Escorts Kubota Q1 Results: Net profit up 91% YoY to ₹282 crore; revenue jumps 15%

livemint.com:

₹282.8 crore which was 91% up from the ₹147.5 crore reported during the corresponding quarter in the previous fiscal. The revenue of operations of Escorts Kubota jumped 15.5% from ₹2,014.9 crore in Q1FY23 to ₹2,327.7 during the period under review. Sequentially, the company's profit after tax (PAT) grew 52.5% from ₹185.5 crore during the quarter ending March 2023 and the revenue from operations jumped 6.6% from ₹2,183 crore during the previous quarter.

The Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Escorts Kubota during Q1 stood at ₹326.9 crore up 62.6% against ₹201.6 crore during the corresponding quarter previous fiscal. Sequentially, the EBITDA grew 38.6% from ₹235.8 crore. “In the agribusiness, overall sentiments were mixed last quarter as markets with good rainfall and crop prices showed good momentum, and markets with a delayed monsoon had a slightly dampened demand.

Going forward, with further advancement of monsoon across the country, adequate reservoir levels, better liquidity, and consumer credit availability, we expect the demand momentum to improve," Chairman and Managing Director Nikhil Nanda said. “Construction business has done well and is poised well for further growth with government thrust and focus on faster execution of infrastructure projects. The demand for construction machinery is still buoyant and post-monsoon, we expect the momentum to further accelerate.