July 27, 2019

c
ESCORTS

BSE Limited National Stock Exchange of India Limited Delhi Stock Exchange Limited
Phiroze Jeejeebhoy Exchange Plaza, Bandra Kurla Complex, DSE House, 3/1,
Towers, Dalal Street, Bandra East, Mumbai - 400051 Asaf Ali Road,
Mumbai -400 051 New Delhi - 110002

BSE-500495 NSE - ESCORTS DSE- 00012

Subject: Outcome of the Board Meeting of Escorts Limited pursuant to Regulation 30 & Unaudited
Financial Results (Provisional) pursuant to Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015

Dear Sir,

Pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, please note that the Board in its meeting held today i.e. July 27, 2019 has approved the Unaudited
Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2019 and Limited Review
Report thereon.

Please find enclosed herewith the following:

1. Unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2019;
2. Limited Review Report;
3. Press Release;
4. Earning Presentation

We further wish to inform you that the Board Meeting held today commenced at 1'i .' 'laf .Mand
concluded at 3: lj 2. f·"""·
Kindly take the same on record .

Thanking you.

Yours faithfully,
For Escorts Limited

Ajay Sharma
Group General Counsel
& Company Secretary

Encl: A/a

ESCORTS LIMITED
Corporate Secretarial & Law
Registered Office : 15/5, Mathura Road, Faridabad - 121 003, Haryana, India
Phone : +91 - 129-2250222, Fax : +91 - 129-2250060
E-mail : [email protected], Website : www.escortsgroup.com

Corporate Identification Number - L74899HR1944PLC039088

\ c
Escorts Limited
Statement of Standalone & Consolidated Unaudited Financial Results for the quarter ended June 30, 2019
R.&. In Crores
Slilnd.alone results Consolidated resulls
:J Mu~lh11 endod PAIC4ldin9 :J mRnHu Corn..pand1ng l for·1he year ttntJffl JMonlh.t.cntl «f Ptct:cdln9 3 monlh• Cons.ponding l r nr I ha i,-e~s cindOd
ended months ended In ended months ended in
P•rt1eUlan lhe previous year the previous year

lGIClfti"I') J. l fOJ IHll J0t06f11l l HUJ'19 30106119 31103119 ,..,.,,. l llDJ.1 10

Unakt<lllied Auditedr Unaudited Audited Unaudited Rorer note 3 Refer note J Audited

Income
Revenue from operations 142297 1,631 66 1.S11 29 6 196 36 1,440 45 1,649 08 1 52901 6 262 02
Other income 16 70 17'J4 16 96 8085 '7 91 1964 17 66 92.40
Total income 1,439 67 1,649.00 1,528.27 6,277,21 1,458.38 1,668.72 1,546.67 6,354.42
Expenses
Cosl of materials consumed 749 07 993 20 • .016 02 4,040 28 7S7 73 1,003 88 1,026 02 4 077 48
Pur ~ h !lsel!i of sr.o.tk tO ·lfittle 77 S2 92 17 88 94 40399 77 52 9217 88 94 403 99
Changes in inventories of finished goods, work-in-progress and
stock-in-trade 1SS 12 37 30 (83 03) (203 62) 1SS 32 36 53 (6326) {204 54)
Emplo~ee ooriefirs e.-pen-se 122 57 118 03 121 06 471 74 124 92 122 63 123 38 484 73
Finance costs 5 86 7 47 2 87 18 48 6 24 7 8S 3 96 19 54
Depreciation & amortisation expense 24 11 21 81 20 S7 8S 37 24 75 22 47 20 84 87 21
Other expenses 17628 20 1 19 182 76 7S0 6S 1 5~ 208.911 1Ul5 77S 83
Total expanses 1,310.53 1 ~4.71 . 11 '1,3<19. 19 S,566.92 1,JZ9.04 11494 .'49 1.J67.23 S,6U. 24
Profit rrom conlinuing operations before share of net profit
of Investment accounted ror using lhe equity method, 129.14 177.83 179.08 710.29 129. 34 174.23 179.44 710.18
exceptional Items and tax
Share or
profrt I (loss) or investments accounted for using equity
method - 0 02 11 421 moe1 11001
Profit from continuing operations before exceptional items
129.14 177.83 179.08 710.29 129.36 172.81 179.36 708.22
and taxes
Exceptional ~ems (refer note 5) 10 91 - 5 56
Profit from continuing operaltons berore taK 129,14 177.U 179,08 721.20 129.36 172.11 179.36 713.79
TH ewpense
Currenttctx 42 88 4591 S1 38 19863 4288 4S91 S1 38 19863
Deferred tax charge I (credit) (1 ZJI 10 57 8 14 3889 (11 8) 1048 8 04 38 48
Total tax expense •I 85 56 48 59 S2 237 S2 4170 56 39 5942 237 11
Net profit from continuing operations after tax 87.<9 121,35 1l9,S6 483.68 87.66 116.02 119.9• 47&.ll7
Profit rrom discontinued operations before tax
Tax expense of discontinued operations
1 74 189 - 1 74 189
0 61 0 66 061 0 66
Net profit rrom discontinued operations after ta>C 113 1 23 113 1 23
Net prolit lor lhe period 87.49 121.35 120.69 484.91 87 ,66 116 .U 121 ,07 477.90
Other comprehensive income
hems that will not be reclassified to profit and loss
Net changes in fair values of equity instruments carried at fair
(0 09! 421 (0 01) 4 03 (0.09) 4 21 (0.01 ) 4 03
value through other comprehensive income

Re· measurements of defined employee benefit plans (2.0 ! ) 11 741 (1 99) (1 72)
Income tax re lating to items that will not be reclassified to profit
or loss
001 s 80 . 5 73 0 01 5 79 5 72
11t mJ lhal will be nicLuslfled lo profit or fo..ss
Exchange differences on lransJation of foreign operations (0.431 0 26 (0.31) 0 28
Income lax relating lo items that will be reclassified to profit or
loss

Tolal olher comprehensive income 10.08) 8.oo (0.01) 8.02 10.51) ll.Z9 10,JZI 8.31
Total compn11hensive income 17.41 129.35 120.68 492.93 87.15 124.71 120.75 486.21
Profit attributable to:
a) Owners of lhe parent 87 74 116 70 121 26 478 93
b) Non-controlling interests (008) ID26J (0 19) (1 03)
Other comprahensive income attributabJe to:
a) Owners of th e parent . (0 51) 8 28 (0 33) 8 29
b) Non-controlling interests - . 001 0 01 0 02
Total compr.hansive income attributable to:
a) Owners of the parent . 87 23 124 98 120 93 487 22
b) Non-controlling interests . - (0 08) (0 27) (018) (1 01)
Earnings par share (for continuing operation) of Rs. 10 each
:
(o) Basic (R•) 7 32 10 15 10 01 40 48 10 23 13 80 14 00 SS 68
(b) Diluted (Rs) 7 32 10.15 10 01 40 48 10 23 13 60 1400 SS 88
Earnings per shara (for discontinued operation) of Rs.1D
each :
(o) Basic (Rs I 0 09 010 0 13 0 14
(b) Dituted (Rs ) 0 09 0 10 0 13 0 14
Earnings per share (for discontinued & continuing
operation) of Rs.10 each:
(at Basic (Rs) 7 32 10 15 10 10 40 58 10 23 1360 1413 SS 82
(b) Ditu1ed (Rs ) 7 32 10 15 10 10 40 58 10 23 1360 14 13 SS 82

Paidup e(!Uity share capital, equity share of f 10/- each 122 58 122 58 122 58 122 58 122 58 122 56 122 S8 122 58
Otherei.:iuitv 2.900.28 2.55()91
Ro h.~1 nole 2

SIGNED FOR
IDENTIFICATION
PURPOSE ONLY
 c
ESCORTS LIMITED
Segment wise revenue, results and capital employed tor the quarter ended June JO, 2019
R11i In Ctore
Stand!llfO.nC Co1110Hcbted
l Mon 1h n. e nded P rao~Jng J mof'\1 h s CorrnpoiinLBg l For the year oniled l ~onun1 endeG PrO<llOCfing J months Camn• PorwtinQ 3 For lhu year erulel.J
SI. ended months endl!d In the ended f'l1bnUt.• o ndQd 1n 1he
Particulars
No pro:viou• re..1r P'•vloua yea•
>OIU0/ 19 31/03119 l41<l61 1• J1fOJ/19 JOI06/19 31/03119 30/06118 31/03/19
Unaudited Audited• Unaudited Audited Unaudited Reier note 3 Rerer note J Audited

1 5"1,ltl1ont revenue:

a) Agri machinery products 1.092 03 123089 1 177 21 4 743 97 1 105 71 1 244 75 1 193 21 4 798 51
b) Construction equipments 212 20 293 03 246 00 1.054 07 212 20 293 03 246 00 1 054 07
c) Railway equipmenls 118 10 103 49 88 08 394 07 118 10 103 49 88 08 394 07
d) Unallocated 064 4 25 4 25 4 44 7 81 2 14 15.90

Total 1,422 97 1,631 66 1,511..29 6,196.36 1,440.45 1,649.08 1,529.43 6,262.55

Less : Inter segment revenue 0 42 0 53
Nat segment A!venue 1.422.97 1,631.66 1.511.29 6.196 36 1.440.45 1.649.08 1,529.01 6 ,262.02

2 Segm1tnl results:

a) Agri machinery products 118 97 161 82 16664 666 49 119 84 160 99 168 38 666 04
b) Construction equipments 5 36 20 75 5 89 37 81 5 36 20 75 5 89 37 81
c) Railway equipmenls 2362 15 63 22 30 78 32 23 62 1563 22 30 78 32
d) Aulo ancillary products (discontinued operation)
1 74 1 89 1 74 1 89

Total 147.95 198.20 196.57 784.51 14a.82 197.37 198.31 784.06

Ltss :

• Finance costs 5 86 7 47 2 87 18 48 624 7 85 396 19 54

Exceptional items (refer nole 5) (10 91) (5 56)

Other unallocable expenditure 12.95 12 90 12 88 53 85 13 22 16 71 1325 54 41

(Net of unallocable income)

T olal profit before tax 129.14 177.83 180.82 723.09 129.35 172.81 181 .10 715.67

3 SeQrntint 11 Hets

a) Agri machinery products 2.741 88 2 ,974 62 2,435 49 2.974 62 2.762 67 3 005 26 2.447 90 3 .005 26
b) Construction equipments 402 65 420 54 388 68 420 54 40265 420 54 38868 420 54
c) Railway equipments 253 89 21469 184 35 214 69 253 89 214 69 184 35 214 69
d) Auto ancillarv products (discontinued operation) 1 14 110 1 08 110 114 1 10 1 08 1 10
e) Unallocated 1 372 42 1385..99 1 51525 1 385"9 1 048 90 1 066 60 1 204 74 1 006 60

4,771 .98 4.996.94 4.524,85 4,996.94 4,469 25 4,708.19 4.226.75 4,708.19

4 Sogn'lonl liabilities
a) Agri machinery products 1.149 05 1.405 79 1.278 .36 1.405 79 1,165 01 1.431 76 1.285 01 1.431 76
b) Construction equipmenls 245 34 277 09 299 05 277 09 245 34 277 09 299 05 277 09
c) Railway equipments 101 71 80 70 97 71 80 70 101 77 80 70 97 77 80 70
d) Aulo ancillary products (drs<:ontinued operation} 7 53 7 56 176 7 56 7 53 7 56 7 76 7 56
e) Unallocaled 15667 202 94 173.12 202 94 181 99 231 95 200 85 231 95

Toll I 1.660.36 1.974.08 1,856.06 1,974.08 1.701.64 2,029.06 1,890.44 2.029.06

• Refer nole 2

Notes:
1 The above standalone and consolidated financial results for the quar1er ended June 30, 2019 were reviewed by lhe Audit Committee and approved by the Board of Direclors of the Company at their meetings held on July 27, 2019

In standalone resulls figures for lhe quarter ended March 31 , 2019 are the balancing figures between audited figures in respect of lhe full financial year and published year to date figures upto the third quarter or the year ended March 31 , 2019

3 The figures in the consolidated financial results for lhe preceding quar1er ended March 31 , 2019 and corresponding quarter ended June 30, 2018 have been approved by the Company's Board or Directors. but have not been subjected to audi1 or
review.
4 The Group has adopted Ind AS 116 ..LOMeS. effeclive April 1, 2019. as notified by the Ministry of Corporate Affairs (MCA) in the Companies (Indian Accounting Slandards) Amendment Rules. 2019, using modified retrospeclive method The adoption
of this standard did not have any maleri.at Impact on lhe profit of the current quarter.
5 E>~ p11onal i1ems of Rs 10.91 crores (In standalone results) and Rs 5 56 crores (in consolidaled results) during year ended March 31, 2019 represent income from transler of Rough Terrain Cranes business to the newly formed Joint Venture with Mis
Tttda110 Umi1ed on a slump sale basis.
6 Previous period figures have been re-grouped I reclassified wherever necessary, lo conform to current period's classification

SIGNED FOR
IDENTIFICATION
PURPOSE ONLY
Place Faridabad
Dale 27/0712019

Escorts Limited
Phone: 0129-2250222, Fax: 0129-2250060
E-mail: corpsect@ndb venl net.in, Website: WNW eecort~roup com
Registered Office : 1515, Mathura Road, Faridabad - 1.21 003, Hary•na
CIN - L74AHHR19.WPLC039088
 Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP

21st Floor, DLF Square
Jacaranda Marg, DLF Phase II
Gurugram - 122 002
India

T +91 124 462 8000

F +91 124 462 6001

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results

and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Escorts Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results ('the
Statement') of Escorts Limited ('the Company') for the quarter ended 30 June 2019, being
submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant
circulars issued by the Securities and Exchange Board of India ('SEBI') from time to time.

2. The Statement, which is the responsibility of the Company's Management and approved by the
Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting
('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular
CIR/CFD/FAC/62/2016 dated 5 July 2016, (hereinafter referred to as 'the SEBI Circular'), and
other accounting principles generally accepted in India. Our responsibility is to express a
conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. A
review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
the Standards on Auditing specified under section 143(10) of the Act, and consequently, does
not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion .

Chartered Accountants Walker Chandiok & Co LLP is registered

with limited liability with identiftcation
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Neida and Pune number AAC-2085 and Its registered office
at L41 Connaught Circus, New Delhi,
110001, India
Walker Chandiok &.Co LLP

4. Based on our review conducted as above nothing has come to our attention that causes us to
believe that the accompanying Statement, prepared in accordance with the recognition and
measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, the
SEBI Circular, and other accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in accordance with the requirements of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended),
including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No: 001076N/N500013

~~$/
Siddharth Talwar
Partner
Membership No: 512752
UDIN : \9?\ 115'1. flAAf)BJ9ro 2-.
Place: Faridabad
Date: 27 July 2019
 Walker Chandiok &..Co LLP

Walker Chandiok & Co LLP

21st Floor, DLF Square
Jacaranda Marg, DLF Phase II
Gurugram -122 002
India

T +91 124 462 8000

F +91 124 462 8001

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the
Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Escorts Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the
Statement') of Escorts Limited ('the Holding Company') and its subsidiaries (the Holding Company and
its subsidiaries together referred to as 'the Group'), its associate and joint ventures (refer Annexure 1
for the list of subsidiaries, associate and joint ventures included in the Statement) for the quarter ended
30 June 2019 being submitted by the Holding Company pursuant to the requirements of Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended),
including relevant circulars issued by the Securities and Exchange Board of India ('SEBI') from time to
time. Attention is drawn to the fact that the consolidated figures for the preceding quarter and
corresponding quarter ended 30 June 2018 as reported in the Statement have been approved by the
Holding Company's Board of Directors, but have not been subjected to audit or review.

2. This Statement, which is the responsibility of the Holding Company's management and approved by
the Holding Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind
AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), SEBI Circular
CIR/CFD/FAC/62/2016 dated 5 July 2016, (hereinafter referred to as 'the SEBI Circular). and other
accounting principles generally accepted in India. Our responsibility is to express a conclusion on the
Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the
Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters. and
applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act,
and consequently, does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion .

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated
29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

Walker Chandiok & Co LLP is registered

Chartered Accountants with limited liability with identification
number AAC-2085 and ils registered of!lce
Offices in Bengaluru , Chandtgarh., Chennai, Gurugram, Hyderabad , Kochi, Kolkata , Mumbai, New Delhi. Noida and Pune at L-41 Connaughl Circus, New Oelhi,
110001 , India
 Walker Chandiok &.Co LLP
4. Based on our review conducted and procedures performed as stated in paragraph 3 above and
upon consideration of the review report of the other auditors referred to in paragraph 5 below,
nothing has come to our attention that causes us to believe that the accompanying Statement,
prepared in accordance with recognition and measurement principles laid down in Ind AS 34,
prescribed under Section 133 of the Act, the SEBI Circular(s) and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in
accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed,
or that it contains any material misstatement.

::>. We did not review the financial results of one subsidiary included in the Statement, whose financial
information reflects total revenue of ~ Nil, total net profit after tax of ~ 0.12 crores and total
comprehensive income of~ 0.12 crores, for the quarter ended on 30 June 2019, as considered in
the Statement. These financial results have been reviewed by other auditors whose review report
has been furnished to us by the management, and our conclusion in so far as it relates to the
amounts and disclosures included in respect of this subsidiary is based solely on the review report
of such other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

6. The Statement includes the interim financial information of five subsidiaries, which have not been
reviewed/audited, whose interim financial information reflect total revenues of~ 25.14 crores, net
loss after tax of~ 0.42 crores and total comprehensive loss of~ 0.86 crores for the quarter ended
30 June 2019 as considered in the Statement, which have not been reviewed by their auditors, and
have been furnished to us by the Holding Company's management. The Statement also includes
the Group's share of net profit after tax of~ 0.02 crores and total comprehensive income of~ 0.02
crores for the quarter ended on 30 June 2019, in respect of one associate and three joint ventures,
based on their interim financial information, which have not been reviewed by their auditors, and
have been furnished to us by the Holding Company's management. Our conclusion on the
Statement, and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended), read with SEBI Circular, in so far as it relates to
the aforesaid subsidiaries, associate and joint ventures, are based solely on such
unreviewed/unaudited interim financial information. According to the information and explanations
given to us by the management, these interim financial information are not material to the Group.

Our conclusion is not modified in respect of this matter.

For Walker Chandiok & Co LLP

Chartered Accountants
Firm Registration No: 001076N/N500013

4$¥
Siddharth Talwar
Partner
Membership No. 512752
UDIN ! 1°f5',2.l;-l-.A"1~~ Bl<'-q\)5
Place : Faridabad
Date: 27 July 2019

Chart.ml Accountanll
Walker Chandiok &.Co LLP

Annexure 1

List of entities included in the Statement

Subsidiaries:
1. Escorts Securities Limited
2. Farmtrac Tractors Europe Sp. Z.o.o.
3. Escorts Crop Solutions Limited
4. Baba Chadaneswar Agri Services LLP (dissolved on 22 March 2019)
5. Pancha Sakha Agri Services LLP (dissolved on 22 March 2019)
6. Jay Jagannath Agri Services LLP (dissolved on 22 March 2019)
7. Revanpalli Raytu Sangam Agri Services LLP (dissolved on 22 March 2019)
8. Haritha Raithu Mithra Agri Services LLP (dissolved on 22 March 2019)
9. Escorts Finance Limited
10. Escorts Benefit and Welfare Trust
11 . Escorts Benefit Trust

Associate:
1. Escorts Consumer Credit Limited

Joint venture:
1. Adico Escorts Agri Equipment Private Limited
2. Tadano Escorts India Private Limited
3. Escorts Kubota India Private Limited
 c
ESCORTS

Escorts Ltd. Ql Profit at~ 87.5 er.

• Tractor volumes at 21,051 units

• Construction Equipment volumes at 1,067 units
• EBIDTA at~ 142.4 crore
• Profit at~ 87.5 crore
• EPS at~ 7.32

New Delhi, July 27, 2019: Escorts Limited today reported net profit of< 87.5 crore in
quarter ended June 30, 2019 as against a profit of< 120.7 crore in corresponding quarter
of the previous fiscal and as against< 121.4 crore in sequential quarter.

R f • ti t < 1 423 crores as against < 1,511.3 cores in

QI Highlights (YoY) corresponding quarter. EBIDTA for the
quarter ended June 30, 2019 was at <
--- 142.4 crore against < 185.5 crore in
Tractor
21,051 units quarter ending June 2018. EPS reported
Volame
at < 7.32 as against < 10.10 in
Construction corresponding quarter.
Volame 1,067 units

Speaking on the results, Mr. Nikhil

Raihray Nanda, Chairman and Managing
"118.1 Cr.
Revenue Director, said, "Escorts has been
treading aligned to expectations across
Total Revemae Agri Machinery, Construction and
From O,.ratlom
' 1,423.0 Cr.
Railway businesses. Tractor industry has
been slowing down since last few months,
~ 142.4 Cr.
EBJDTA thus our endeavor is to keep revenue and
10.00,(,
profitability intact with strategic
initiatives and elimination of waste and
t 87.S Cr.
!let Profit inefficiencies. We will continue to invest in
6.2"/o
critical new products and technologies,
efficient and diversified distribution which
will enable us to increase our market
share across domestic & export markets."

ESCORTS LIMITED
Registen:J Office: 15/5, :\fathura RoaJ, [.'ariJabad 121 003, India
Tel.: +91-129-2250222 l,.ax: +91-129·2250009
I ·:-mail: [email protected] Website: www.escortsgroup.com
Corporate Identification Number 1.748991lR19441'1.C039088
Page 1 of2
 c
ESCORTS
SEGMENT WISE PERFORMANCE

Escorts Agri Machinery (EAM}

Tractor sales volume for the quarter ended June 2019 were 21,051 tractors as against
24,494 tractors in quarter ended June 2018. Segmental revenues came at~ 1,092.0 crore
in quarter ending June 2019 as against~ 1, 177 .2 crore in quarter ended June 2018. EBIT
margin stood at 10.9% for quarter ended June 2019.

Escorts Construction Equipment (ECE)

Construction equipment sales volume for the quarter ended June 2019 were 1,067
machines as against 1,345 machines in quarter ended June 2018. Segmental revenues
came at~ 212.2 crore in quarter ending June 2019 as against~ 246.0 crore in quarter
ended June 2018. EBIT margin correspondingly up by 13 bps, stood at 2.5% for quarter
ended June 2019.

Railway Products Division (RED)

Railway division sales in the quarter ended June 2019 correspondingly went up by 34.1 %
at n 18.1 crore as against~ 88.1 crore in quarter ended June 2018 and sequentially up
by 14 .1 % against ~ 103. 5 crore in quarter ended March 2019. This quarter we have better
product mix, higher spare sales sequentially, that resulted in EBIT margin moving up by
491 bps, now stood at 20.0% for quarter ended June 2019. Current order book as of 30th
June 2019 is around~ 400 crore that will be executed in the next 13-15 months.

The reviewed accounts of the quarter ending June 2019 has been approved by the Board of
Escorts Limited.

For further information, kindly contact:

~ -----f' ~
Bharat Madan
I

Group CFO & Corporate Head

Escorts Ltd.
Email: - bhara t.ma dan @escorts.co.in
Phone: +91 129 2564838

ESCORTS LIMITED
Rcgistm:J Office: 15/5, Mathura RoaJ , l;ariJabaJ 121 003, InJia
Tel.: +91-129-2250222 l,.ax: +91 -129·2250009
I ·'.-mail: cscortsgrnup@ escorts.co.in Website: www.escortsgroup.com
Corporate !Jcntification Number J,7 4899 l IR 19441'1 .C039088
Page 2 of2
 Earning Presentation
Q1FY20
BSE: 500495 | NSE: ESCORTS Copyright © Escorts Ltd. 1
 Content
Highlights
Tractor Industry
Construction Industry
Escorts Ltd
Q1FY20
Credit Rating & Debt profile
Management Message
Segments Highlights
Q1FY20
Recent Development
Share Holding Pattern
Annexure

27/07/2019 Copyright © Escorts Ltd. 2

 Domestic Tractor Industry Overview
Quarterly
2.2
2.2

1.9
1.9

1.6

Q ended Jun'18 Q ended Sep'18 Q ended Dec'18 Q ended Mar'19 Q ended Jun'19

• In Q1FY20 on Y-o-Y domestic Industry down by 15%.

• Industry in Q1FY20 on Y-o-Y basis in North and central region de-grew by 2%, whereas industry de-grew by 31% in South
and west region.

• The long term growth fundamentals of industry are strong with lowering of the replacement cycle, but the pace of
monsoon and the central & state Government’s policy roll out would govern the short term industry performance.

27/07/2019 Copyright © Escorts Ltd. In Lakh 3

 Served-Construction Industry Overview
Quarterly
17.8
15.7
14.7 14.2

10.7

Q ended June'18 Q ended Sept'18 Q ended Dec'18 Q ended Mar'19 Q ended June'19

• Served industry (Backhoe Loaders, PnC and Compactors) went down by 27.1% in Q1FY20 wrt to LY.
• BHL industry down by 30.9% in Q1FY19 followed by crane with 16.5% degrowth and Compactors industry
by 14.8%.

*Served industry include- Cranes, Backhoe loaders and Compactors

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 Escorts Ltd. Q1FY20 at a Glance

Industry Escorts Ltd.

Particulars (YoY) Growth Growth
Comments

Domestic Tractor Volume -14.7% -15.9% -1.2%

Export Tractor Volume -30.0% 67.4% 97.4%

Construction Served Industry Volume -27.1% -20.7% 6.4%

Railway Segment Revenue 34.1%

27/07/2019 Copyright © Escorts Ltd. 5

 …Escorts Ltd. Q1FY 20 at a Glance
Escorts Ltd. Particulars (YoY)* Q1FY20 Q1FY19 Comments

Domestic Tractor Market Share 10.5% 10.7% 16 bps

Revenue ₹ 1,423.0 Cr. ₹ 1,511.3 Cr. -5.84%

Material Cost 68.9% 67.6% 137 bps

Manpower Cost 8.6% 8.0% 60 Bps

EBIDTA ₹ 142.4 Cr. ₹ 185.5 Cr. -23.3%

EBIDTA Margin 10.0% 12.3% -227 bps

PAT ₹ 87.5 Cr. ₹ 120.7 Cr. -27.5%

EPS ₹ 7.32 ₹ 10.10 -27.5%

27/07/2019 *Standalone Number Copyright © Escorts Ltd. 6

 …Escorts Ltd. Q1FY 20 at a Glance
Escorts Ltd. Particulars (QoQ)* Q1FY20 Q4FY19 Comments

Domestic Tractor Market Share 10.5% 15.0% -448 bps

Revenue ₹ 1,423.0 Cr. ₹ 1,631.7 Cr. -12.8%

Material Cost 68.9% 68.8% 20 bps

Manpower Cost 8.6% 7.2% 138 Bps

EBIDTA ₹ 142.4 Cr. ₹ 189.8 Cr. -25.0%

EBIDTA Margin 10.0% 11.6% -162 bps

PAT ₹ 87.5 Cr. ₹ 121.4 Cr. -27.9%

EPS ₹ 7.32 ₹ 10.16 -27.9%

27/07/2019 *Standalone Number Copyright © Escorts Ltd. 7

 Escorts Ltd. Highlights Q1FY20
21,051 Units 1,067 Units ₹ 1,423.0 Cr.

Tractor Volume Construction Volume Revenue

-14.1% -16.3% -20.7% -26.7% -5.8% -12.8%

Q1FY19 Q4FY19 Q1FY19 Q4FY19 Q1FY19 Q4FY19
to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

₹ 142.4 Cr. 10.0% to sales ₹ 87.5 Cr. 6.2% to sales ₹ 7.32

₹
EBIDTA Net Profit EPS
-23.4% -25.0% -27.5% -27.9%
(-227 bps) (-162 bps) (-184 bps) (-129 bps) -27.5% -27.9%
Q1FY19 Q4FY19 Q1FY19 Q4FY19 Q1FY19 Q4FY19
to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

27/07/2019 Copyright © Escorts Ltd. 8

 Credit Rating & Debt profile
External
Credit LBBB- LBBB LBBB+ A- A A+ AA- AA-
Rating

(₹ Crs.) 600
553 436 480 361 263 50 277 124 120 .0

111.0
500 100 .0

96.0

400 290 80.0

206 302
300

50.0 60.0

57.0

200
220 40.0

159
220
263 31.0 28.6
230 18.5
178
100 20.0

140 124
104
50 49 5.9
0

8 -

FY 11-12 FY 12-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY18-19 Q1FY19-20

Term Loan Commercial paper WC Finance Cost

*Nos. from FY 11-12 to FY 14-15 is as per IGAAP.

*Finance Cost for FY 12-14 is for 18 months.
27/07/2019 Copyright © Escorts Ltd. 9
 Management Message

Nikhil Nanda, Chairman and Managing Director

“Escorts has been treading aligned to expectations across Agri

Machinery, Construction and Railway businesses. Tractor industry has
been slowing down since last few months, thus our endeavor is to keep
revenue and profitability intact with strategic initiatives and
elimination of waste and inefficiencies. We will continue to invest in
critical new products and technologies, efficient and diversified
distribution which will enable us to increase our market share across
domestic & export markets.”

27/07/2019 Copyright © Escorts Ltd. 10

Highlights

Q1FY20

27/07/2019 Copyright © Escorts Ltd. 11

 EAM (Escorts Agri Machinery) Q1 Segment Highlights
20,122 Units 929 Units ₹ 1,092.0 Cr.

Domestic Volume Export Volume Revenue

-15.9% -16.6% +67.4% -9.4% -7.2% -11.3%
Q1FY19 Q4FY19 Q1FY19 Q4FY19 Q1FY19 Q4FY19
to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

10.5% ₹ 119.0 Cr. 10.9%

Domestic SOM
EBIT
-16 bps -448 bps -28.6% -26.5%
(-326bps) (-225 bps)
Q1FY19 Q4FY19 Q1FY19 Q4FY19
to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

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 ECE (Escorts Construction Equipment) Q1 Segment Highlights
1,067 Units ₹ 212.2 Cr. ₹ 5.4 Cr. 2.5%

Volume Revenue EBIT

-20.7% -26.7% -13.7% -27.6% -9.1% -74.2%
+13 bps -456 bps
Q1FY19 Q4FY19 Q1FY19 Q4FY19 Q1FY19 Q4FY19
to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

RED (Railway Equipment Division) Q4 Segment Highlights

Approx. ₹ 400 Cr. ₹ 118.1 Cr. ₹ 23.6 Cr. 20.0%

Order Book Revenue EBIT

As of 30th June 2019 +34.1% +14.1% +5.93% 51.2%
(-532 bps) (+491 bps)

Q1FY19 Q4FY19 Q1FY19 Q4FY19

to Q1FY20 to Q1FY20 to Q1FY20 to Q1FY20

27/07/2019 Copyright © Escorts Ltd. 13

 Escorts Agri Machinery (EAM)

NETS (70-90 HP) Atom Series

(New Escorts Tractor Series)
India's first autonomous • Domestic Market
concept tractor • Global portfolio of tractors • (21-30 HP)
for the export market • Orchard and Vineyard
• CRDi engine

Collaborated with seven technology giants namely- Microsoft, Reliance Jio, Trimble, Samvardhana Motherson
Group, WABCO, Bosch and AVL
27/07/2019 Copyright © Escorts Ltd. 14
 CARE – 24X7

27/07/2019 Copyright © Escorts Ltd. 15

 Escorts Construction Equipment (ECE)

Tadano Escorts

Hydra NXT CTI-500XL

EC 5511 Next generation Hydra Pick-n-Carry 50 Ton Slew Crane
Compactor in 11- ton class Crane
• Better Maneuverability • 5 section full power
• Highest gradeability • High Stability partially synchronized
• Sturdy • Deck Utility telescoping boom
• Better visibility

27/07/2019 Copyright © Escorts Ltd. 16

 Share Holding Pattern

30.1% 31.4% 33.3% 31.9% 33.9%

29.8% 28.5% 26.6% 28.0% 25.90%

40.1% 40.1% 40.1% 40.1% 40.20%

Jun'18 Sept'18 Dec'18 Mar'19 June'19

Promoters + Trust Institutions* Public

* FPI/Financial Institutions/ Banks/Insurance Companies As of quarter ended

27/07/2019 Copyright © Escorts Ltd. 17

 Annexure
Quarter June’19 results Escorts Limited
Statement of Standalone & Consolidated Unaudited Financial Results for the quarter ended June 30, 2019
Rs. in Crores
Standalone results Consolidated results
3 Months ended Preceding 3 months Corresponding 3 For the year ended 3 Months ended Preceding 3 months Corresponding 3 For the year ended
ended months ended in ended months ended in
Particulars the previous year the previous year

30-06-2019 31-03-2019 30-06-2018 31-03-2019 30-06-2019 31-03-2019 30-06-2018 31-03-2019

Unaudited Audited* Unaudited Audited Unaudited Refer note 3 Refer note 3 Audited

Income
Revenue from operations 1,422.97 1,631.66 1,511.29 6,196.36 1,440.45 1,649.08 1,529.01 6,262.02
Other income 16.70 17.34 16.98 80.85 17.93 19.64 17.66 92.40
Total income 1,439.67 1,649.00 1,528.27 6,277.21 1,458.38 1,668.72 1,546.67 6,354.42
Expenses
Cost of materials consumed 749.07 993.20 1,016.02 4,040.28 757.73 1,003.88 1,026.02 4,077.48
Purchases of stock-in-trade 77.52 92.17 88.94 403.99 77.52 92.17 88.94 403.99
Changes in inventories of finished goods, work-in-progress
and stock-in-trade 155.12 37.30 (83.03) (203.62) 155.32 36.53 (83.26) (204.54)
Employee benefits expense 122.57 118.03 121.06 471.74 124.92 122.63 123.38 484.73
Finance costs 5.86 7.47 2.87 18.48 6.24 7.85 3.96 19.54
Depreciation & amortisation expense 24.11 21.81 20.57 85.37 24.75 22.47 20.84 87.21
Other expenses 176.28 201.19 182.76 750.68 182.56 208.96 187.35 775.83
Total expenses 1,310.53 1,471.17 1,349.19 5,566.92 1,329.04 1,494.49 1,367.23 5,644.24
Profit from continuing operations before share of net
profit of investment accounted for using the equity 129.14 177.83 179.08 710.29 129.34 174.23 179.44 710.18
method, exceptional items and tax
Share of profit / (loss) of investments accounted for using
- - - -
equity method 0.02 (1.42) (0.08) (1.96)
Profit from continuing operations before exceptional
129.14 177.83 179.08 710.29 129.36 172.81 179.36 708.22
items and taxes
Exceptional items (refer note 5) - - - 10.91 - - - 5.56
Profit from continuing operations before tax 129.14 177.83 179.08 721.20 129.36 172.81 179.36 713.78

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 Annexure
Quarter June’19 results

Tax expense
Current tax 42.88 45.91 51.38 198.63 42.88 45.91
Deferred tax charge / (credit) (1.23) 10.57 8.14 38.89 (1.18) 10.48
Total tax expense 41.65 56.48 59.52 237.52 41.70 56.39
Net profit from continuing operations after tax 87.49 121.35 119.56 483.68 87.66 116.42
Profit from discontinued operations before tax - - 1.74 1.89 - -
Tax expense of discontinued operations - - 0.61 0.66 - -
Net profit from discontinued operations after tax - - 1.13 1.23 - -
Net profit for the period 87.49 121.35 120.69 484.91 87.66 116.42
Other comprehensive income
Items that will not be reclassified to profit and loss
Net changes in fair values of equity instruments carried at fair
(0.09) 4.21 (0.01) 4.03 (0.09) 4.21
value through other comprehensive income
Re-measurements of defined employee benefit plans - (2.01) - (1.74) - (1.99)

Income tax relating to items that will not be reclassified to

0.01 5.80 - 5.73 0.01 5.79
profit or loss
Items that will be reclassified to profit or loss

Exchange differences on translation of foreign operations - - - (0.43) 0.28

-
Income tax relating to items that will be reclassified to profit or
- - - - -
loss -
Total other comprehensive income (0.08) 8.00 (0.01) 8.02 (0.51) 8.29
Total comprehensive income 87.41 129.35 120.68 492.93 87.15 124.71

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 Annexure
Quarter June’19 results

Profit attributable to:

a) Owners of the parent - - - - 87.74 116.70
b) Non-controlling interests - - - - (0.08) (0.28)
Other comprehensive income attributable to:
a) Owners of the parent - - - - (0.51) 8.28
b) Non-controlling interests - - - - - 0.01
Total comprehensive income attributable to:
a) Owners of the parent - - - - 87.23 124.98
b) Non-controlling interests - - - - (0.08) (0.27)
Earnings per share (for continuing operation) of Rs. 10
each :
(a) Basic (Rs.) 7.32 10.15 10.01 40.48 10.23 13.60
(b) Diluted (Rs.) 7.32 10.15 10.01 40.48 10.23 13.60
Earnings per share (for discontinued operation) of Rs.
10 each :
(a) Basic (Rs.) - - 0.09 0.10 - -
(b) Diluted (Rs.) - - 0.09 0.10 - -
Earnings per share (for discontinued & continuing
operation) of Rs. 10 each :
(a) Basic (Rs.) 7.32 10.15 10.10 40.58 10.23 13.60
(b) Diluted (Rs.) 7.32 10.15 10.10 40.58 10.23 13.60

Paidup equity share capital, equity share of ? 10/- each 122.58 122.58 122.58 122.58 122.58 122.58
Other equity - - - 2,900.28 - -
* Refer note 2
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 Annexure
Quarter June’19 results ESCORTS LIMITED
Segment wise revenue, results and capital employed for the quarter ended June 30, 2019
Rs. in Crores
Standalone Consolidated
3 Months ended Preceding 3 months Corresponding 3 For the year ended 3 Months ended Preceding 3 months Corresponding 3 For the year ended
Sl. ended months ended in the ended months ended in the
Particulars previous year previous year
No.
30-06-2019 31-03-2019 30-06-2018 31-03-2019 30-06-2019 31-03-2019 30-06-2018 31-03-2019
Unaudited Audited* Unaudited Audited Unaudited Refer note 3 Refer note 3 Audited

1 Segment revenue:
a) Agri machinery products 1,092.03 1,230.89 1,177.21 4,743.97 1,105.71 1,244.75 1,193.21 4,798.51
b) Construction equipments 212.20 293.03 246.00 1,054.07 212.20 293.03 246.00 1,054.07
c) Railway equipments 118.10 103.49 88.08 394.07 118.10 103.49 88.08 394.07
d) Unallocated 0.64 4.25 - 4.25 4.44 7.81 2.14 15.90

Total 1,422.97 1,631.66 1,511.29 6,196.36 1,440.45 1,649.08 1,529.43 6,262.55

Less: Inter segment revenue - - - - - - 0.42 0.53

Net segment revenue 1,422.97 1,631.66 1,511.29 6,196.36 1,440.45 1,649.08 1,529.01 6,262.02

2 Segment results:
a) Agri machinery products 118.97 161.82 166.64 666.49 119.84 160.99 168.38 666.04
b) Construction equipments 5.36 20.75 5.89 37.81 5.36 20.75 5.89 37.81
c) Railway equipments 23.62 15.63 22.30 78.32 23.62 15.63 22.30 78.32

d) Auto ancillary products (discontinued operation)

- - 1.74 1.89 - - 1.74 1.89

Total 147.95 198.20 196.57 784.51 148.82 197.37 198.31 784.06

Less :

- Finance costs 5.86 7.47 2.87 18.48 6.24 7.85 3.96 19.54

- Exceptional items (refer note 5) - - - (10.91) - - - (5.56)

- Other unallocable expenditure 12.95 12.90 12.88 53.85 13.22 16.71 13.25 54.41
(Net of unallocable income)

Total profit before tax 129.14 177.83 180.82 723.09 129.36 172.81 181.10 715.67

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 Annexure
Quarter June’19 results
3 Segment assets
a) Agri machinery products 2,741.88 2,974.62 2,435.49 2,974.62 2,762.67 3,005.26 2,447.90 3,005.26
b) Construction equipments 402.65 420.54 388.68 420.54 402.65 420.54 388.68 420.54
c) Railway equipments 253.89 214.69 184.35 214.69 253.89 214.69 184.35 214.69
d) Auto ancillary products (discontinued operation) 1.14 1.10 1.08 1.10 1.14 1.10 1.08 1.10
e) Unallocated 1,372.42 1,385.99 1,515.25 1,385.99 1,048.90 1,066.60 1,204.74 1,066.60

4,771.98 4,996.94 4,524.85 4,996.94 4,469.25 4,708.19 4,226.75 4,708.19

4 Segment liabilities
a) Agri machinery products 1,149.05 1,405.79 1,278.36 1,405.79 1,165.01 1,431.76 1,285.01 1,431.76
b) Construction equipments 245.34 277.09 299.05 277.09 245.34 277.09 299.05 277.09
c) Railway equipments 101.77 80.70 97.77 80.70 101.77 80.70 97.77 80.70
d) Auto ancillary products (discontinued operation) 7.53 7.56 7.76 7.56 7.53 7.56 7.76 7.56
e) Unallocated 156.67 202.94 173.12 202.94 181.99 231.95 200.85 231.95

Total 1,660.36 1,974.08 1,856.06 1,974.08 1,701.64 2,029.06 1,890.44 2,029.06

* Refer note 2

Notes :
1 The above standalone and consolidated financial results for the quarter ended June 30, 2019 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on July 27, 2019.

2 In standalone results figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto the third quarter of the year ended March 31,
2019.
3 The figures in the consolidated financial results for the preceding quarter ended March 31, 2019 and corresponding quarter ended June 30, 2018 have been approved by the Company’s Board of Directors, but have not been subjected to
audit or review.
4 The Group has adopted Ind AS 116 "Leases" effective April 1, 2019, as notified by the Ministry of Corporate Affairs (MCA) in the Companies (Indian Accounting Standards) Amendment Rules, 2019, using modified retrospective method.
The adoption of this standard did not have any material impact on the profit of the current quarter.
5 Exceptional items of Rs 10.91 crores (in standalone results) and Rs 5.56 crores (in consolidated results) during year ended March 31, 2019 represent income from transfer of Rough Terrain Cranes business to the newly formed Joint
Venture with M/s Tadano Limited on a slump sale basis.
6 Previous period figures have been re-grouped / reclassified wherever necessary, to conform to current period's classification.

For Escorts Limited

Place : Faridabad Nikhil Nanda

Date : 27/07/2019 (Chairman and Managing Director)

Escorts Limited
Phone: 0129-2250222, Fax: 0129-2250060
E-mail: [email protected], Website: www.escortsgroup.com
Registered Office : 15/5, Mathura Road, Faridabad – 121 003, Haryana
CIN - L74899HR1944PLC039088

27/07/2019 Copyright © Escorts Ltd. 22

 Safe Harbor
Certain statements in this document include forward-looking comments and information concerning the
company’s plans and projections for the future, including estimates and assumptions with respect to
economic, political, technological, weather, market acceptance and other factors that impact our businesses
and customers. Such forward-looking statements are subject to certain risks and uncertainties like regulatory
changes, local political or economic developments, and many other factors that could cause our actual results
to differ materially from those contemplated by the relevant forward-looking statements. Escorts Limited will
not be in any way responsible for any action taken based on such statements and undertakes no obligation to
publicly update these forward-looking statements to reflect subsequent events or circumstances.

Contact Details Bharat Madan +91 129 2564837

Escorts Ltd. (Group Chief Financial Officer & [email protected]
(CIN: L74899HR1944PLC039088) Corporate Head)

Corporate Centre
15/5 Mathura Road
Faridabad – 121003 Prateek Singhal +91 129 2564921
Phone: +91 129 2250222
(Financial Analyst & Investor [email protected]
www.escortsgroup.com Relations)
[email protected]

27/07/2019 Copyright © Escorts Ltd. 23

 SCORTS LTD.
Engineering the Fundamentals of Growth

27/07/2019 Copyright © Escorts Ltd. 24