Escorts registers profit of Rs. 485.5 cr. in Fiscal 2019-20
Q4FY20 standalone profit up by 15.7% YoY
Recently, Escorts reported, standalone profit of ₹ 485.5 crore in year ended March 31, 2020 as against a profit of ₹ 484.9 crore in the previous fiscal and consolidated profit of ₹ 471.7 crore in year ended March 31, 2020 as against a profit of ₹ 477.9 crore in the previous fiscal. Profit for quarter ended March 2020 was up by 15.7 percent at ₹ 140.4 crore as against ₹ 121.4 crore in the corresponding quarter last year.
The Board of Directors recommended a final dividend of ₹ 2.5/- per share of face value ₹ 10/-, for 2019-20 as against the dividend of ₹ 2.5/- per share of face value of ₹ 10/- in 2018-19.
Speaking on the results Chairman Nikhil Nanda said “The recent epidemic has changed the business narrative and its time that our priority remains valuing life and securing business to support our community. Escorts, amidst the global crisis, is committed to safety & wellbeing of all our employees, partners and stakeholders. We are aligned to government advisories and will ensure taking all the precautions and preventions at our facilities. There is a serious impact on the industry and respective business operations and it will take some time to regain normalcy. This quarter reflects partial impact but we are preparing ourselves to set new norms through reinventing, innovating and digitizing our ways to engage and connect stakeholders for the business operations ahead even as the uncertainty of affairs still exist. There would be a lot of dependency on the flexibilities and policies that will be issued by the government for the sectors and the aid offered to support the farming community to sustain their essentials and requirements. Good harvest, increased procurement by respective governments and their focussed support to farming & prediction of normal monsoon will enable quick revival across farm ecosystem. We are optimistic for the coming quarters and hope that the collective efforts will help in containing the crisis and the Indian economy will be on its strength soon again.”