Escorts Kubota Q1FY24 results: Net profit jumps 91% YoY to Rs 282 cr

The standalone net profit of Escorts Kubota Limited (EKL) for the first quarter of the current financial year (Q1YFY24) saw a rise of 91.7 per cent to Rs 282.8 crore, compared to Rs 147.5 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 52.4 per cent. In Q4FY23, the net profit of the company was Rs 185.5 crore.

The revenue from operations for Q1FY24 came in at Rs 2,327.7 crore, compared to Rs 2,014.9 crore year-on-year (YoY). This is a rise of 15.5 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was up 6.6 per cent. It was Rs 2,183 crore in Q4FY23.

The company’s consolidated earnings before interest tax, depreciation and amortisation (Ebitda) saw a rise of 15.5 per cent to Rs 326.9 crore in Q1FY24, as compared to Rs 201.6 crore in the corresponding period of the previous year.

On a QoQ basis, the Ebitda was up 38.6 per cent. It was Rs 235.81 crore in Q4FY23.

Nikhil Nanda, chairman and managing director, 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. Railway business, with innovative products and an expanded portfolio, is well aligned with growing requirements of rail transport both on the domestic and international front and continues to grow.”

Seiji Fukuoka, deputy managing director, said, “In addition to our domestic business growth, we are strategically aligning our efforts to leverage on our export network for further impetus and open new opportunities. Innovative product line expanded coverage and quality excellence remains our top priority.”

At 3:05 pm, the stock price of the company was Rs 2,556.55.