The company’s domestic tractor sales in June were at 10,997 units against 11,011 tractors in the previous year.
It said timely arrival of southwest monsoon, improvement in sown area for the kharif crops and the Centre’s announcement of higher minimum support price for kharif season collectively helped in uplifting the farmers’ sentiments.”Moving forward, with above normal monsoon higher water reservoir levels, anticipated record kharif harvest and resultant improved liquidity conditions in rural markets, we expect the industry will continue to grow in the rest of the year as well,” the company added.
Escorts Kubota exported 501 tractors in June this year, which is more than double the 234 tractors it had exported in June last year.
During the March quarter, Escorts Kubota’s net profit declined by 13.9% from last year to ₹250.7 crore, which was higher than street expectation.Its revenue declined 17% on a sequential basis to ₹2,430 crore in the March quarter, which was marginally lower than Street estimates of ₹2,442 crore.
EBITDA margin for the fourth quarter expanded by 60 basis points to 12 p% and also higher than poll estimates of 10.6%.
The board of Escorts Kubota recommended a final dividend of ₹18 (180%) per share of ₹10 each face value for the financial year 2024-25. The total dividend, including the interim dividend for the financial year, would be ₹28.
Record date for the said dividend payout has been fixed as July 4.
Escorts Kubota shares were up 0.95% at ₹3,366.3 apiece at 10 am on Tuesday, July 1. The stock has gained 2.1% this year, so far.
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