ESCORTS · Capital Goods
Escorts Kubota Ltd. reported revenue of ₹2,301 cr for January to March 2024, — on the year and −15.7% on the quarter.
Operating profit (EBITDA) was ₹285 cr, a margin of 12.4%, — on the year and +47 bps on the quarter.
Net profit was ₹270 cr, — on the year and −9.7% on the quarter, with earnings per share of ₹24.43.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹96.73 over the last four quarters, the stock at ₹2,750.10 trades at 28.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 38% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,728 cr | ₹2,301 cr | ₹2,574 cr | ₹2,277 cr | ₹2,948 cr | ₹2,445 cr | ₹2,500 cr | ₹2,792 cr | ₹3,280 cr | ₹2,968 cr | ₹3,208 cr | ₹3,243 cr |
| YoY | — | — | +9% | −8% | +8% | +6% | −3% | +23% | +11% | +21% | +28% | +16% |
| EBITDA margin | 11.9% | 12.4% | 12.2% | 10.1% | 11.3% | 11.7% | 12.8% | 12.9% | 13.3% | 12.8% | 11.1% | 8.9% |
| Other income, % of PBT | 33% | 38% | 36% | 47% | 35% | 45% | 83% | 31% | 22% | 29% | 42% | 36% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 22% | 22% | −8% | 22% | 20% | 8% | 26% | 23% | 25% | 22% | 26% |
| Net profit | ₹299 cr | ₹270 cr | ₹302 cr | ₹324 cr | ₹321 cr | ₹318 cr | ₹1,397 cr | ₹318 cr | ₹358 cr | ₹321 cr | ₹386 cr | ₹250 cr |
| YoY | — | — | +4% | +54% | +7% | +18% | +363% | −2% | +12% | +1% | −72% | −21% |
| Core profit YoY | — | — | −15% | −19% | +4% | +3% | +5% | +84% | +36% | +39% | +10% | −27% |
| EPS | ₹27.01 | ₹24.43 | ₹27.30 | ₹28.98 | ₹28.66 | ₹28.46 | ₹124.88 | ₹28.92 | ₹32.03 | ₹28.65 | ₹35.08 | ₹22.74 |
| Flags | 1 | 1 | 2 | 3 | ✓ | ✓ | 3 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Escorts Kubota Ltd. reported revenue of ₹2,301 cr (— on the year) and net profit of ₹270 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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