May 9, 2024

BSE Limited National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex,
Dalal Street, Mumbai – 400001 Bandra East, Mumbai – 400051

BSE – 500495 NSE - ESCORTS

Sub: Intimation of Press Release/ Earning Presentation

Dear Sir/ Ma’am,

Please find enclosed herewith the Press Release and Earning Presentation on the
Audited Financial Results (Standalone and Consolidated) for the quarter and financial year ended
March 31, 2024.

Kindly take the same on record.

Thanking you,
Yours faithfully,
For Escorts Kubota Limited
ARVIND Digitally signed by
ARVIND KUMAR

KUMAR Date: 2024.05.09

15:09:25 +05'30'
Arvind Kumar
Company Secretary

Encl.: As above

Escorts Kubota Limited

(Formerly Escorts Limited)
Registered Office - 15/5, Mathura Road, Faridabad - 121003, Haryana, India
Tel.: +91-129-2250222 | E-mail: [email protected] | Website: www.escortskubota.com
Corporate Identification Number L74899HR1944PLC039088
 Q4 FY24 | EARNING PRESENTATION

9th May 2024

BSE: 500495 | NSE: ESCORTS

09-05-2024 Escorts Kubota Limited 1

 SAFE HARBOR

Certain statements in this document may 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 Kubota
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.

Accounting standard: Financials in presentation are as per IndAS.

All numbers are rounded off to nearest decimal

09-05-2024 Escorts Kubota Limited 2

 CONTENTS

01 02 03 04

Company FY Standalone Q4 Standalone Segment Wise

Overview Highlights Highlights Performance

05 06 07

Shareholding Q4/FY Annexure &

Pattern Consolidated Narrations
Highlights

09-05-2024 Escorts Kubota Limited 3

Escorts Kubota Limited: Overview
(Formerly Escorts Limited)

Standalone Revenue in ₹. Crore.

Escorts Kubota Limited (EKL) A leading engineering conglomerate with FY24 8,777

a history of over seven decades, steering India’s socio-economic growth

through pioneering contribution in critical industrial sectors. FY23 8,345

Three Business Divisions:

FY22 7,197
1. Agri Machinery – Tractors, Engine, implements, Spare parts and Lubes

2. Construction Equipment – Material handing, Road compaction and Earth Moving Equipment.
FY21 6,929
3. Railway Equipment – Brake System, Couplers, Suspension System, Friction & rubber Products.

FY20 5,761

Headquartered In: Faridabad, Haryana, India

FY19 6,196
Manufacturing Facilities: 6 Plants* located in Faridabad, Haryana, India

Exchange Listing# : Listed on NSE and BSE FY18 5,016

Market Capitalization: ~ Rs 39,100 Crores as on 8 May 2024

09-05-2024 * Excluding JVs and Subsidiaries and including R&D center Escorts Kubota Limited # EKL is no longer listed on DSE owing to DSE having been de-recognised by SEBI 4
…a true wealth creator…
EKL Market Capitalization (₹ Crores)

39,100

30,690

24,950
22,310
18,710

10,030 9,760
8,120
6,600

610 1,480 1,560 1,710

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 As on 8 May
2024
As on 31 March for corresponding year.

S&P BSE 200 ~ 4.5X

Nifty 50 ~ 4X

EKL Credit Rating Upgrade

LBBB In FY13 A In FY17 AA+ In FY24

CRISIL

Number rounded off to nearest 10

Escorts Kubota Limited 5
 Standalone Highlights – FY24 YoY

Industry EKL
Particulars Variance
Growth Growth
Domestic Tractor Volume -7.4% -5.3% 2.1%

Export Tractor Volume -21.4% -30.0% -8.5%

Total Tractor Volume -9.0% -7.2% 1.8%

PNC Volume 52.3% 48.8% -3.5%

BHL Volume 22.6% 2.4% -20.2%

Compactor Volume 42.2% 40.1% -2.1%

Served Construction Equipment Volume* 29.1% 42.5% 13.3%

Railway Segment Revenue 12.9%

Positive Neutral Negative

*Served Construction Equipment include- PNC Cranes, Backhoe loaders and Compactors % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 6
 FY Standalone Highlights – EKL at a Glance

95,858 6,548 ₹ 950.4 Crore

Tractors Volumes Construction Equipment’s Volume Revenue from Railway Equipment

-7.2% 42.2% 12.9%

₹ 8,776.7 Crore ₹ 1,168.8 Crore ₹ 1,037.2 Crore

Revenue From Operations EBIDTA Profit After Tax

5.2% 49.8% 70.9%

The board of directors have recommended a final dividend at 180% i.e., ₹ 18.0 per equity share for the year ended 31st March 2024

Up YoY Down YoY

Standalone Financials % rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 7
 FY Standalone Highlights – P&L at a Glance

Particulars Unit FY24 FY23 Variance

Revenue from Operations ₹ Cr. 8,776.7 8,345.0 5.2%
Material Cost % 68.8 72.7 -392 bps
Manpower Cost % 7.3 7.1 13 bps
EBIDTA ₹ Cr. 1,168.8 780.4 49.8%
EBIDTA Margin % 13.3 9.4 396 bps
Other Income ₹ Cr. 398.3 280.6 42.0%
PBT Before Exceptional Item ₹ Cr. 1,389.8 902.3 54.0%
PAT ₹ Cr. 1,037.2 607.0 70.9%
EPS ₹ 92.79 46.74 98.5%
Best Ever Performance
Positive Neutral Negative
Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 8
 FY - YoY Revenue up by 5.2%; EBIT up by 95.0%
₹ Cr.

Revenue Key Highlights

• Tractor Sales at 95,858 units down by 7.2%.
• Construction Equipment Sales up by 42.2% at
6,548 units
• Railway Equipment revenue up by 12.9% at ₹ 950.4
Crore.

₹ Cr.
EBIT Key Highlights
• Better price realization.
• Softening in commodity prices
• Effective cost control measures.
• Operating leverage in construction equipment and
railway product Division.
• Higher non-operating income.

Standalone Financials rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 9
 FY24 Standalone Highlights –EKL at a Glance

₹ 92.79 16.0% 11.8%

Earning Per Share
Return on Capital Employed Return on Equity
(Annualized) (Annualized)

~80% ~70% ~₹ 950 Crore

Capacity Utilization Capacity Utilization Of Order Book

Agri Machinery Construction Equipment Railway Equipment Division

(as of 31st March 2024)

Standalone Financials % rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 10
 Standalone Highlights – Q4FY24 YoY

Industry EKL
Particulars Variance
Growth Growth
Domestic Tractor Volume -18.9% -13.7% 5.1%

Export Tractor Volume 6.5% -20.4% -26.8%

Total Tractor Volume -16.2% -14.2% 2.0%

PNC Volume 39.5% 24.8% -14.7%

BHL Volume 16.7% -16.4% -33.1%

Compactor Volume 31.5% 6.1% -25.4%

Served Construction Equipment Volume* 21.7% 18.3% -3.4%

Railway Segment Revenue -10.1%

Positive Neutral Negative

*Served Construction Equipment include- PNC Cranes, Backhoe loaders and Compactors % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 11
 Q4 Standalone Highlights –EKL at a Glance

21,253 1,798 ₹ 213.4 Crore

Tractors Volumes Construction Equipment’s Volume Revenue from Railway Equipment

-14.2% -18.3% 17.5% -0.1% -10.1% 4.1%

(Y-o-Y) (Q-o-Q) (Y-o-Y) (Q-o-Q) (Y-o-Y) (Q-o-Q)

₹ 2,082.5 Crore ₹ 265.9 Crore ₹ 242.1 Crore

Revenue from operations EBIDTA Profit After Tax

-4.6% -10.3% 12.8% -15.0% 30.5% -12.7%

(Y-o-Y) (Q-o-Q) (Y-o-Y) (Q-o-Q) (Y-o-Y) (Q-o-Q)

Up Down

Standalone Financials % rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 12
 Q4 Standalone Highlights – P&L at a Glance

YoY QoQ
Particulars Unit Q4FY24 Q4FY23 Q3FY24 (Change) (Change)

Revenue from Operations ₹ Cr. 2,082.5 2,183.0 2,320.4 -4.6% -10.3%

Material Cost % 68.1 71.5 69.4 -343 bps -125 bps
Manpower Cost % 7.6 7.2 7.0 40 bps 52 bps
EBIDTA ₹ Cr. 265.9 235.8 312.7 12.8% -15.0%
EBIDTA Margin % 12.8 10.8 13.5 197 bps -71 bps
Other Income ₹ Cr. 105.3 76.3 103.5 38.1% 1.8%

PBT Before Expectional Items ₹ Cr. 323.7 271.4 372.3 19.3% -13.0%
PAT ₹ Cr. 242.1 185.5 277.3 30.5% -12.7%
EPS ₹ 22.33 14.27 25.58 56.4% -12.7%

Positive Neutral Negative

Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 13
 Q4 - YoY Revenue down by 4.6%; EBIT up by 19.4%
₹ Cr.

Revenue Key Highlights

• Tractor Sales down by 14.2% at 21,253 units
• Construction Equipment Sales up by 17.5% at
1,798 units
• Railway Equipment revenue down by 10.1% at ₹
213.4 Crore.

₹ Cr.
EBIT Key Highlights
• Better product mix and price realization.
• Softening in commodity prices
• Effective cost control measures.
• Operating leverage in Construction division.
• Higher non-operating income.

Standalone Financials rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 14
 Q4 - QoQ Revenue down by 10.3%; EBIT down by 12.7%
₹ Cr.

Revenue Key Highlights

• Tractor Sales down by 18.3% at 21,253 units
• Construction Equipment Sales down by 0.1% at
1,798 units
• Railway Equipment revenue up by 4.1% at ₹ 213.4
Crore.

₹ Cr.

EBIT Key Highlights

• Impacted by volume drop in Agri Machinery.
• Better realisation in CE division.

Standalone Financials rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 15
 Q4FY24 Standalone Highlights –EKL at a Glance

₹ 22.33 14.4% 10.7%

Earning Per Share Return on Capital Employed Return on Equity

(Annualized) (Annualized)

~75% ~80% ~₹ 950 Crore

Capacity Utilization Capacity Utilization Of Order Book

Agri Machinery Construction Equipment Railway Equipment Division

(as of 31st March 2024)

09-05-2024 Escorts Kubota Limited 16

 Segment Wise Performance

09-05-2024 Escorts Kubota Limited 17

 Agri Machinery

Powering The Dreams Of Farmer

09-05-2024 Escorts Kubota Limited 18

 Q4 Agri Machinery Domestic Performance

Domestic Tractor Industry (in Lakhs) EKL Domestic Tractor Volumes

-27.3% QoQ
2.4 -19.1% QoQ
-18.9%YoY 24,628 -13.7% YoY
2.1 23,081

19,912
1.7

Q3FY24 Q4FY23 Q4FY24

Q3FY24 Q4FY23 Q4FY24

EKL-Tractor
Share of Market at 11.6% in Q4FY24

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 19
 Q4 Agri Machinery Export Performance

Export Tractor Industry (in ‘000s) EKL Export Tractor Volumes

-20.4% YoY
1,684
6.5% YoY
26.5 -2.2% QoQ
24.9 24.3% QoQ
1,371 1,341
21.3

Q4FY23 Q3FY24 Q4FY24 Q4FY23 Q3FY24 Q4FY24

Export through Kubota channel 37%+

5.1% Share of Market in Q4FY24
of total Export volume

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 20
 FY Agri Machinery Domestic Performance

Domestic Tractor Industry (in Lakhs) EKL Domestic Tractor Volumes

9.5 95,266 -5.3% YoY

-7.4% YoY
8.8 90,239

FY23 FY24 FY23 FY24

EKL-Tractor
Share of Market at 10.3% in FY24

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 21
 FY Agri Machinery Export Performance

Export Tractor Industry (in ‘000s) EKL Export Tractor Volumes

124.54 8,024
-21.4% YoY
-30.0% YoY
97.83
5,619

FY23 FY24 FY23 FY24

Export through Kubota channel 39%+

5.7% Share of Market in FY24
of total Export volume

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 22
 Agri Machinery Product Performance – Q4/FY24 Highlights

Particulars Unit Q4FY24 YoY QoQ FY24 YoY

Revenue ₹ Cr. 1,390.7 -10.7% -16.1% 6,110.1 -3.3%

EBIT % 11.2% 123 bps -268 bps 12.7% 344 bps
Capacity Utilization % ~75 ~80

ROCE (Annualized) % 25.0% 32.2%

Q4FY24
• FT:PT Domestic sales ratio at 47:53 as against 44:56 YoY and 43:57 QoQ.
• Less than 40 HP : Greater than 40 HP Domestic Sales Ratio at 31:69 as against 34:66 YoY and 34:66 QoQ.

FY24
• FT:PT Domestic Sales Ratio at 44:56 as against 42:58 YoY.
• Less than 40 HP : Greater than 40 HP Domestic Sales Ratio at 36:64 as that of 37:63 YoY.

➢ More than 1,200 Exclusive Dealers for EKL Brand of tractor in India at end of March 2024.

Up Down At Par
Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 23
 Construction Equipment

Building a
Better Tomorrow

Preferred Partner In Nation Building

09-05-2024 Escorts Kubota Limited 24

 Q4 - Construction Equipment Performance

Served Industry Performance (000’s) EKL Construction Equipment Volumes

-0.1% QoQ
17..7% YoY 1,800 1,798
21.7% YoY 14.4% QoQ 21.9
1,528
19.1
18.0

Q4FY23 Q3FY24 Q4FY24 Q4FY23 Q3FY24 Q4FY24

BHL Industry up by 16.7% YoY PnC Industry up by 39.5% YoY Compactors Industry up by 31.5% YoY

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 25
 FY - Construction Equipment Performance

Served Industry Performance (000’s) EKL Construction Equipment Volumes

6,548
29.1% YoY 71.5
41.7% QoQ

55.4 4,620

FY23 FY24 FY23 FY24

BHL Industry up by 22.6% YoY PnC Industry up by 52.3% YoY Compactors Industry up by 42.2% YoY

Growth

De-Growth rounded off to nearest single decimal

09-05-2024 Escorts Kubota Limited 26
 Construction Equipment Performance – Q4/FY24 Highlights
YoY QoQ YoY
Particulars (EKL) Unit Q4FY24 (Change) (Change)
FY24 (Change)

Volume Nos. 1,798 17.5% -0.1% 6,548 42.2%

PNC SOM % 35.9% -422 bps -475 bps 38.8% -91 bps
Compactor SOM % 5.8% -140 bps -98 bps 6.6% -10 bps
BHL SOM % 1.0% -41 bps -8 bps 1.2% -23 bps
Capacity Utilization* % ~80 ~70
Revenue ₹ Cr. 476.6 23.8% 4.3% 1,709.7 45.0%

EBIT % 10.7% 264 bps 243 bps 9.3% 640 bps

ROCE (Annualized) % 404.5% 353.8%

• Q4FY24
• Served industry at ~21,900 units was up by ~22% YoY & up by ~14.4% QoQ.
• EKL-CE Division Highest ever revenue and EBIT.

• FY24
• Served industry at ~71,500 units was up by ~29.1% YoY.
• EKL-CE Division Highest ever Volume, revenue and EBIT.
Up Down At Par
Standalone Financials * Capacity varies across product category and in Cranes we are working on full Capacity. % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 27
 Railway Equipment Division

Mobility Solutions
Of the future

ENSURING SAFETY AND COMFORT IN RAIL TRANSPORT

09-05-2024 Escorts Kubota Limited 28
 Railway Equipment Performance – Q4/FY24 Highlights

YoY QoQ YoY

Particulars (EKL) Unit Q4FY24 (Change) (Change)
FY24 (Change)

Revenue ₹ Cr. 213.4 -10.1% 4.1% 950.4 12.9%

EBIT % 16.9% 290 bps -154 bps 18.9% 510 bps
Order Book ₹ Cr. ~ 950 ~ 950
ROCE (Annualized) % 43.8% 45.7%

Up Down At Par
Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 29
 Shareholding Pattern

Shareholding Trend
Category Mar'2023 June'2023 Sept'2023 Dec'2023 Mar'2023
Promoters 72.9 67.6 67.6 67.6 67.6
Institutions# 12.8 15.5 16.0 15.3 15.6
Public 12.7 15.0 14.4 15.2 14.9
Non Promoter Non Public 1.7 2.0 1.9 1.9 1.9
Total 100.0 100.0 100.0 100.0 100.0
Capital Reduction in Quarter ended June 2023 on account of treasury stock cancellation

Treasury Stock Cancellation:- Subsequent to approval of the Board of Directors on February 18, 2022 for selective reduction of share capital of
the Company by cancelling and extinguishing 2,14,42,343 Equity Shares, held by the Escorts Benefit and Welfare Trust, the Company filed a
Scheme for reduction of share capital ("the Scheme") between the Company and its shareholders, under Section 66 read with Section 52 and other
applicable provisions of the Companies Act, 2013 and National Company Law Tribunal (Procedure for Reduction of Share Capital of Company)
Rules. 2016, with the Hon'ble NCLT of Chandigarh ("the Tribunal") on August 14, 2022. During the quarter ended June 2023, the Scheme has been
approved by the Tribunal vide its order dated May 25. 2023 ("Order"). The scheme became effective upon filing of the certified copy of the order
of the Tribunal sanctioning this Scheme and the minute of reduction with the RoC on May 29, 2023.

# FPI/Financial Institutions/ Banks/Insurance Companies/QIB/AIF

rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 30
 Q4 Consolidated Highlights – P&L at a Glance

YoY QoQ
Particulars Unit Q4FY24 Q4FY23 (Change)
Q3FY24 (Change)

Revenue from Operations ₹ Cr. 2,093.5 2,214.5 -5.5% 2,341.6 -10.6%

Material Cost % 68.0% 71.6% -355 bps 69.3% -128 bps

Manpower Cost % 7.7% 7.2% 46 bps 7.1% 58 bps

EBIDTA ₹ Cr. 260.6 233.2 11.7% 314.4 -17.1%

EBIDTA Margin % 12.4% 10.5% 192 bps 13.4% -98 bps

Other Income ₹ Cr. 105.6 75.7 39.5% 103.6 1.9%

PBT Before Exceptional Item ₹ Cr. 332.7 277.6 19.8% 379.0 -12.2%

PAT ₹ Cr. 251.9 216.5 16.4% 284.0 -11.3%

EPS ₹ 23.23 19.99 16.2% 26.20 -11.3%

Positive Neutral Negative

Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 31
 FY Consolidated Highlights – P&L at a Glance
YoY
Particulars Unit FY24 FY23 (Change)

Revenue from Operations ₹ Cr. 8,849.6 8,428.7 5.0%

Material Cost % 68.8% 72.6% -386 bps

Manpower Cost % 7.3% 7.2% 12 bps

EBIDTA ₹ Cr. 1,166.7 777.5 50.1%

EBIDTA Margin % 13.2% 9.2% 396 bps

Other Income ₹ Cr. 398.6 280.9 41.9%

PBT Before Exceptional Item ₹ Cr. 1,401.0 887.6 57.8%

PAT ₹ Cr. 1,049.1 636.6 64.8%

EPS ₹ 96.80 58.85 64.5%

Best Ever Performance
Positive Neutral Negative
Standalone Financials % rounded off to nearest single decimal
09-05-2024 Escorts Kubota Limited 32
 Narrations
• EKL - Escorts Kubota Limited • AM – Agri Machinery Products
• FY – Fiscal Year represents the 12 months period from 1st • CE – Construction Equipment
April to 31st March. • RED – Railway Equipment
• Q4FY23 – Represents the 3 months period from 1st January • BHL – Backhoe Loader
2023 to 31st March 2023. • SOM – Share of Market
• Q3FY24 – Represents the 3 months period from 1st October • NPD – New Product Developed
2023 to 31st December 2023. • PnC – Pick & Carry Crane
• Q4FY24 – Represents the 3 months period from 1st January • NSE – National Stock Exchange of India
2024 to 31st March 2024. • BSE – Bombay Stock Exchange
• FY23 – Represents the 12 months period from 1st April • DSE – Delhi Stock Exchange
2022 to 31st March 2023. • EBIDTA - Earnings Before Interest, Depreciation & Taxes
• FY24 – Represents the 12 months period from 1st April • EBIT- Earnings Before Interest & Taxes
2023 to 31st March 2024. • PBT – Profit Before Tax
• QoQ – Represents Quarter on Quarter • PAT – Profit After Tax
• YoY – Represents Year on Year • ROE – Return on Equity, Calculated as PAT divided by
Average capital employed.
• LY – Represents Last Year
• ROCE – Return on Capital Employed, calculated as EBIT
• CY – Represents Current Year divided by Average capital Employed.
• FT – Farmtrac PT - Powertrac

09-05-2024 Escorts Kubota Limited 33

 THANK
YOU

Contact Details
Prateek Singhal
Investor Relations & ESG
Escorts Kubota Ltd. (CIN: L74899HR1944PLC039088)
Corporate Centre
15/5 Mathura Road, Faridabad – 121003
Phone: +91 129 2250222
www.escortskubota.com
Email - [email protected] / [email protected]

09-05-2024 Escorts Kubota Limited 34