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Axis Securities Report
Escorts Ltd. reported a good set of numbers in Q4 FY21 and stood marginally above our estimates.
The company's total revenues stood at Rs 2,211 crore in Q4 FY21 (our estimate: Rs 2,151crore, higher by 2.8%) as against Rs 1,381crore in Q4 FY20, a growth of 60% YoY.
This was led by 62% YoY volume growth in tractors and ~47% YoY improvement in the construction equipment and the railway equipment division revenues.
Ebitda came in at Rs 345 crore (our estimate: Rs 333 crore) as compared to Rs 364 crore reported in Q3 FY21, a de-growth of ~5% QoQ.
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