Escorts Ltd

About

Escorts is engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, centre buffer couplers, automobile shock absorbers, telescopic front fork & Mcpherson struts, brake block, internal combustion engines and all types of brake used by railways.

  • Market Cap 24,893 Cr.
  • Current Price 1,846
  • High / Low 1,890 / 1,100
  • Stock P/E 27.6
  • Book Value 394
  • Dividend Yield 0.27 %
  • ROCE 26.1 %
  • ROE 19.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 65.19% CAGR over last 5 years
  • Debtor days have improved from 44.82 to 34.22 days.

Cons

  • Promoter holding has decreased over last 3 years: -3.48%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,671 1,649 1,440 1,334 1,650 1,386 1,089 1,654 2,042 2,229 1,702 1,674
1,471 1,466 1,298 1,210 1,437 1,205 969 1,357 1,679 1,890 1,476 1,467
Operating Profit 201 183 142 124 213 181 121 297 363 339 226 206
OPM % 12% 11% 10% 9% 13% 13% 11% 18% 18% 15% 13% 12%
Other Income 35 20 18 12 29 30 31 39 56 42 49 66
Interest 4 8 6 4 4 3 2 4 4 3 3 4
Depreciation 22 22 25 27 27 28 27 28 32 31 32 33
Profit before tax 209 173 129 106 211 179 122 304 382 346 239 234
Tax % 33% 33% 32% 4% 27% 29% 24% 25% 25% 23% 25% 26%
Net Profit 139 117 88 102 155 128 92 227 287 265 178 173
EPS in Rs 11.38 9.52 7.16 8.30 12.63 10.43 7.54 16.83 21.26 19.68 13.22 12.84

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,598 3,324 4,101 4,049 6,502 4,113 3,432 4,145 5,059 6,262 5,810 7,014 7,647
2,466 3,205 3,817 3,860 6,115 4,039 3,271 3,878 4,506 5,539 5,149 5,888 6,513
Operating Profit 132 120 284 190 387 73 161 268 553 723 661 1,126 1,134
OPM % 5% 4% 7% 5% 6% 2% 5% 6% 11% 12% 11% 16% 15%
Other Income 73 180 -55 50 87 124 31 36 58 99 88 160 212
Interest 99 70 71 97 112 58 51 32 29 20 17 13 15
Depreciation 48 48 48 50 86 69 58 63 73 87 107 118 129
Profit before tax 58 181 110 92 275 70 82 208 509 715 625 1,155 1,202
Tax % 50% 27% -14% 20% 10% -8% 15% 37% 32% 33% 25% 25%
Net Profit 29 132 126 74 247 76 71 131 347 479 472 871 903
EPS in Rs 3.15 12.50 11.97 6.99 20.13 6.23 5.76 10.71 28.31 39.07 38.53 64.63 67.00
Dividend Payout % 28% 12% 13% 19% 9% 19% 21% 14% 7% 6% 6% 12%
Compounded Sales Growth
10 Years: 8%
5 Years: 15%
3 Years: 12%
TTM: 32%
Compounded Profit Growth
10 Years: 21%
5 Years: 65%
3 Years: 36%
TTM: 50%
Stock Price CAGR
10 Years: 36%
5 Years: 42%
3 Years: 38%
1 Year: 32%
Return on Equity
10 Years: 12%
5 Years: 16%
3 Years: 17%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
81 92 92 119 119 119 123 123 123 123 123 135 135
Reserves 1,345 1,594 1,692 1,526 1,746 1,711 1,728 1,869 2,430 2,888 3,332 5,227 5,181
Borrowings 403 405 486 554 438 484 368 265 51 281 48 61 55
1,058 1,054 1,235 1,357 1,332 1,235 750 942 1,369 1,415 1,512 1,456 1,798
Total Liabilities 2,886 3,145 3,505 3,556 3,636 3,550 2,968 3,199 3,973 4,707 5,014 6,878 7,169
1,560 1,608 1,620 1,595 1,654 1,596 1,539 1,581 1,588 1,647 1,702 1,796 1,817
CWIP 12 20 48 67 39 56 58 35 66 80 125 65 63
Investments 107 108 112 373 372 373 64 212 549 491 797 1,938 2,388
1,207 1,409 1,725 1,522 1,572 1,526 1,307 1,371 1,770 2,489 2,390 3,079 2,901
Total Assets 2,886 3,145 3,505 3,556 3,636 3,550 2,968 3,199 3,973 4,707 5,014 6,878 7,169

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
250 48 208 58 343 -10 212 304 460 -234 797 1,131
50 -102 -109 -130 -70 17 -44 -155 -374 -18 -421 -2,198
-246 42 9 -28 -230 1 -191 -113 -1 191 -300 1,003
Net Cash Flow 55 -12 107 -100 43 8 -23 36 85 -61 76 -63

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2009 Sep 2010 Sep 2011 Sep 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 60 49 48 43 21 37 40 40 43 54 46 34
Inventory Days 68 69 61 70 49 64 70 58 61 73 84 56
Days Payable 101 93 79 72 49 73 92 96 113 91 110 93
Cash Conversion Cycle 27 25 29 41 21 28 18 3 -10 37 20 -2
Working Capital Days -6 16 13 3 5 11 -12 -20 -23 28 11 -4
ROCE % 10% 12% 8% 8% 17% 7% 7% 11% 22% 25% 19% 26%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
40.08 40.08 40.25 40.25 40.25 40.25 40.25 36.59 36.59 36.59 36.59 36.59
21.65 24.60 20.38 21.76 20.44 19.28 20.37 21.59 23.79 25.95 21.28 21.53
4.88 3.31 5.54 4.82 6.48 9.98 9.95 8.53 7.13 5.60 5.63 7.64
33.39 32.01 31.32 30.66 30.32 27.99 26.93 31.06 30.31 29.71 34.40 32.19
0.00 0.00 2.51 2.51 2.51 2.51 2.51 2.23 2.18 2.15 2.10 2.06

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