Escorts Q4 Review - Robust Operational Performance: Axis Securities

Earth moving equipment manufactured by Escorts Ltd. (Image: Company website).

Escorts Q4 Review - Robust Operational Performance: Axis Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Axis Securities Report

Escorts Ltd. reported a good set of numbers in Q4 FY21 and stood marginally above our estimates.

The company’s total revenues stood at Rs 2,211 crore in Q4 FY21 (our estimate: Rs 2,151crore, higher by 2.8%) as against Rs 1,381crore in Q4 FY20, a growth of 60% YoY.

This was led by 62% YoY volume growth in tractors and ~47% YoY improvement in the construction equipment and the railway equipment division revenues.

Ebitda came in at Rs 345 crore (our estimate: Rs 333 crore) as compared to Rs 364 crore reported in Q3 FY21, a de-growth of ~5% QoQ.

Click on the attachment to read the full report:

Axis Securities Escorts-Q4FY21-Result Update.pdf

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