Auto company Escorts Kubota announced Q1FY23 results:

• Standalone:
  • Tractor volumes up by 3.3% at 26,797 units
    • Domestic tractor volume up by 0. 4% at 24,608 units
    • Export tractor volumes up by 52.5% at 2,189 units, highest ever in any quarter
  • Construction Equipment volumes up by 59.4% at 966 units
  • Standalone EBIDTA at Rs 201.6 crore
  • Standalone Net Profit at Rs 147. 5 crore 
  • Revenue from operations was at Rs 2,014.9 crores in quarter ended June 2022 as against Rs 1,677.0 cores in corresponding quarter of the previous fiscal.
• Consolidated:
  • Revenue from operations was at Rs 2,032.1 crore in quarter ended June 2022, up by 19.0% as against Rs 1,707.3 crore in corresponding quarter of the previous fiscal.
  • Consolidated net profit recorded at Rs 140.6 crore in quarter ended June 30, 2022 as against a profit of Rs 178.5

Speaking on the results, Mr. Nikhil Nanda, Chairman and Managing Director, said, "We are excited to be Escorts Kubota Limited (EKL) now. During the first quarter of current fiscal industry in Agri sector has witnessed positive trend, after 3 quarter of degrowth. With onset of monsoon, and likely record kharif crop production, rural liquidity and farmer sentiments are expected to gradually improve. In our construction business, we have outperformed the industry in our served markets and expect growth momentum to continue with Government's thrust on infrastructure development. We are witnessing good order booking in our Railway Business and expect a strong fiscal going ahead. With recent Government actions, Inflation may stabilise in near term and operating leverage may further possibly help in partially diluting the impact on margins in coming quarters."

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