Volume decreased 12.12% YoY to 1,719 units.

During FY25, tractor volume stood at 1,15,554 units, up by 1% YoY. Construction Volume decreased 9.2% YoY to 6,484 units. 


Escorts Kubota : Consolidated Results
 Quarter endedYear ended
Particulars202503202403Var.(%)202503202403Var.(%)
Net Sales (including other operating income)2,444.882,300.666.2710,243.889,803.594.49
OPM (%)11.7612.41-65 bps11.3811.54-16 bps
OP287.53285.570.691,165.301,130.883.04
Other Inc.132.47106.2024.74461.31391.7817.75
PBIDT420.00391.777.211,626.611,522.666.83
Interest5.1411.66-55.9229.1741.66-29.98
PBDT414.86380.119.141,597.441,481.007.86
Depreciation61.9759.244.61243.65224.068.74
PBT352.89320.879.981353.791256.947.71
Share of Profit/(Loss) from Associates-0.28-0.16-75.00-1.11-0.51-117.65
PBT before EO352.61320.719.951352.681256.437.66
EO Income-1.670--1.670-
PBT after EO350.94320.719.431351.011256.437.53
Taxation79.3277.32.61226.95313.4-27.58
PAT271.62243.4111.591124.06943.0319.20
Minority Interest (MI)0-0.01-0.01-0.03PL
Net profit271.62243.4211.581124.05943.0619.19
P/(L) from discontinued operations net of tax46.826.5776.14140.89133.595.46
Net profit after discontinued operations318.42269.9917.941264.941076.6517.49
EPS (Rs)*24.3921.7612.11100.6084.2919.34
* EPS is on current equity of Rs 111.88 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Escorts Kubota : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202503202403Var.(%)% of (Total)202503202403Var.(%)
Sales
Agri Machinery Products81.421,989.341,401.4341.9583.108,504.137,968.216.73
Construction Equipment18.58453.880.00-16.901,730.091,818.17-4.84
Railway Equipments0.000.00213.35-
Total Reported Sales100.002,443.222,091.3816.82100.0010,234.229,786.384.58
Less: Inter segment revenues 0.000.02- 0.000.90-
Net Sales100.002,443.222,091.3616.82100.0010,234.229,785.484.59
PBIT
Agri Machinery Products84.45223.64153.8345.3883.96900.60886.511.59
Construction Equipment15.5541.180.00-16.04172.10167.192.94
Railway Equipments0.000.0035.96-
Total PBIT100.00264.82240.969.90100.001,072.701,053.701.80
Less : Interest5.143.9829.1529.1741.66-29.98
Add: Other un-allcoable153.9195.6960.84496.18423.1117.27
PBIT Margin(%)
Agri Machinery Products 11.2410.9826.53 10.5911.13-53.54
Construction Equipment 9.070.00907.29 9.959.2075.19
Railway Equipments 0.0016.85-1,685.49
PBT100.00413.59332.6724.32100.001,539.711,435.157.29

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