Agricultural machinery maker Escorts Kubota will be increasing the prices of its tractors with effect from September 16, a regulatory filing stated on September 4.
"The increase in prices would vary across models/variants and geographies," the company informed the stock exchanges.
The announcement comes a week after CNBC TV-18 reported, citing sources, that Escorts Kubota is considering to sell its railway business. The company is engaged in discussions with investors regarding the potential sale.
In the financial year 2023, Escorts Kubota witnessed a robust 33 percent year-on-year growth in railway business' revenue to reach Rs 842 crore.
Meanwhile, the company had reported its highest-ever quarterly net profit of Rs 283 crore in the three-month period ending June 2023. The net profit was 93 percent higher as against Rs 147.4 crore reported in the year-ago period.
The total revenue during the June quarter stood at Rs 2,327.7 crore, which was 15.5 percent higher from Rs 2,014.9 crore reported in the corresponding period of the last fiscal.
The earnings before interest, taxes, depreciation and ammortisation (EBITDA) also surged sharply by 61.8 percent, as it came in at Rs 327 crore as against Rs 202 crore reported in the year-ago quarter. The EBITDA margin stood at 14 percent as against 10 percent in the June 2022 quarter.
In the trading session on September 4, Escorts Kubota's shares traded in the red, and closed at 3,036.45 apiece on the BSE. This was 3.16 percent lower as against the previous day's close.
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