Farm and construction equipment manufacturer Escorts Kubota on Wednesday said its consolidated net profit increased 14 per cent to Rs 216 crore for the March quarter.
The company had reported a net profit of Rs 190 crore in the January-March quarter of FY22.
Consolidated revenue from operations rose to Rs 2,214 crore in the fourth quarter as against Rs 1,887 crore in the corresponding quarter of the previous year, Escorts Kubota said in a statement.
For the year ended March 31, 2023, the company reported a consolidated profit after tax of Rs 637 crore as compared with Rs 736 crore in 2021-22 fiscal.
Consolidated revenue from operations stood at Rs 8,429 crore, up 16 per cent, in FY23 as against Rs 7,283 crore a year ago.
"In agri-business, while the retail sales were impacted due to unseasonal rainfall and crop damage in certain regions, however, with better crop prices, improved finance availability and good water reservoir levels, we expect demand momentum to continue across geographies in the coming quarters," Escorts Chairman and Managing Director Nikhil Nanda said.
The company witnessed a growth across the construction equipment portfolio towards the second half of this fiscal year in material handling, earth moving as well as road segment, he added.
"The current market sentiments are positive, and demand is expected to remain buoyant due to the continuous focus of the government towards infrastructure projects," Nanda said.
The company said its board has recommended a final dividend of Rs 7 per share of Rs 10 for the financial year 2022-23.
Shares of the company ended 1.43 per cent down at Rs 2,048.60 apiece on the BSE.
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