Escorts Q2FY20 tractor volume down by 6 per cent

Escorts' consolidated revenue for the quarter Q2FY20 came in at Rs. 1333.77 crore as against Rs. 1412.51 crore in the corresponding quarter last year, registering a 5.6 per cent yoy decline.

EBITDA for the quarter fell by 18.3 per cent yoy to Rs. 124.69 crore as against Rs. 152.57 crore in the corresponding quarter last year, with a corresponding margin contraction of 145 bps. EBITDA margin for the quarter stood at 9.3 per cent.

PAT for the quarter came in at Rs. 101.54 crore as against Rs. 101.2 crore in the corresponding quarter last year, yoy increase of 0.3 per cent.

Company's Q2FY20 revenue mix stood at Agri machinery products- 75 per cent, Construction equipments- 15 per cent and Railway Equipments- 10 per cent.

Under Agri machinery products, the volume stood at 19750 units down by 6.1 per cent yoy. Overall lower volumes and unfavourable product mix led to margin deterioration.

Under Construction equipments, the volume stood at 945 units down by 29 per cent yoy.

Under Railway Equipments, revenue grew by 19.6 per cent yoy. During this quarter, company has registered higher sales of new products and EBIT margin also improved and stood at 19.1 per cent. Order book as on September 30, 2019 stood at Rs. 500 crore which is likely to be executed in next 12-15 months.

Today, the stock opened at Rs. 646, down by 2 per cent from its previous close of Rs. 657.20 on the BSE. At 10:05, the stock was trading nearly at Rs. 651.60 on the BSE.