Farm gear and engineering main Escorts Ltd on Friday reported over two-fold leap in consolidated internet revenue to Rs 285.41 crore within the fourth quarter ended March 2021, primarily pushed by strong gross sales.
The corporate had posted a consolidated internet revenue of Rs 127.73 crore in the identical interval earlier fiscal, Escorts Ltd mentioned in a regulatory submitting.
Its consolidated income from operations throughout the interval underneath assessment stood at Rs 2,228.75 crore as towards Rs 1,385.65 crore a yr in the past, it added.
Tractor gross sales have been up by 62.1 per cent at 32,588 items throughout the fourth quarter, Escorts mentioned.
For the fiscal ended March 31, Escorts Ltd mentioned its consolidated internet revenue was at Rs 871.63 crore as in comparison with Rs 471.72 crore in FY20, a development of 85 per cent.
Consolidated income from operations in 2020-21 was Rs 7,014.42 crore towards Rs 5,810.09 crore in 2019-20, it added.
For FY21, tractor gross sales have been up 24.1 per cent at 1,06,741 items, it added.
Escorts Ltd Chairman and Managing Director Nikhil Nanda mentioned, “Agri equipment business remained buoyant in This autumn of FY21 owing to optimistic macroeconomic elements and pent-up demand from the primary and second quarters of the yr. Escorts did effectively on this house by registering a better share of the market in This autumn than our common market share of the yr”.
He, nevertheless, mentioned whereas “at the moment the demand is subdued and numerous state lockdowns are impacting the provision chain, we imagine it is a momentary part which shall quickly be over”.
“Following all authorities tips, we’re making all efforts to make sure that farming communities are effectively served within the upcoming sowing season,” Nanda mentioned, including the whole nation is underneath a extreme affect of the second wave of the pandemic and this time it has impacted the agricultural geographies as effectively, affecting Escorts’ core buyer base.
Stating that the corporate’s topmost precedence right now is the protection and well-being of its prospects, sellers, suppliers and staff, he mentioned, “We’re taking all attainable measures to help all our stakeholders to sail by means of these difficult instances. Escorts, and the sectors we function in, proved their resilience throughout the first wave. We’re positive we’ll overcome this wave too with collective power and safeguards”.
The corporate mentioned its board has really helpful a complete dividend of 75 per cent comprising a traditional last dividend of fifty per cent and one time ‘Platinum jubilee yr’ particular dividend of 25 per cent i.e. complete dividend of Rs 7.5 per share of face worth Rs 10 for the monetary yr 2020-21 as towards the dividend of Rs 2.5 per share of the face worth of Rs 10 for 2019-20.
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