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Escorts construction equipment sales surge 252% YoY in March

Capital Market 

Escorts Construction Equipment (ECE) segment in March 2021 sold 680 machines, its highest ever March sales, and registered a growth of 252.3% as against 193 machines sold in March 2020.

"With continued Government thrust on infrastructure spending with an aim to achieve accelerated growth in GDP and massive Capex plan under NIP (National Infrastructure Pipeline), timely disbursal of project payments, major policy amendments for highway concessionaires and asset monetisation to ensure liquidity, we expect construction equipment demand will continue to be strong. However, some supply chain issues and rising inflation in commodity prices, continue to be worrying factor," Escorts said in a regulatory filing.

Escorts construction equipment volumes jumped 62.7% YoY to 1,604 units in Q4 March 2021 from 986 units sold in Q4 March 2020. However, for the year ended FY21, Escorts volumes declined 3.2% to 3,913 units compared with 4,042 units sold in in the same period last year.

Shares of Escorts were down 2.78% at Rs 1238.40 on BSE.

Escorts is an engineering conglomerate with presence is sectors like agri-machinery, construction & material handling equipment and railway equipment. The company's consolidated net profit jumped by 85.1% to Rs 286.71 crore on a 23.8% rise in revenue from operations to Rs 2,042.23 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, April 05 2021. 13:43 IST