Escorts Kubota Ltd plans to invest up to Rs 4,500 crore for setting up the green field facility in Uttar Pradesh. The farm and construction equipment manufacturer has also submitted an investment proposal to the state government for the acquisition of land.
The company, in a statement, said it plans to set up an integrated greenfield manufacturing facility for expanding its existing capacities to meet its future growth requirements.
An 'Investment Intent' has already been submitted to UP government for the acquisition of land with an estimated direct and indirect investment of the order of over Rs 4,500 crore, which will be invested in phases, the company said in a stock exchange filing.
The company intends an annual production revenue generation of over Rs 10,000 crore with the direct and indirect employment of more than 14,000 people at full capacity.
The company reported 293.13 crore in its consolidated net profit in June 2024 quarter, a marginal increase of 1.11 percent. It had reported a net profit of Rs 289.89 crore during the April-June period of preceding 2023-24 fiscal, the company said in an exchange filing.
The total income fell to Rs 2,416.34 crore in the reporting period from Rs 2,449.52 crore a year ago.
During the quarter under review, the company reduced its expenses to Rs 2,030.20 crore from Rs 2,067.85 crore in the same period a year ago.
In Friday's trade, the counter settled in green at Rs 3,727.20 per share on the National Stock Exchange (NSE), up 1.85 per cent. It hit an intraday high of Rs 3,742 apiece, zooming 2.25 percent from its previous closing.
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