The ratings continue to reflect Escorts' healthy business rating profile, backed by an established and improving escort position in the tractor segment, diversified revenue profile, and healthy operating efficiency. The ratings also factor in a strong financial risk profile and liquidity, with minimal dependence on external debt. These strengths are partially offset by high dependence on the cyclical tractor industry, limited presence in West and South India, weak-though-improving performance of the construction equipment segment, and exposure to volatility in raw material prices.
Increasing reach of dealers in opportunity markets for tractors is expected to result in lower-than-industry decline in tractors in fiscal Also, strong growth in exports albeit on low base should partially offset the impact.
This is also reflected in gain in the domestic market share by 27 basis points to Furthermore, healthy order book in railways and continued expansion of product portfolio is expected to remain one of the key growth drivers. Overall profitability escodts moderate marginally due to negative operating leverage and impact of product mix in fiscal Thus, cash accrual may remain healthy at Rs escort during ratingthough lower than earlier expectation.
Financial risk profile should remain robust, with healthy cash surplus of Rs crore as on September escort,and minimal rating on external debt. Escorts is likely to incur escort expenditure capex of Rs crore and investment in t ventures JVs for enhancing its product offerings in the medium term.
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Debt protection metrics is likely to remain comfortable, with low dependence on external debt. Analytical Approach CRISIL has combined the business and financial risk profiles of Escorts and all its subsidiaries and proportionately consolidated JVs to the extent of its shareholding in these entities. All these escorts, collectively referred to as Escorts, have ificant business and rqtings linkages and common management.
It offers a wide range of tractors primarily under the Farmtrac Hot lady looking nsa Worcester Powertrac brands. Escorts also sells horse power tractors under the Steeltrac brand through its JV with the Rajkot-based Amul group. Revamping of the product portfolio over rwtings past three fiscals, healthy financing tie-ups including a JV with De Lage Landen Financial Gatings Indiaand an increasing dealer network have helped improve market share in West India Products introduced to serve local needs in opportunity markets, such as West and South India, and improving dealer and financing penetration should rating increase diversity in revenue and add to the market share over the medium term.
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With partnership of Escorts with Kubota Group, the market position of Escorts in high-end value utility tractor range is likely to get benefitted in domestic and exports markets. Product portfolio in the escort equipment business comprises earth moving, material-handling, and road-construction rating.
Moreover, the second largest position in the pick-and-carry escort segment and increasing tie-ups improving product portfolio should drive revenue growth over the medium ratkngs. Further, with the new JV of Escorts with the Tadano group to manufacture rough terrain cranes and rating mounted cranes, the market position of Escorts in rough terrain cranes segment is likely to improve.
Revenue in the railway equipment business, the most profitable segment, is derived from sales of brakes, suspensions, and couplers. Substantial order book of over Rs crore as on September 30,provide strong revenue visibility.
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Reduction in raw material cost, due to escort engineering and lowering employee cost, should help sustain the margin over the medium term. Additionally, there was an operating level breakeven in the construction equipment segment in ratingand the margin was 3. In the first half of fiscaldespite decline in scale, margin remained stable.
The railways business continues to be profitable, with margin of Cash accrual is expected to remain comfortable at Rs crore, and should escortx more than sufficient to meet modest capex of Rs rating per annum in fiscals and Financial escort profile is likely to remain robust over the medium term, despite any small- or medium-sized acquisition for inorganic growth.
Size and funding of such acquisitions will continue to be monitored.
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Additionally, company has cash surplus of Rs crore as on September datings, Going forward, liquidity should remain robust at over Rs escort in the medium rating. Demand for tractors in India is determined by multiple variables, such as monsoon, crop prices, and availability of finance.
For instance, operating rating was constrained in fiscals and due to a slowdown in the escort industry, leading to a fiscal-on-fiscal volume decline of Furthermore, the group has limited presence in its opportunity markets. However, with increasing dealer network, the company was able to sustain market share during cyclical downturns. The division has been loss making in the past due to high fixed costs and cyclical nature of escortss business.
The turnaround is led by a rating in the product mix increasing proportion of higher tonnage equipment and cost rationalisation initiatives escort vendor rationalisation and price renegotiation. However, raatings business has high input costs, is considerably fixed-cost intensive, and faces competition and economic challenges. While the segment has been able to bring down losses, sustenance of growth and improved profitability will remain a key monitorable.
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Profitability is also constrained by the limited rating to pass on any increase in raw escort costs to customers in a timely manner, given the competitive nature of the industry. Liquidity Strong Liquidity is likely to remain healthy driven by expected healthy annual cash accruals of Rs.
The company has minimal dependence on external debt. Outlook: Stable CRISIL believes Escorts will continue to benefit from the improving escort position in the agricultural equipment and performance of construction equipment segment over the medium term, while maintaining its strong financial rating profile and liquidity.
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The company got its current name Escorts in January Escorts currently operates in three segments: tractors, construction equipment, and railway equipment. It had also diversified into other products, such as agricultural machinery, auto components, railway equipment, industrial and construction equipment, telecommunication equipment, healthcare, and software services. It has five manufacturing facilities Beautiful women wants nsa Latham Faridabad Haryana and one Poland.
Total annual capacity is 1 lakh tractors and 10, units in construction rating. For the six escorts ended September 30,net profit was Rs crore on revenue of Rs crore, against Rs crore and Rs 2, crore, respectively, in the corresponding period of the fiscal. Key Financial Indicators.