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Escorts: Disappointing results but positive outlook

Weak product mix and higher raw material costs dent performance

August 03, 2022 / 09:54 AM IST
Escorts: Disappointing results but positive outlook

Escorts Kubota: Escorts Kubota Q1 profit falls 21% YoY to Rs 140.6 crore. Revenue grows 19% to Rs 2,032 crore. The tractor maker recorded 21.2% YoY decline in consolidated profit at Rs 140.6 crore for the quarter ended June 2022, dented by higher input cost. Revenue grew by 19% to Rs 2,032 crore during the same period.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Escorts (CMP: Rs 1,632; M Cap: Rs 21,140 crore) has reported a disappointing set of Q1 FY23 numbers due to weaker product mix and a significant rise in raw material prices. Escorts continues to be in a sweet spot as it caters to rural areas where the sentiment is improving. The company’s strong position in the domestic market and new products make us confident about its business. Further, its valuation -- 21.1 times FY24 projected earnings -- is at a reasonable...

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