Escorts Kubota Ltd, a farm equipment and construction equipment firm, announced a 16.37% increase in consolidated net profit for the fourth quarter ended March 31, 2024, reaching Rs 251.89 crore compared to Rs 216.46 crore in the same quarter of the previous fiscal year. Consolidated revenue from operations during the quarter was Rs 2,093.53 crore, down from Rs 2,214.48 crore in the corresponding period last year.
Tractor sales in the quarter dropped to 21,253 units from 24,765 units in the previous fiscal. Total expenses decreased to Rs 1,881.11 crore from Rs 2,023.32 crore in the same period last year. Meanwhile, construction equipment volume rose to 1,789 machines from 1,530 machines in the year-ago period.
For the full fiscal year 2023-24, consolidated net profit stood at Rs 1,049.08 crore compared to Rs 636.65 crore in FY23. Consolidated revenue from operations for FY24 was Rs 8,849.62 crore, up from Rs 8,428.69 crore in FY23. Tractor sales for FY24 totaled 95,858 units, down from 1,03,290 units in FY23, while construction equipment volume increased to 6,548 units from 4,605 units in FY23.
Escorts Kubota also reported that its railway product division achieved its highest-ever annual revenue of Rs 950.4 crore in FY24, a 12.9% increase from Rs 841.9 crore in FY23. The order book for the division stood at Rs 950 crore as of March 2024.
