Escorts Kubota Q4 profit rises 16.37 pc at Rs 251.89 crore

New Delhi, May 9 (PTI) Farm equipment and construction equipment firm, Escorts Kubota Ltd on Thursday reported a 16.37 per cent increase in consolidated net profit at Rs 251.89 crore in the fourth quarter ended March 31, 2024.

The company had posted a profit of Rs 216.46 crore in the same quarter of the previous fiscal, Escorts Kubota said in a regulatory filing.

Consolidated revenue from operations in the fourth quarter stood at Rs 2,093.53 crore as against Rs 2,214.48 crore in the year-ago period, it added.

Tractor sales in the quarter were lower at 21,253 units as against 24,765 units in the corresponding period of the previous fiscal.

Total expenses during the quarter were lower at Rs 1,881.11 crore as compared to Rs 2,023.32 crore in the same period a year ago.

Construction equipment volume in Q4 was higher at 1,789 machines as compared to 1,530 machines in the year-ago period, the company said.

The board of directors of the company has approved a dividend of Rs 18 per fully paid-up equity share of Rs 10 each for the financial year 2023-24 subject to the approval of the shareholders at the ensuing annual general meeting, it added.

For the fiscal ended March 31, 2024, consolidated net profit was at Rs 1,049.08 crore as compared to Rs 636.65 crore in FY23.

In FY24, consolidated revenue from operations was at Rs 8,849.62 crore as compared to Rs 8,428.69 crore in FY23.

Tractor sales in FY24 were at lower 95,858 units as against 1,03,290 units in FY23. Construction equipment volume in FY24 was at 6,548 units as against 4,605 units in FY23.

Escorts Kubota said its railway product division posted its highest-ever annual revenue at Rs 950.4 crore in FY24, up 12.9 per cent from Rs 841.9 crore in FY23. Order book for the division was at Rs 950 crore at the end of March 2024.