About
Escorts Kubota Ltd
Escorts Kubota Limited (Formerly known as Escorts Limited) is a leading engineering conglomerate operating in Agri-machinery, Construction & Material Handling Equipment and Railway Equipment. The Company is primarily 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. It also trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment.
Escorts Kubota Limited was incorporated in the year October 17th, 1944 as Escorts Agents Ltd in Lahore. The company has diversified business in three different segments viz. Agri Machinery, Material Handling & Construction Equipment and Railway Equipment.
In the year 1951, Escorts established India's first private Institute of Farm Mechanisation at Delhi and in the year 1953, Escorts (Agents) Ltd and Escorts (Agriculture and Machines) Ltd merged to form Escorts Agents Pvt. Ltd. The company was converted into a public limited company in December 1959 and subsequently the name was changed to Escorts Ltd in January 1960.
In the year 1961, the company set up a manufacturing base at Faridabad for manufactures of tractors in collaboration with URSUS of Poland and launched Escort brand of tractors. Also, they made collaboration with CEKOP of Poland for manufacture of motorcycles and scooters. The first Rajdoot motorcycle rolls off the assembly line.
In the year 1969, Escorts Tractors Ltd made a technical and financial joint venture with the global giant Ford Motor Company, USA for manufacturing Ford tractors in India. And in February 1, 1971, the first tractor FORD 3000 rolled out of the factory.
In the year 1977, the company set up their first independent R&D Center namely Escorts Scientific Research Centre at Faridabad. Also, they set up their second plant at Bangalore for manufacturing piston assemblies. In the year 1979, they made collaboration with JCB Excavators Ltd., UK for manufacture of excavators.
In the year 1980, the company forayed into healthcare and set up Escorts Hospital and Research Center in Faridabad. In the year 1984, the company signed an agreement with the Japanese bike giant Yamaha to manufacture motorcycles with Yamaha technology. Also, they made collaboration with Jeumont Schneider of France and Dynapac of Sweden to manufacture EPABX systems and vibratory road compactors respectively.
In the year 1997, the company made a joint venture agreement with New Holland and launched Farmtrac Tractor. Also the made a joint venture with First Pacific Company of Hong Kong and formed Escotel Mobile Communications. In the year 1998, the company launched Powertrac tractors. They signed a MoU with Long Manufacturing Company of USA for setting up a Joint Venture in USA.
In the year 1999, the company signed a MoU with a Polish Company POL-MOT for assembling, manufacturing and marketing of Farm Machinery. In September 1999, they set up a subsidiary namely, Escosoft Technologies Ltd in the Information Technology Sector.
During the year 2001-02, the company sold their 26% shareholding in Yamaha Motors Escorts Ltd. They entered into an agreement with Claas KgaA, Germany, their joint venture partner in Escorts Claas Ltd for sale of their 60% equity in the joint venture for a consideration of Euro 13.2 million. During the year, Escorts Heart and Super Speciality Institute Ltd, Escorts Heart Centre Ltd, Automatrix India Pvt Ltd and Escorts Research and Development Ltd became the subsidiary companies.
During the year 2003-04, Escorts Heart Institute and Research Centre Ltd, a subsidiary company acquired 100% paid up equity capital of Escorts Hospital and Research Centre Ltd, which had multi-speciality hospital in Faridabad. In January 2004, the company entered into an agreement with Idea Cellular Ltd to divest their share in Escorts Telecommunication Ltd.
During the year 2004-05, the Escotoonz Entertainment Pvt Ltd, a wholly owned subsidiary company completed the Project 'King-II' which was applauded in MIPCOM in France. In September 2005, the company entered into an agreement with Fortis Healthcare Ltd to divest their shares in Escorts Heart Institute & Research Centre Ltd for a consideration of Rs 520 crore.
During the year 2005-06, the company set up a new manufacturing facility in Rudrapur, Uttarakhand for manufacture of new range of railway equipment. The company sold their stake in the software companies and also divested 49% stake in the joint venture, Carraro India Ltd in which the company is getting out of all the unrelated business and to remain focused on the three core businesses.
During the year 2006-07, the company embarked on entering into the manufacturing of shock absorbers for commercial vehicles.In 2010, Escorts became the first Indian company to indigenously design Backhoe Loaders. In 2011, Escorts launched India's first inverter tractor FT45.
In 2012, Escorts developed the most fuel-efficient tractors Powertrac 425. During the year, the company indigenously developed Bogie Mounted Brake Systems for Indian Railways. In 2013, Escorts launched Ferrari tractors - the world's best in specialty tractors - in collaboration with the Italian tractor brand.
In 2014, Escorts launched Farmtrac 4X4, introducing high-end car technology for Indian tractors.
In 2015, Escorts launched Anti-Lift Tractor - India's first lift-resistant tractors for commercial haulage operations. During the year, the company entered into Joint Venture with Amul Group for manufacturing of speciality tractors, Steeltrac. During the year, the company partnered with Cognizant Technology Solutions to digitally transform businesses and deliver superior customer experience.
In 2016, Escorts launched Farmtrac 6090 - a global tractor made in India. During the year, the company also launched Jungli - the high-power backhoe loader with brute force for tough operations. During the year, Escorts Skill Development Centre was established to develop technical skills and make people more employable.
On 11 August 2016, Escorts announced the divestment of its OEM & Export business of Auto Product division to Badve Engineering Ltd., Pune in an all cash deal as a part of the planned strategic reorientation of the business to focus on core verticals in the Agri-Machinery, Construction equipment and Railway equipment. The Auto Products business comprises an extensive product basket catering to OEMs and replacement market in India and overseas markets for all vehicle categories including motorcycles, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.On 6 September 2017, Escorts launched India's first Electric & Hydrostatic concept tractor and an expanded global portfolio of tractors for the export and domestic market in 22HP to 90 HP range under flagship brands Farmtrac and Powertrac compliant with tier 4 emission norms of Europe and America amidst 43 International distributors. This includes the flagship New Escorts Tractor Series (NETS) with higher horse power (70 to 90 HP), Compact tractors in 22 to 30 HP range, Crossover tractors for both paddy and haulage applications, tractors with cabin options for driving comfort, along with tier 4 emission norms compliant CRDi engines which will cater to customer demands from the United States, Europe, Latin America, Africa and ASEAN countries apart from new generation farmers in India.
On 13 November 2017, Escorts introduced indigenously engineered Electric Tractor at Agritechnica 2017, Hanover, Germany.
On 5 February 2018, Escorts' Construction Equipment Division (Escorts Construction Equipment) announced entering into an exclusive distribution agreement with Doosan Infracore Co. Limited, South Korea (Doosan) for exclusive distributorship for sale and service of Doosan products for the entire Indian market. Doosan is a global leader in manufacturing and marketing of Crawler Excavators, Mini Excavators and Wheel Loaders. The product range offered by Doosan complements the current product offering of Escorts Construction Equipment. With this association with Doosan, Escorts Construction Equipment will be able to double its addressed market in Indian Construction Equipment (ICE) Industry from existing 40% to more than 80% by value.
On 2 April 2018, Escorts announced that the company has increased its shareholding in its subsidiary company i.e. Escorts Securities Limited to 78% from 49% by way of acquisition of additional 35 lakh shares. On the same day, Escorts announced that the company has sold its entire shareholding of 30% in its subsidiary company viz. Escorts Asset Management Limited (now name changed to Quant Money Managers Limited).
During FY March 31, 2019, the Company has infused additional equity capital in Escorts Crop Solutions Limited, subsidiary of the Company. The Company has also entered into two Joint Ventures with Japanese companies i.e. Tadano Limited and Kubota Corporation. It has made an investment of Rs 29.40 crores being 49% stake in the Equity Capital of Tadano Escorts India Private Limited being the Joint Venture of the Company with Tadano Limited, Japan and Rs 60 crores being 40% stake in the Equity Capital of Escorts Kubota India Private Limited being the Joint Venture of the Company with Kubota Corporation, Japan.
In 2019, the Company introduced India's first autonomous tractor concept. It collaborated with Kubota to develop value-oriented tractors that cater to farming requirements in India and overseas markets. It tied up with seven technology leaders like Microsoft, Reliance Jio, Trimble, Samvardhana Motherson Group, WABCO, Bosch and AVL. A joint venture was formed with JV, Tadano to produce specialized cranes that address high capacity use cases.
During FY'20, Company set up the Rajan Nanda Innovation Lab (RNIL) to incubate new, promising and disruptive business ideas. It launched India's first hybrid tractor concept, hybrid backhoe loader concept and multi-utility rural transport vehicle concept.
During FY March 31, 2020, the Company has infused additional equity capital in Escorts Crop Solutions Limited, subsidiary of the Company and Escorts Kubota India Private Limited, Joint Venture.
In FY 2021, the Company launched premium Whiteline series in ECE segment. It developed a brake system indigenously for RED. The Kubota tractor production was commenced and was the first company to receive Budni Certification for its electric tractors. A large number of products were introduced for domestic as well as export markets. In the Farmtrac portfolio, it launched new PowerMaxx series in higher HP and Champion series in lower HP segment and in Powertrac portfolio, NEXT series in higher hp and RDX series in lower hp segment.
During the year 2021, the Board of Directors of the Company had approved the allotment of 1,22,57,688 Equity Shares of Rs. 10/- each at a premium of Rs 840/- each for a total consideration of Rs 1041.90 crores to M/s Kubota Corporation, Japan.
During FY March 31, 2021, the Company has infused additional equity capital in Subsidiary, Escorts Crop Solutions Limited; Tadano Escorts India Private Limited, Joint Venture and Escorts Kubota India Private Limited, Joint Venture respectively. It has also entered into another Joint Venture with Kubota Corporation, Japan during the year. The Company has made an investment of Rs 90 crores being 40% stake in the Equity Capital of Kubota Agricultural Machinery India Private Limited being the Joint Venture of Company with Kubota Corporation.
During the FY 2021-22, the Company allotted 93,63,726 shares, on preferential allotment basis, of face value Rs. 10 each at a premium of Rs. 1990 each for a total consideration of Rs. 1,872.75 crores.
During FY 2022, Escorts Limited & Kubota Corporation reinforce their long-standing partnership and Escorts Limited became Escorts
Kubota Limited by increasing its stake in Escorts Limited, (a joint promoter along with existing promoter of Escorts). It launched 7 new products under EAM, 6 new products under ECE and 3 new products launched under RED.
During the FY ended on March 31, 2023, the Company sold entire 49% stake i.e. 7,27,65,000 equity shares of Rs 10/- each of Tadano Escorts India Private Limited (TEIPL), a joint venture between the Company and Tadano Limited, Japan (Tadano), to Tadano, at Rs 0.01 Cr. on November 9, 2022. Further, the Company acquired the entire equity share capital of Escorts Corp Solutions Limited (ECSL), apart from the existing equity shares already held by the Company. Consequently, ECSL became the wholly owned subsidiary of the Company w.e.f. January 18, 2023.
The Company launched 3 new products in FY' 23 which includes, Brake Pad, Brake Disc and Metro Dampers. It launched India's first hybrid Pick-n-Carry Crane and mono chassis safe crane. Under Powertrac, it launched 434 DS Plus and 439 DS Plus - Haulage Special Tractor with Hub Reduction Anti Lift Technology and 37 HP and 41 HP Engine Power, respectively.
Escorts Kubota Ltd
Chairman Speech
Building sustainable solutions for a better world
We aim to create a common corporate culture with Kubota based on its
slogan of "On Your Side".
It is to respect our colleagues, along with the business partners such
as dealers and suppliers and achieve goals as a team with all the stakeholders.
Dear Shareholders,
We at Escorts Kubota are paving a new path forward, respecting our rich
history of Escorts' 76 and Kubota's 132 years. The infusion of culture from Japan and
India is ready to give shape to an organisation which embeds the strengths of two
legacies.
Our vision is to become a Company that is truly loved and sought after
by society and employees, provide solutions to society for a sustainable world and to
become a manufacturing hub for the world from India by utilising the capability and
potential of our country.
We are delighted to present our 2nd Integrated and 77th Annual Report,
showcasing our commitment to creating value for you over the past seven-and-half-decades.
In FY2023, we witnessed a gradual return to normalcy in supply chains,
energy and food markets. The Indian Tractor market had double-digit growth with a peak
volume of 9.45 lakhs.
The government's support through various policy measures, thrust
on domestic manufacturing driven by its self-reliance mission, coupled with reduced
private sector debt and increased investment in infrastructure projects, positions India
as a major player in the global economy. India is poised for even greater success and
prosperity in the coming years.
As reported by Morgan Stanley about India's journey in the next decade,
first, the Indian population will touch 1.5 billion by 2030, which means growing demand
for food and second that India is estimated to have a surplus
of 245 million skilled labour, which indicates that the world will
invest in India and become a hub for the world markets. The infrastructure requirement to
bring the Indian economy into the top three economies of the world will require large
investments and thus, also increase the scope for construction and railway businesses at
EKL.
At Escorts Kubota Limited, we take pride in actively contributing to
India's journey of growth and progress. Our unwavering focus on enhancing farm
productivity through mechanisation underscores our commitment to improving food security.
We are dedicated to forging a safer and technologically advanced future for the
construction industry in India by introducing innovative products and solutions. As a
trusted partner of Indian Railways, we remain steadfast in catering to the evolving needs
of the sector. We are actively involved in developing products that meet the requirements
of ongoing rail transport and metro projects, ensuring our commitment to serving the
nation's emerging needs.
We are resolute in our mission to be a catalyst for positive change,
supporting the socio-economic development of India and delivering solutions that make a
lasting impact. The strength of Escorts' speed, agility and frugality and Kubota's
technology, processes, and quality will jointly be embedded at Escorts Kubota to discover
ways of newer opportunities and give a new experience in the farming and industrial space.
This is an opportunity for us to offer an exceptional experience to our society,
customers, and an exciting path for both our stakeholders and shareholders.
Our partnership with Kubota has created a powerful synergy, blending
our frugal manufacturing expertise, engineering excellence, and value consciousness with
Kubota's diversified global presence, technological leadership, and strong market
position.
We have three critical mission statements, Sustainability, Contribution
and Solution - the first is to work towards sustainable growth, second in contributing
towards the living environment, where people (especially, farmers, women and socially
vulnerable people) can live comfortably and the third to work towards further
mechanisation and providing total solutions for our customer needs.
We have accelerated towards digitisation, bringing in agility, and
relooking at our costs and business model to deliver great customer engagement and
enhanced experience.
Performing Together.
A Year Of Resilience.
As we reflect on the past year and look ahead to the future, we are
proud to share the progress and potential of our collaboration with Kubota in Escorts
Kubota Limited. Our partnership with Kubota has created a powerful synergy, blending our
frugal manufacturing expertise, engineering excellence, and value consciousness with
Kubota's diversified global presence, technological leadership, and strong market
position. Together, we are on the path to becoming one of the largest Indo-Japan
agriculture collaborations which will contribute towards future farming practices.
In FY2023, we achieved a growth of 16.0% in standalone revenue from
operations, reaching H8,345.0 crores, compared to H7,196.9 crores in
FY2022. This growth was driven by strong volume and revenue growth across all three
business segments.
However, our EBITDA for the year declined by 21.6%, from H995.5 crores
in FY2022 to H780.4 crores in FY2023. This decline was primarily due to the steep
inflation in commodity prices and other costs, which adversely impacted our margins. Our
PAT for the year stood at H607.0 crores, a decline of 20.7% compared to H765.6 crores in
FY2022. The decline was largely due to the provision made on account of the impairment of
investment in Tadano Escorts India Private Limited and its wholly-owned subsidiary Escorts
Crop Solutions Limited.
In terms of segment-wise performance, our tractor volumes grew by 9.6%
to 1,03,290 units, and we maintained our strong position in the domestic tractor market
with a slight decline in market share by 26 bps to 10.1% in FY2023 from 10.3% in FY2022.
Looking ahead, we expect demand momentum to continue across geographies in the
agribusiness segment, with better crop prices, improved finance availability, and good
water reservoir levels.
In our construction equipment segment, sales volume increased by 12.2%
to 4,620 units. We witnessed growth across material handling, earthmoving,
and road segments. The current market sentiments are positive, and
demand is expected to remain buoyant due to the continuous focus of the government towards
infrastructure projects.
Our railway equipment segment also delivered strong growth, with
revenues increasing by 32.3% to H841.9 crores. Our railway business has also been
consistently growing, and the focus on the rail network and connectivity will further
provide impetus to the segment.
As we move forward, we will continue to offer state-of-the-art
technology and solutions to our customers for increased productivity and operational
efficiency. Our investments in expanding coverage, building capacity, and producing
innovative product lines will continue for enhanced customer reach and product experience.
With our strong market position, diversified portfolio of products and services, and focus
on operational excellence, we remain confident of delivering long-term value to our
stakeholders.
Our efforts are aligned with our Mid Term Business Plan for achieving
targeted growth in the coming years.
Unleashing Potential Through Our Mid Term Business Plan (MTBP)
With an unwavering commitment to solving societal issues and driving
sustainable growth, we embark on our Mid Term Business Plan (MTBP) with a powerful
vision—to become a revered and sought-after Company, deeply cherished by society and
our valued employees. Harnessing India's immense capabilities, we strive to establish
ourselves as a strategic hub, making a profound and lasting difference on a global scale.
This has been jointly prepared by Kubota and Escorts team, keeping in
mind our desired growth plan in both domestic and export markets. This is a strategic plan
till FY2028.
The main pivot of the plan revolves around:
• We aspire for our revenue to grow 2.5 times, this growth will
come from both the Indian and Global markets.
• We will invest in creating a global R&D centre and create
abilities to design and produce products for the three brands of tractors, namely Kubota,
Farmtrac and Powertrac.
• We will also create a shared service centre within R&D, to
support Kubota's global needs, such as digital transformation, R&D design support,
engineering support and other innovative projects partnership.
• We will leverage our channel strength both in the domestic and
global market to reach aspiration for growth.
• All our manufacturing to be aligned with KBT‘s
manufacturing standards and excellence.
• We will focus on profitable growth, work towards reaching our
EBITDA targets and be mindful of ROI
on our investment and creating shareholder wealth.
We have identified 5 major concepts to achieve our vision, mainly:
O Expansion of Existing Businesses
We will significantly enhance the product variety and launch jointly
developed products for all the brands Farmtrac, Powertrac and Kubota.
For the sales channel, we will be introducing Kubota's
customer-oriented sales policies and practices in India and global markets. Based on
dealer and customer feedback, we will improve product, supply chain, and service, and
further strengthen our sales network in terms of both quantity and quality. In addition,
we will enhance our retail finance and training systems. For exports, we will work closely
with Kubota Group companies to supply made-in-India products to the world with good prices
and quality and
take a leadership position in India-led exports. Another critical focus
will be on strengthening retail finance.
Along with joint development with EKL and Kubota, we shall also expand
the scope of R&D by opening shared services for Kubota as well. Furthermore, we will
promote open innovation through Rajan Nanda Innovation Lab (RNIL) to speed up
collaboration with start-ups and academia, like what Kubota is doing in Japan, the US, and
Europe. We would like to make ourselves a base to make India's excellent technology
into products and deliver them to the global market. Also, our joint R&D efforts will
invest immensely in new and innovative products and technology for enhanced customer
experience.
e Manufacturing and Sourcing
We will revamp the layout, including the green field, along with
capacity and business expansion. Aligned with our expansion goals, we plan to establish a
state-of-the-art Engine Manufacturing Facility. This positions us as a global hub for
affordable manufacturing while ensuring BS-V readiness to meet stringent emission
regulations, showcasing our commitment to environmental sustainability. Also, through
adopting Kubota Production System and digital transformation initiatives, we will realise
more efficient and stable quality.
O Quality Assurance ?
Furthermore, in the field of quality assurance, we will establish a
Company-level quality assurance system and its standard workflow.
This will enable us to visualise the best quality and cost. We will
enhance product competitiveness through quality improvement and cost optimisation.
0 An Engaging, Motivating and Progressive Corporate Culture
We aim to create a common corporate culture with Kubota based on its
slogan of "On Your Side". It is to respect our colleagues, along with the
business partners such as dealers and suppliers and achieve goals as a team with all the
stakeholders. From now on, under "On Your Side", we will pursue the maximum
output with everybody's participation.
Aspiration and Enablers.
Readying for the Next Phase of Growth
To become the total solution provider to solve the issues of society
and create a sustainable world, our aspiration will need significant enablers.
Well-Differentiated Brand Strategy
We are well-equipped to cater to various customer segments with our
well-differentiated brand strategy.
The Kubota range will offer premium products for enhanced customer
experience, the Farmtrac range will cater to customers seeking productivity and power for
advanced equipment while the Powertrac range will address the mass customer segment
requiring fuel efficiency and total cost of ownership.
EKL collaboration will provide access to all three brands to operate in
various geographies, leverage opportunities, and plug product gaps.
Implements As Added Portfolio
We plan to realise EKLs expanded vision of the 'tractor-implements'
total solution. We will have to be a comprehensive farm solutions provider including
tractors and smart farm implements. In addition to tractors, we will expand the product
offering such as combine harvesters, rice transplanters, and other implements from Kubota
to expand our business significantly.
As the total solution provider for the farming sector, we are committed
to becoming the number one brand that contributes to nation-building and urbanisation,
offering comprehensive solutions and leading India-led tractor exports and implements
businesses.
Initiatives, such as, building a significant digital presence for
enhanced brand awareness, digital lead generation, data- driven lead management solutions,
digital dashboards to track coverage and performance gaps and manufacturing excellence
through digital platforms will fuel productivity, optimise cost and maximise output for
growth.
New Products To Lead the Way
Some of our new launches, in the market or on field trials have
provided extended opportunities.
• Under Powertrac, we launched 434 DS Plus and 439 DS Plus -
Haulage Special Tractor with Hub Reduction Anti Lift Technology and
37 HP and 41 HP Engine Power, respectively. With these products, the
Powertrac brand will grow in the haulage segment.
• Euro 50 Plus Next - Fully loaded,
50 HP power, 2000 kg Sensi 1 Lift, with bigger tyres cater to the
requirement of operating emerging implements, fulfilling customer requirements for higher
productivity and output.
• Under Farmtrac, Farmtrac HERO was launched with a 35 HP engine
category to address the vacant 30 to 35 HP entry-level segment. This will ensure
entry-level farmers also get access to advanced technology and features of Farmtrac.
• We are preparing to launch a new World Maxx series in Farmtrac
which will help us reposition ourselves in the 50 HP and above premium segment.
• Construction Equipment Business launched various new products
last year based on customer needs and created an impactful presence in the market. New
models are F15 Fighter, TRX 17 and TRX 30
in Material handling, HD85 Plus in Road machinery and Jungli HT in the
Backhoe loader segment. A new vertical of Earthmoving Machinery is carved out to focus on
the existing Backhoe Loaders business and Mini Excavator from Kubota. Expansion of the
common channel under this vertical will complement both product lines across geographies.
• In the Railway business, we received the first-ever purchase
order for Locomotive's HVAC and Vande Bharat Train's Brake system, Dampers and couplers.
We have put an indigenously developed Axle Mounted Disc Brake System for LHB coaches into
the field trial with Indian Railways. These would provide further impetus to the existing
business growth.
Expanding Market Coverage
We are continuously expanding our reach and coverage. We have increased
our dealer base from 1,100 in FY2022 to more than 1,200 in FY2023. This will help us in
leveraging opportunities across strong and opportunity markets and reach out to a wider
customer base.
Leveraging Export Business
We have been steadily growing our exports with the introduction of new
products and opening new markets. We launched our tractors in new markets of Estonia,
Bulgaria, Zambia, Mozambique, Kenya, Trinidad and Tobago. We also launched the E-KUBOTA
products in Malaysia and Tanzania. This will further support our export growth and provide
us with new opportunities across geographies.
In FY23, EKL achieved the highest Y-o-Y industry growth among all
leading brands.
EKL has also taken the lead in introducing Stage-V and Tier-IV
compliant products for the European and American markets strengthening EKL's resolve to
build quality products complying with strict global emission standards.
In the EV category, Electric Hydrostatic Tractor has been our new
launch. EKL has pioneered the development and export of Electric Tractors from India to
developed markets of the USA and Europe. Our 25G Electric Tractor continues to win global
awards for its environment-friendly approach with the latest being the Climate Positive
Award 2022 on Energy Transition by Green Cross UK.
By integrating sustainability into our core strategies, we create
long-term value for stakeholders and strive for continuous improvement. Our ESG vision
drives responsible business practices and positive impact.
Cost-Efficient and Value-Driven Manufacturing
Driven by our commitment to delivering high-quality products,
optimising costs, and ensuring sustainable growth, we have our focus on plant improvements
using the Kubota Production system as a tool and investments in new facilities for
capacity expansion and technological upgradation.
The adoption of the Kubota Production System (KPS) is helping us
streamline our manufacturing processes and enhance efficiency across the value chain.
Through the end-to- end deployment of Total Quality Management principles, we aim to
achieve number one in quality and ensure customer happiness.
To support our volume growth, we have planned significant investments
in smart facilities and technologies.
A cornerstone of our manufacturing excellence is our commitment to
kaizen and innovation.
Capital Allocation
Under the MTBP 2028, we are looking forward to selectively allocating
more capital for initiatives undertaken for setting up a green field facility, expanding
vendor capabilities and introducing new products, innovation and technology.
In addition, we foster a socially responsible and inclusive culture,
ensuring the well-being and safety of our employees. We actively engage with local
communities and support social initiatives. By integrating sustainability into our core
strategies, we create long-term value for stakeholders and strive for continuous
improvement. Our ESG vision drives responsible business practices and positive impact.
At Escorts Kubota Limited (EKL), we (I are committed to becoming carbon
neutral by 2050, actively reducing our environmental impact and promoting resource
recycling. Our goal is to achieve zero landfill waste by 2026, ensuring that our
operations are sustainable and do not contribute to the accumulation of waste in
landfills.
In our efforts to conserve and protect water resources, we aspire to
become a water-positive organisation by 2030.
By implementing responsible water management practices and investing in
efficient technologies, we aim to not only minimise water consumption but also contribute
to the replenishment of water sources. To accelerate the transition to renewable energy
sources, we have set a target to achieve a threefold improvement in our renewable energy
share. By increasing our reliance on clean and sustainable energy, we aim to reduce our
carbon footprint and contribute to the global effort of combating climate change.
At EKL, we focus on diversity as part of the ESG target. EKL aims to
increase women's diversity in the workforce to 7.5%, build a younger organisation with the
average age of Managerial employees at 34 years and increase employee engagement and
satisfaction by 2025.
In addition to these goals, we are actively engaged in tree plantation
drives to multiply our green area coverage. Recognising the importance of preserving
biodiversity and creating a healthier environment, we are committed to planting trees and
expanding our green spaces to enhance ecological balance and improve air quality. We
understand that sustainability is a collective responsibility, and we value the support
and collaboration of our stakeholders in this journey. By working together, we can create
a lasting positive impact on the environment and contribute to a sustainable future for
generations to come.
By leveraging our expertise and technological advancements, we aspire
to be at the forefront of the industry, empowering farmers, supporting infrastructure
development, and contributing to the nation's socio-economic growth.
In a moment of great pride, Escorts Kubota has become the first Indian
manufacturer to receive European Union Stage-V emission certification for our in-house
90-110 HP engine tractors under the FARMTRAC range. This historic achievement not only
demonstrates our technological prowess but also sets a new milestone for India.
Our commitment extends beyond business success. We strive to create a
conducive living environment, empowering all individuals, including farmers, women, and
vulnerable communities, through further mechanisation and comprehensive solutions. Guided
by our core values of inclusivity, sustainability, and continuous improvement, we lead
with integrity, transparency, and responsible corporate citizenship.
Fostering a Vibrant and Inclusive Workplace
Our commitment to an efficient organisation structure, streamlined
processes, and a positive work culture positions us for sustained growth and excellence.
Cultivating a cohesive and peoplecentric work environment lies at the
core of our organisation. We recognise that our work culture plays a vital role in driving
success and fostering people engagement. Our culture focuses on performance, diversity and
process efficiency. We believe in continuous learning and development that empowers our
people to stay ahead in a rapidly evolving landscape.
To optimise our operations, we have implemented a lean and agile
structure with clear reporting levels and a span of control. This enables faster
decision-making and responses to market dynamics and customer needs. It also allows us to
stay competitive and adapt to changing business landscapes.
Our people policies are carefully crafted to align with industry
benchmarks and tailored to our specific organisational context. We have embraced digital
transformation to enhance our HR processes, leading to increased efficiency and enhanced
employee experience. With the use of technology, we have streamlined our HR processes for
better engagement and consistent employee experience.
To stay competitive, we focus on nurturing and developing young and
diverse talent for navigating today's challenges and shaping our future.
We empower our people to reach their full potential and contribute to
our collective success.
Sustainable agriculture practices are integral to our CSR efforts. We
establish model farms at EAFI, Kurukshetra, and ETDC, Bengaluru, showcasing sustainable
intensification of agriculture to improve yield.
Through our CSR initiatives, we are committed to making a lasting
difference in the lives of individuals and communities, promoting sustainable development
and ensuring a brighter future for all.
Embracing a Culture of Being "On Your Side"
At Escorts Kubota Limited, we embrace a customer-centric approach as
one of our core Strategic Values, deeply ingrained in our organisational culture.
Our unwavering focus revolves around listening to our customers,
understanding their unique requirements, and designing products that precisely address
those needs.
We constantly anticipate customer desires and diligently strive to
provide services that go beyond expectations. With this, we enable them to choose us as
their preferred partner and become advocates for our brand.
Our "On Your Side" culture extends beyond our customers. We
value our people and strive to create a nurturing and inclusive work environment that
encourages growth, innovation, and rewards dedication. We maintain open and transparent
communication channels for our suppliers and business partners to foster strong
collaboration and mutually beneficial partnerships. By working together, we achieve shared
objectives and drive sustainable growth.
For our shareholders and investors, we remain dedicated to delivering
long-term value and financial returns. We uphold the highest standards of corporate
governance, ensuring transparency, accountability, and responsible decision-making.
We are committed to the communities in which we operate. Through
various corporate social responsibility initiatives, we strive to make a positive impact
on society, addressing social challenges and contributing to the overall wellbeing of the
communities we serve.
At Escorts Kubota Limited, we understand that the success of our
business is intertwined with the support and trust of our stakeholders. We value the
engagement and feedback of all our people and are dedicated to continuously improving and
exceeding their expectations.
Reinforcing Our Partnership For a Better Tomorrow
Our joint venture positions us uniquely to capitalise on the growth
trends and meet the rising demand. We are pleased to share that our partnership with
Kubota in Escorts Kubota Limited has been warmly received by all our stakeholders and
investors, and the integration process has been seamless. We are now well- positioned to
play a significant role in India and the world's pursuit of food security, sustainable
agriculture, and smart farming practices. Our joint venture is strategically positioned to
leverage these opportunities, deliver long-term value to our stakeholders,
and contribute significantly to India's growth story.
By leveraging our expertise and technological advancements, we aspire
to be at the forefront of the industry, empowering farmers, supporting infrastructure
development, and contributing to the nation's socioeconomic growth.
As we move forward, we will stay focused on operational excellence,
cost management, and leveraging our partnerships to seize growth opportunities. By
investing in research and development, embracing digital transformation, and fostering a
culture of innovation, we aim to be at the forefront of technological advancements in the
industry.
We thank the Escorts Kubota family, our Board of Directors, partners,
suppliers, dealers, customers, investors and union leaders for their support. We would
like to thank each one of you for placing your precious trust in our vision and committing
wholeheartedly to our mission.
We look forward to a better tomorrow at Escorts Kubota Limited. Please
do reach out in case you have any feedback or suggestions.
| Warm regards |
|
| Nikhil Nanda Chairman and Managing Director |
Seiji Fukuoka Deputy Managing
Director |
  Â
Escorts Kubota Ltd
Company History
Escorts Kubota Limited (Formerly known as Escorts Limited) is a leading engineering conglomerate operating in Agri-machinery, Construction & Material Handling Equipment and Railway Equipment. The Company is primarily 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. It also trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment.
Escorts Kubota Limited was incorporated in the year October 17th, 1944 as Escorts Agents Ltd in Lahore. The company has diversified business in three different segments viz. Agri Machinery, Material Handling & Construction Equipment and Railway Equipment.
In the year 1951, Escorts established India's first private Institute of Farm Mechanisation at Delhi and in the year 1953, Escorts (Agents) Ltd and Escorts (Agriculture and Machines) Ltd merged to form Escorts Agents Pvt. Ltd. The company was converted into a public limited company in December 1959 and subsequently the name was changed to Escorts Ltd in January 1960.
In the year 1961, the company set up a manufacturing base at Faridabad for manufactures of tractors in collaboration with URSUS of Poland and launched Escort brand of tractors. Also, they made collaboration with CEKOP of Poland for manufacture of motorcycles and scooters. The first Rajdoot motorcycle rolls off the assembly line.
In the year 1969, Escorts Tractors Ltd made a technical and financial joint venture with the global giant Ford Motor Company, USA for manufacturing Ford tractors in India. And in February 1, 1971, the first tractor FORD 3000 rolled out of the factory.
In the year 1977, the company set up their first independent R&D Center namely Escorts Scientific Research Centre at Faridabad. Also, they set up their second plant at Bangalore for manufacturing piston assemblies. In the year 1979, they made collaboration with JCB Excavators Ltd., UK for manufacture of excavators.
In the year 1980, the company forayed into healthcare and set up Escorts Hospital and Research Center in Faridabad. In the year 1984, the company signed an agreement with the Japanese bike giant Yamaha to manufacture motorcycles with Yamaha technology. Also, they made collaboration with Jeumont Schneider of France and Dynapac of Sweden to manufacture EPABX systems and vibratory road compactors respectively.
In the year 1997, the company made a joint venture agreement with New Holland and launched Farmtrac Tractor. Also the made a joint venture with First Pacific Company of Hong Kong and formed Escotel Mobile Communications. In the year 1998, the company launched Powertrac tractors. They signed a MoU with Long Manufacturing Company of USA for setting up a Joint Venture in USA.
In the year 1999, the company signed a MoU with a Polish Company POL-MOT for assembling, manufacturing and marketing of Farm Machinery. In September 1999, they set up a subsidiary namely, Escosoft Technologies Ltd in the Information Technology Sector.
During the year 2001-02, the company sold their 26% shareholding in Yamaha Motors Escorts Ltd. They entered into an agreement with Claas KgaA, Germany, their joint venture partner in Escorts Claas Ltd for sale of their 60% equity in the joint venture for a consideration of Euro 13.2 million. During the year, Escorts Heart and Super Speciality Institute Ltd, Escorts Heart Centre Ltd, Automatrix India Pvt Ltd and Escorts Research and Development Ltd became the subsidiary companies.
During the year 2003-04, Escorts Heart Institute and Research Centre Ltd, a subsidiary company acquired 100% paid up equity capital of Escorts Hospital and Research Centre Ltd, which had multi-speciality hospital in Faridabad. In January 2004, the company entered into an agreement with Idea Cellular Ltd to divest their share in Escorts Telecommunication Ltd.
During the year 2004-05, the Escotoonz Entertainment Pvt Ltd, a wholly owned subsidiary company completed the Project 'King-II' which was applauded in MIPCOM in France. In September 2005, the company entered into an agreement with Fortis Healthcare Ltd to divest their shares in Escorts Heart Institute & Research Centre Ltd for a consideration of Rs 520 crore.
During the year 2005-06, the company set up a new manufacturing facility in Rudrapur, Uttarakhand for manufacture of new range of railway equipment. The company sold their stake in the software companies and also divested 49% stake in the joint venture, Carraro India Ltd in which the company is getting out of all the unrelated business and to remain focused on the three core businesses.
During the year 2006-07, the company embarked on entering into the manufacturing of shock absorbers for commercial vehicles.In 2010, Escorts became the first Indian company to indigenously design Backhoe Loaders. In 2011, Escorts launched India's first inverter tractor FT45.
In 2012, Escorts developed the most fuel-efficient tractors Powertrac 425. During the year, the company indigenously developed Bogie Mounted Brake Systems for Indian Railways. In 2013, Escorts launched Ferrari tractors - the world's best in specialty tractors - in collaboration with the Italian tractor brand.
In 2014, Escorts launched Farmtrac 4X4, introducing high-end car technology for Indian tractors.
In 2015, Escorts launched Anti-Lift Tractor - India's first lift-resistant tractors for commercial haulage operations. During the year, the company entered into Joint Venture with Amul Group for manufacturing of speciality tractors, Steeltrac. During the year, the company partnered with Cognizant Technology Solutions to digitally transform businesses and deliver superior customer experience.
In 2016, Escorts launched Farmtrac 6090 - a global tractor made in India. During the year, the company also launched Jungli - the high-power backhoe loader with brute force for tough operations. During the year, Escorts Skill Development Centre was established to develop technical skills and make people more employable.
On 11 August 2016, Escorts announced the divestment of its OEM & Export business of Auto Product division to Badve Engineering Ltd., Pune in an all cash deal as a part of the planned strategic reorientation of the business to focus on core verticals in the Agri-Machinery, Construction equipment and Railway equipment. The Auto Products business comprises an extensive product basket catering to OEMs and replacement market in India and overseas markets for all vehicle categories including motorcycles, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.On 6 September 2017, Escorts launched India's first Electric & Hydrostatic concept tractor and an expanded global portfolio of tractors for the export and domestic market in 22HP to 90 HP range under flagship brands Farmtrac and Powertrac compliant with tier 4 emission norms of Europe and America amidst 43 International distributors. This includes the flagship New Escorts Tractor Series (NETS) with higher horse power (70 to 90 HP), Compact tractors in 22 to 30 HP range, Crossover tractors for both paddy and haulage applications, tractors with cabin options for driving comfort, along with tier 4 emission norms compliant CRDi engines which will cater to customer demands from the United States, Europe, Latin America, Africa and ASEAN countries apart from new generation farmers in India.
On 13 November 2017, Escorts introduced indigenously engineered Electric Tractor at Agritechnica 2017, Hanover, Germany.
On 5 February 2018, Escorts' Construction Equipment Division (Escorts Construction Equipment) announced entering into an exclusive distribution agreement with Doosan Infracore Co. Limited, South Korea (Doosan) for exclusive distributorship for sale and service of Doosan products for the entire Indian market. Doosan is a global leader in manufacturing and marketing of Crawler Excavators, Mini Excavators and Wheel Loaders. The product range offered by Doosan complements the current product offering of Escorts Construction Equipment. With this association with Doosan, Escorts Construction Equipment will be able to double its addressed market in Indian Construction Equipment (ICE) Industry from existing 40% to more than 80% by value.
On 2 April 2018, Escorts announced that the company has increased its shareholding in its subsidiary company i.e. Escorts Securities Limited to 78% from 49% by way of acquisition of additional 35 lakh shares. On the same day, Escorts announced that the company has sold its entire shareholding of 30% in its subsidiary company viz. Escorts Asset Management Limited (now name changed to Quant Money Managers Limited).
During FY March 31, 2019, the Company has infused additional equity capital in Escorts Crop Solutions Limited, subsidiary of the Company. The Company has also entered into two Joint Ventures with Japanese companies i.e. Tadano Limited and Kubota Corporation. It has made an investment of Rs 29.40 crores being 49% stake in the Equity Capital of Tadano Escorts India Private Limited being the Joint Venture of the Company with Tadano Limited, Japan and Rs 60 crores being 40% stake in the Equity Capital of Escorts Kubota India Private Limited being the Joint Venture of the Company with Kubota Corporation, Japan.
In 2019, the Company introduced India's first autonomous tractor concept. It collaborated with Kubota to develop value-oriented tractors that cater to farming requirements in India and overseas markets. It tied up with seven technology leaders like Microsoft, Reliance Jio, Trimble, Samvardhana Motherson Group, WABCO, Bosch and AVL. A joint venture was formed with JV, Tadano to produce specialized cranes that address high capacity use cases.
During FY'20, Company set up the Rajan Nanda Innovation Lab (RNIL) to incubate new, promising and disruptive business ideas. It launched India's first hybrid tractor concept, hybrid backhoe loader concept and multi-utility rural transport vehicle concept.
During FY March 31, 2020, the Company has infused additional equity capital in Escorts Crop Solutions Limited, subsidiary of the Company and Escorts Kubota India Private Limited, Joint Venture.
In FY 2021, the Company launched premium Whiteline series in ECE segment. It developed a brake system indigenously for RED. The Kubota tractor production was commenced and was the first company to receive Budni Certification for its electric tractors. A large number of products were introduced for domestic as well as export markets. In the Farmtrac portfolio, it launched new PowerMaxx series in higher HP and Champion series in lower HP segment and in Powertrac portfolio, NEXT series in higher hp and RDX series in lower hp segment.
During the year 2021, the Board of Directors of the Company had approved the allotment of 1,22,57,688 Equity Shares of Rs. 10/- each at a premium of Rs 840/- each for a total consideration of Rs 1041.90 crores to M/s Kubota Corporation, Japan.
During FY March 31, 2021, the Company has infused additional equity capital in Subsidiary, Escorts Crop Solutions Limited; Tadano Escorts India Private Limited, Joint Venture and Escorts Kubota India Private Limited, Joint Venture respectively. It has also entered into another Joint Venture with Kubota Corporation, Japan during the year. The Company has made an investment of Rs 90 crores being 40% stake in the Equity Capital of Kubota Agricultural Machinery India Private Limited being the Joint Venture of Company with Kubota Corporation.
During the FY 2021-22, the Company allotted 93,63,726 shares, on preferential allotment basis, of face value Rs. 10 each at a premium of Rs. 1990 each for a total consideration of Rs. 1,872.75 crores.
During FY 2022, Escorts Limited & Kubota Corporation reinforce their long-standing partnership and Escorts Limited became Escorts
Kubota Limited by increasing its stake in Escorts Limited, (a joint promoter along with existing promoter of Escorts). It launched 7 new products under EAM, 6 new products under ECE and 3 new products launched under RED.
During the FY ended on March 31, 2023, the Company sold entire 49% stake i.e. 7,27,65,000 equity shares of Rs 10/- each of Tadano Escorts India Private Limited (TEIPL), a joint venture between the Company and Tadano Limited, Japan (Tadano), to Tadano, at Rs 0.01 Cr. on November 9, 2022. Further, the Company acquired the entire equity share capital of Escorts Corp Solutions Limited (ECSL), apart from the existing equity shares already held by the Company. Consequently, ECSL became the wholly owned subsidiary of the Company w.e.f. January 18, 2023.
The Company launched 3 new products in FY' 23 which includes, Brake Pad, Brake Disc and Metro Dampers. It launched India's first hybrid Pick-n-Carry Crane and mono chassis safe crane. Under Powertrac, it launched 434 DS Plus and 439 DS Plus - Haulage Special Tractor with Hub Reduction Anti Lift Technology and 37 HP and 41 HP Engine Power, respectively.
Escorts Kubota Ltd
Directors Reports
Dear Shareholders,
Your Directors have pleasure in presenting this Integrated Annual
Report (‘Annual Report') of the Escorts Kubota Limited (Escorts/ Company) along with
Company's audited financial statements (standalone and consolidated) for the financial
year ended on March 31, 2023.
Financial Results
(' crores)
|
Standalone |
Consolidated |
| Particulars |
Year ended on March 31, 2023 |
Year ended on March 31, 2022 |
Year ended on March 31, 2023 |
Year ended on March 31,2022 |
| Revenue from operations |
8,344.95 |
7,196.90 |
8,428.69 |
7,282.65 |
| Other income |
280.56 |
168.80 |
280.93 |
173.80 |
| Total income |
8,625.51 |
7,365.70 |
8,709.62 |
7,456.45 |
| Profit from operations before Interest, Depreciation,
Exceptional Items & Tax |
1,060.98 |
1,164.33 |
1,050.97 |
1,139.86 |
| Finance Cost |
10.26 |
12.70 |
13.27 |
14.97 |
| Profit from operations before Depreciation, Exceptional Items
& Tax |
1,050.72 |
1,151.63 |
1,037.70 |
1,124.89 |
| Depreciation & Amortisation |
148.43 |
129.75 |
150.06 |
132.06 |
| Profit from operations before Tax and exceptional items |
902.29 |
1,021.88 |
887.64 |
992.83 |
| Less: Exceptional Items |
97.16 |
- |
53.05 |
- |
| Profit Before Tax |
805.13 |
1,021.88 |
834.59 |
992.83 |
| Tax Expense |
198.15 |
256.27 |
197.94 |
257.22 |
| Net Profit for the period |
606.98 |
765.61 |
636.65 |
735.61 |
Financial Performance/ State of Company Affairs
The brief highlights of the Company's performance (Standalone) for the
financial year (‘FY') ended March 31, 2023 are:
J8,625.51 Crores
Total income of the Company for FY 2023 stood at H8,625.51 crores
('7,365.70 crores in FY 2022)
J1,060.98 Crores
Profit from operations before Interest, Depreciation, Exceptional Items
& Tax stood at ' 1,060.98 crores.
J805.13 Crores
Profit from operations before Tax (PBT) stood at H805.13 crores. Net
profit for the period stood at H606.98 crores.
Our Company sold 1,03,290 tractors during the year under review as
against 94,228 tractors sold during the last financial year.
The brief highlights of the Company's performance (Consolidated) for
the financial year ended March 31,2023 are:
• Total income of the Company for FY 2023 stood at '8,709.62
crores ('7,456.45 crores in FY 2022).
• Profit from operations before Interest, Depreciation,
Exceptional Items & Tax stood at '1,050.97 crores.
• Profit from operations before Tax (PBT) stood at '834.59 crores.
Net profit for the period stood at '636.65 crores.
The details on the individual businesses of the Company are provided in
the Management Discussion & Analysis section provided in this Annual Report.
Management Discussion & Analysis
In terms of the provisions of Regulation 34 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as the
"SEBI Listing Regulations"), the Management Discussion and Analysis is set out
in this Annual
Report and provides a detailed analysis on the performance of
individual businesses and their outlook.
Dividend
Based on the Company's performance, your Directors are pleased to
recommend, for approval of the members, Dividend @70% per share of face value of C10/-
each (i.e. C7.00 per share) for the financial year ended March 31, 2023, payable on all
outstanding shares except on the equity shares held by ‘Escorts Benefit & Welfare
Trust'.
The dividend payout is subject to the approval of members at the
ensuing Annual General Meeting (AGM).
The dividend payout for the period under review has been formulated in
accordance with shareholders' aspirations and the Company's Dividend Distribution Policy
to pay sustainable dividend linked to long-term growth objectives of the Company to be met
by internal cash accruals.
The record date for the purpose of dividend will be June 30, 2023.
The dividend distribution policy is available on our website at https://www.escortsgroup.com/investors/governance.
Transfer to Reserves
During the FY ended March 31, 2023, no amount (previous year: C0.07
crores on account of vested employees stock options lapsed) transferred to general
reserves.
Employee Stock Option Scheme (ESOS)
The Escorts Employees Stock Option Scheme ("Scheme") is in
line with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
("SBEB Regulations") and there were no material changes to the scheme during the
financial year 2022-23.
The Scheme is being implemented in accordance with the SBEB Regulations
and the resolution(s) passed by the members. The
Secretarial Auditors Certificate would be available during the Annual
General Meeting for inspection by the members. The details as required to be disclosed
under the Act and/ or SBEB Regulations would be available on the Company's website at www.escortsgroup.com.
Change in Share Capital
During the FY 2022-23, there is no change in the share capital of the
Company. However, the members of the Company had approved, the ‘scheme of reduction
of share capital' (‘Second Capital Reduction'), vide postal ballot notice dated July
6, 2022 for reduction of 2,14,42,343 Equity Shares of nominal value C10/- each of the
Company held by the Escorts Benefits and Welfare Trust (EBWT) without payment of any
consideration, and the same has been filed before Hon'ble National Company Law Tribunal
(NCLT), Chandigarh Bench, however, the order of the NCLT awaited.
Merger & Amalgamation
Based on recommendations of the Audit Committee and the Committee of
Independent Directors, the Board of Directors, in their meeting held on September 15,
2022, has approved the scheme of amalgamation (the "Scheme") under Sections 230
to 232 and other applicable provisions of the Companies Act, 2013 and the rules framed
thereunder. The Scheme, inter- alia, provides for amalgamation of Escorts Kubota India
Private Limited, joint venture company of the Company, and Kubota Agricultural Machinery
India Private Limited, joint venture company of the Company, with the Company. The same
has been filed with BSE Limited and National Stock Exchange of India Limited on September
26, 2022 and September 27, 2022, respectively to get no objection letters as required
under Regulation 37 of the SEBI Listing Regulations.
Utilisation of Funds
The reporting of the utilisation of funds, as on March 31,2023, raised
through the preferential allotments are as follows:
| Original Object |
Modified Object, if any |
Original Allocation |
Modified allocation, if any |
Funds Utilised |
Amount of Deviation/ Variation for the quarter according
to applicable object |
Remarks if any |
| For the Agri Machinery Business of the Company i.e. the
business of manufacturing, assembly, sales, marketing, financing, servicing, research and
development of: (a) tractors; (b) construction equipment (i.e., backhoe loaders and other
items to be mutually agreed between Promoters and Kubota Corporation); (c) implements; (d)
transmission for tractors, construction equipment (i.e., backhoe loaders and other items
to be mutually agreed between the Promoters and Kubota Corporation) and implements; and
(e) spare parts of the items referred in (a), (b), (c) and (d), and for the manufacture of
engines by the Company |
Not Applicable |
H1,041.90 Cr. |
Nil |
H497.38 cr. (Including H179.04 Cr. utilised during the year) |
Nil |
|
| For expansion of its agrimachinery business of manufacturing,
assembly, sales, marketing, financing, servicing, research and development of: (a)
tractors; (b) combine harvester & rice transplanter; (c) utility vehicles; (d) turf
equipment; (e) construction machinery; (f) engines; (g) implements; (h) transmission for
tractors, construction equipment and implements; (i) other farm mechanisation equipment;
(j) spare parts of the items referred in (a) to (i) above |
Not Applicable |
H1,855.31 Cr.* |
Nil |
Nil |
Nil |
|
Directors and Key Managerial Personnel
In accordance with the provisions of the Companies Act, 2013
(hereinafter referred as "the Act") and Articles of Association of the Company,
Ms. Nitasha Nanda (DIN: 00032660) and Mr. Yuji Tomiyama (DIN: 08779472), Directors of the
Company, retire by rotation at the ensuing Annual General Meeting (AGM) and being
eligible, offer themselves for re-appointment.
The shareholders at the AGM held on July 14, 2022 had appointed Mr.
Vimal Bhandari, Ms. Reema Rameshchandra Nanavaty and Mr. Manish Sharma as Independent
Directors and Mr. Yasukazu Kamada as non-executive nominee director and approved the
appointment of Mr. Ravindra Chandra Bhargava and Mr. Kenichiro Toyofuku as Independent
Directors and Mr. Shiro Watanabe as non-executive nominee director. Further, the
shareholders of the Company also approved the appointment of Mr. Seiji Fukuoka as
Whole-time Director designated as Deputy Managing Director.
Further, the Board of Director, on recommendation of Nomination
Remuneration and Compensation Committee (NRC) has appointed Mr. Bharat Madan as an
additional director and Whole-time Director of the Company, designated as Whole-time
Director and Chief Financial Officer, effective from February 8, 2023. Subsequently, the
shareholders of the Company has approved the such appointment through postal ballot notice
dated March 15, 2023.
During the year under review the tenure of second term as Independent
Director of Mr. P.H. Ravikumar and Mrs. Vibha Paul Rishi had been completed on July 14,
2022. Further, the tenure of Dr. Sutanu Behuria, Independent Director is expiring in the
ensuing AGM. Dr. Behuria was appointed as an Independent Director in 2015 and completing
the second term which will be ending in the ensuing AGM.
Further, Mr. Shailendra Agarwal has resigned from the position of
directorship effective from February 3, 2023, due to his health condition.
The Company has received declarations from all Independent Directors of
the Company that they meet the criteria of independence as prescribed under sub-section
(6) of Section 149 of the Act and under Regulations 16 and 25 of SEBI Listing Regulations
and there has been no change in the circumstances affecting their status as Independent
Directors of the Company. The Company has also received a declaration from all the
Independent Directors that they have registered their names in the Independent Director
data bank and pass/ exempt requisite proficiency test conducted by Ministry of Corporate
Affairs.
The policy on Appointment and Removal of Director's and Members of
Senior Management was reviewed and amended by the Board at its meeting held on May 10,
2023. The said policy is annexed as Annexure - A and forms an integral part of this
Report.
Annual performance evaluation of the Board, its committees and
individual directors (including Independent Directors) pursuant to the provisions of the
Act and the Corporate Governance requirements under SEBI Listing Regulations have been
carried out. In accordance with the Policy, and the process, given in Report on Corporate
Governance, was followed by the Board for evaluation of its own performance and its
committees and individual directors including Independent Directors.
The remuneration policy for directors, key managerial personnel, senior
management and other employees was reviewed and amended by the Board at its meeting held
on May 10, 2023. The said policy is annexed as Annexure - B and forms an integral
part of this Report.
The Company has devised a process whereby various presentations/
programs are being conducted to familiarise the directors with various developments at
Industry level, new business initiatives and organisation strategies etc. The details of
programme for familiarisation of Independent Directors with the Company, their roles,
rights, responsibilities in the Company, nature of industry in which the Company operates,
business model of the Company and related matters are put up on the website of the Company
- www.escortsgroup.com.
The Company recognises and embraces the importance of a diverse board
in its success. Your Company believes that a truly diverse board will leverage differences
in thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical background, age, ethnicity, race and gender, which will help it retain its
competitive advantage.
The brief resumes and other details relating to the directors who are
proposed to be appointed/ re-appointed, as required to be disclosed as per the provisions
of the SEBI Listing Regulations/ Secretarial Standard are given in the Annexure to the
Notice of the 77th AGM.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be disclosed under Section
134(3)(m) of the Act read with Companies (Accounts) Rules, 2014 are provided as Annexure
- C and forms an integral part of this Report.
Corporate Governance
Corporate Governance is about maximising shareholders value, ethically
and sustainably. At Escorts Kubota the goal of corporate governance is to ensure fairness
for every stakeholder. Your Company believes that strong corporate governance is critical
to enhancing and retaining investor trust. Your Company also endeavours to enhance long
term shareholder value and respect minority rights in all its business decisions.
Your Company reaffirms its commitment to the good corporate governance
practices and has adopted the Code of Business Conduct which has set out the systems,
processes and policies conforming to international standards. Pursuant to Regulation 34(3)
of the SEBI Listing Regulations, Corporate Governance Report and a Certificate regarding
compliance of conditions of Corporate Governance from Company Secretary in Practice are
enclosed as Annexure - D and forms an integral part of this Report.
Corporate Social Responsibility (CSR)
The key philosophy of all CSR initiatives of the Company is to make CSR
a key business process for sustainable development of the society. The initiatives aim at
enhancing welfare measures of the society based on the immediate and long term social and
environmental consequence of its activities. The Company intends to undertake other
need-based initiatives in compliance with Schedule VII of the Act.
The CSR Policy and Impact Assessment Report may be accessed on the
Company's website www.escortsgroup. com under Investors Information Section.
During the year, the Company has spent H17.30 crores. {Including amount transferred to
unspent CSR account (refer note 29 of the standalone financial statements)}.
The Annual Report on CSR activities is enclosed as Annexure - E and
forms an integral part of this Report.
Consolidated Financial Statements
The Consolidated Financial Statements have been prepared in accordance
with the Act and Indian Accounting Standard (IND AS) - 110 applicable to the Consolidated
Financial Statements read with IND AS-28 on Accounting for Investments in Associates and
IND AS-31 on Financial Reporting of Interests in Joint Ventures issued by The Institute of
Chartered Accountants of India. The Audited Consolidated Financial Statements along with
the Auditors' Report thereon are annexed with this Report.
Subsidiaries, Joint Ventures and Associate Companies
In accordance with Section 129(3) of the Companies Act, 2013, a
statement containing salient features of the financial statements of the Subsidiary,
Associates and Joint Venture Companies in Form AOC-1 is provided in this Report. The
statement also provides details of performance and financial position of each of the
Subsidiary, Associates and Joint Venture Companies. Audited Financial Statements together
with related information and other reports of each of the subsidiary companies have also
been placed on the website of the Company at https://www.escortsaroup.com/investors/annual-reports.
html. The Consolidated Financial Statements presented by the
Company include the financial results of its subsidiaries, associate and joint venture
companies.
In terms of the Company's Policy on determining "material
subsidiary", during the financial year ended March 31, 2023, there is no material
subsidiary of the Company whose income exceeds 10% of the consolidated income of the
Company in the immediately preceding financial year.
During the FY ended on March 31, 2023, the Company has sold its entire
49% stake i.e. 7,27,65,000 equity shares of H10/- each of Tadano Escorts India Private
Limited (TEIPL), a joint venture between the Company and Tadano Limited, Japan (Tadano),
to Tadano, at H0.01 Cr. on November 9, 2022.
Further, the Company has also acquired the entire equity share capital
of Escorts Corp Solutions Limited (ECSL), apart from the existing equity shares already
held by the Company. Consequently, ECSL has become the wholly owned subsidiary of the
Company w.e.f. January 18, 2023.
The complete list of subsidiaries, joint ventures and associate
companies as on March 31,2023, in terms of the Act and IND- AS is provided herein below:
| S. No. Name of the subsidiary / associate companies /
joint ventures |
Relationship |
% of shares |
| 1. Escorts Crop Solutions Limited |
Subsidiary |
100% |
| 2. EKL CSR Foundation (Formerly Escorts Skill Development) |
Subsidiary |
100% |
| 3. Escorts Finance Limited |
Subsidiary |
67.87% |
| 4. Farmtrac Tractors Europe Spolka Z.o.o. |
Subsidiary |
100% |
| 5. Escorts Benefit and Welfare Trust |
Subsidiary |
100% |
| 6. Escorts Benefit Trust |
Subsidiary |
100% |
| 7. Adico Escorts Agri Equipments Private Limited |
Joint Venture |
40% |
| 8. Escorts Kubota India Private Limited |
Joint Venture |
40% |
| 9. Kubota Agricultural Machinery India Private Limited |
Joint Venture |
40% |
| 10. Escorts Consumer Credit Limited |
Associate |
29.41% |
The details of the above investments/ disinvestment are provided in the
note 7 of the notes to accounts of Standalone Financial Statements of the Company.
Contracts and Arrangements with Related Parties
All contracts/ arrangements/ transactions entered by the Company during
the financial year with related parties were in the ordinary course of business and on an
arm's length basis. During the year, the Company had not entered into any contract/
arrangement/ transaction with related parties which could be considered material in
accordance with the policy of the Company on the materiality of related party
transactions.
The particulars of contracts or arrangements, with related parties
referred to in Section 188(1) of the Act, in the prescribed Form AOC-2, is appended as Annexure
- F to this report.
The Policy on materiality of related party transactions and dealing
with related party transactions may be accessed on the Company's website at https://www.escortsgroup.com/
investors/governance.html.
Your Directors draw attention of the members to note 45 in the notes to
accounts in the Standalone Financial Statements and to note 44 in the notes to accounts in
the Consolidated Financial Statements which sets out related party disclosures.
Auditors and Auditors' Report Statutory Auditors
Pursuant to the provisions of Section 139 of the Act read with rules
thereunder, the shareholders of the Company at the 76th AGM held on July 14, 2022 had
re-appointed M/s. Walker Chandiok & Co LLP, Chartered Accountants, New Delhi (Firm
Registration No. 001076N/ N500013) as Statutory Auditors of the Company for a period of 5
years i.e. upto the conclusion of AGM to be held in the year 2027.
The comments given by M/s. Walker Chandiok & Co LLP, Chartered
Accountants, Statutory Auditors, in their report read together with notes to accounts for
the FY ended March 31, 2023 are self-explanatory and hence, do not call for any further
explanations or comments under Section 134 of the Act.
Pursuant to provisions of the Section 143(12) of the Companies Act,
2013 neither the Statutory Auditors nor Secretarial Auditors nor Cost Auditors have
reported any incident of fraud to the Audit Committee or the Board during the year under
review.
Cost Auditors
Pursuant to the Section 148 of the Act read with rules thereunder, your
Company is required to maintain the cost records and the said cost records are required to
be audited.
The Company is maintaining all the aforesaid cost records.
The Board of Directors, on the recommendation of Audit Committee, has
re-appointed M/s. Ramanath Iyer and Co., Cost Accountants (Firm Registration No. 000019),
as Cost Auditors of the Company for conducting the audit of cost records for the FY
2023-24.
The due date of filing the Cost Audit Report for the year ended on
March 31, 2022 was September 30, 2022 and the same had been filed on August 23, 2022.
Secretarial Auditors
The Board had appointed M/s. Jayant Gupta and Associates, Practicing
Company Secretaries, as Secretarial Auditors to conduct secretarial audit of the Company
for the FY 2022-23.
The Secretarial Audit Report of the Company as prescribed under Section
204 of the Act is annexed herewith as Annexure - G and forms an integral part of
this Report.
The Secretarial Audit Report does not contain any qualification,
reservation and adverse remarks and the comments given by the Secretarial Auditors in
their report are self-explanatory and hence, do not call for any further explanations or
comments under Section 204(3) of the Act.
The Board has also re-appointed M/s. Jayant Gupta and Associates,
Practicing Company Secretaries to conduct secretarial audit of the Company for the FY
2023-24.
Risk Management
The Risk Management Committee of the Board has been entrusted with the
responsibility to assist the Board in (a) Overseeing and approving the Company's
enterprise wide risk management framework; and (b) Overseeing that all the risks that the
organisation faces such as strategic, financial, credit, market, liquidity, security,
property, IT, legal, regulatory, reputational and other risks have been identified and
assessed and there is an adequate risk management infrastructure in place capable of
addressing those risks.
The Company has laid down a Risk Management Policy and the same is
available on the website of the Company at https://
www¦escortsaroup¦com/investors/aovernance¦html.
The details of constitution of Risk Management Committee of the Company
is provided in Report on Corporate Governance at Annexure - D of the Directors'
Report.
Internal Financial Control and its Adequacy
The Board has adopted policies and procedures for ensuring the orderly
and efficient conduct of its business, including adherence to Company's policies, the
safeguarding of its assets, the prevention and detection of fraud, error reporting
mechanisms, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial disclosures.
The Company has in place adequate internal financial controls for
ensuring the orderly and efficient conduct of its business.
During the year, such controls were tested and no reportable material
weakness in the design or operation was observed.
Disclosures
Meetings of the Board
Six meetings of the Board of Directors were held during the year. For
further details, please refer Report on Corporate Governance annexed as Annexure - D to
this Report.
Audit Committee
For constitution and other details of the Audit Committee, please refer
Report on Corporate Governance annexed as Annexure - D to this Report.
All the recommendations made by the Audit Committee were accepted by
the Board.
CSR Committee
For constitution and other details of the CSR Committee, please refer
Report on Corporate Governance annexed as Annexure - D to this Report.
Annual Return
The Annual Return for Financial Year 2022-23 is available on the
Company's website at https://www.escortsgroup.com/ other-documents.
Vigil Mechanism
The Company has adopted a Whistle Blower Policy establishing vigil
mechanism for Directors and Employees to report their concerns about unethical behaviour,
actual or suspected fraud or violation of the Company's Code of Conduct. The mechanism
provides for adequate safeguards against victimisation of effected Director(s) and
Employee(s). In exceptional cases, Directors and Employees have direct access to the
Chairman of the Audit Committee. It is affirmed that no personnel of the Company has been
denied access to the Audit Committee.
The Whistle Blower Policy is available on Company's website at https://www.escortsgroup.com/investors/governance.html.
Registrar and Share Transfer Agent
The Share Transfer and related activities are being carried out by M/s.
KFin Technologies Limited (earlier KFin Technologies Private Limited), Registrar and Share
Transfer Agent from the following address:
M/s. KFin Technologies Limited Selenium Building, Tower B, Plot No.
31-32,
Financial District, Nanakramguda, Serilingampally, Hyderabad,
Rangareddy, Telangana - 500032
Particulars of Loans given, Investments made, Guarantees given and
Securities provided
A statement regarding Loans/ Guarantees given and Investments covered
under the provisions of the Section 186 of the Act is made in the notes to the financial
statement.
Particulars of Employees and related disclosures
In terms of provisions of Section 197(12) of the Act, read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement
showing the names and other particulars of the employees drawing remuneration in excess of
the prescribed limits are available with the Company Secretary.
In terms of the first proviso to Section 136(1) of the Act, the Annual
Report excluding the aforesaid information is being sent to the members of the Company.
Any member interested in obtaining such particulars may write to the Company Secretary of
the Company and the same will be furnished on request.
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure - H and
forms an integral part of this Report.
Public Deposits
The Company has not accepted/ renewed any Fixed Deposit during the
financial year under review and as such no amount of principal or interest was outstanding
as of the Balance Sheet date.
Investor Education and Protection Fund (IEPF)
Pursuant to the applicable provisions of the Act, read with IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules'), all
unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF
established by the Central Government, after the completion of seven years. Accordingly,
the Company has transferred H16.06 lakhs, pertaining to unclaimed dividend, during the
period under review, to IEPF.
Further, according to the rules, the shares in respect of which
dividend has not been paid or claimed by the shareholders for seven consecutive years or
more shall also be transferred to the demat account created by the IEPF Authority.
Accordingly, the Company has transferred 38,732 shares, during the period under review, to
IEPF. The detailed information is available at our website www.escortsgroup.com.
As on March 31, 2023, no unclaimed deposits are pending which required
to be transferred to IEPF.
Credit Rating
The present credit rating of the Company is as under:
CRISIL Limited and ICRA Limited granted long term rating as "AA+
with stable outlook" and Short-Term rating as "A1+"
Material Changes and Commitment affecting the financial position
There are no material changes affecting the financial position of the
Company subsequent to the closure of the FY 2023 till the date of this report.
Prevention of Sexual Harassment
The Company has zero tolerance for sexual harassment at workplace and
has adopted a policy on Prevention, Prohibition and Redressal of Sexual Harassment at
Workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and the rules thereunder for prevention
and redressal of complaints of sexual harassment at workplace. The Company is committed to
provide equal opportunities without regard to their race, caste, sex, religion, colour,
nationality, disability, etc. All women associates (permanent, temporary, contractual and
trainees) as well as any women visiting the Company's office premises or women service
providers are covered under this Policy. Though the Company's policy is gender neutral.
All employees are treated with dignity with a view to maintain a work environment free of
sexual harassment whether physical, verbal or psychological.
The Company has also complied with provisions relating to the
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Your directors further state that during the year under review, there
were two cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the same have now been resolved.
Human Resources Management
Our professionals are our most important assets. We are committed to
hiring and retaining the best talent being among the industry's leading employers. For
this, we focus on promoting a collaborative, transparent and participative organisation
culture, and rewarding merit and sustain high performance. Our human resources management
focuses on
allowing our employees to develop their skills, grow in their career
and navigate their next.
Secretarial Standards
The Company is in compliance with all the applicable Secretarial
Standards issued by the Institute of Company Secretaries of India.
Integrated Report
The Company has provided Integrated Report, which includes
non-financial and financial information to have a better understanding of the Company's
long-term strategy. This report covers six forms of capital viz. financial capital,
manufactured capital, intellectual capital, human capital, social and relationship capital
and natural capital as per International <IR> framework.
Business Responsibility and Sustainability Report (BRSR)
In November 2018, the Ministry of Corporate Affairs (MCA) constituted a
Committee on Business Responsibility Reporting (BRR) ("the Committee") to
finalize business responsibility reporting formats for listed and unlisted companies,
based on the framework of the National Guidelines on Responsible Business Conduct (NGRBC).
Through its report, the Committee recommended that BRR be rechristened BRSR, where
disclosures are based on ESG Corporate Overview Management Discussion and Analysis
Financial Statements parameters, compelling organizations to holistically engage with
stakeholders and go beyond regulatory compliances in terms of business measures and their
reporting. SEBI, vide its circular dated May 10, 2021, made BRSR mandatory for the top
1,000 listed companies (by market capitalization) from FY 2023. Further, pursuant to
Regulation 34 of the SEBI Listing Regulations, the BRSR disclosures are enclosed as Annexure
I and forms an integral part of this Report.
Application made or any proceeding pending under the Insolvency and
Bankruptcy Code
As on the date of the report no application is pending under the
Insolvency and Bankruptcy Code, 2016 against the Company and the Company did not file any
application under (IBC) during the Financial Year 2022-23. Further, the Company has not
made any one-time settlement.
Compliance by Large Corporate
Your Company does not fall under the category of large corporate, as
defined under SEBI vide its circular SEBI/HO/ DDHS/CIR/P/2018/144 dated November 26, 2018,
as such no disclosure is required in this regard.
Directors' Responsibility Statement
Pursuant to the requirement under Section 134(5) of the Act, with
respect to Directors' Responsibility Statement, your Directors, to the best of their
knowledge and ability, hereby confirm that:
(i) i n the preparation of the annual accounts for the year ended March
31, 2023, the applicable accounting standards read with requirements set out under
Schedule III to the Act, have been followed along with proper explanation relating to
material departures;
(ii) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31, 2023
and of the profit of the Company for the year ended on that date;
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the Act,
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
(iv) the Directors have prepared the annual accounts for financial year
ended March 31, 2023 on a ‘going concern' basis;
(v) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are adequate and are
operating effectively; and
(vi) t he Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are adequate and
operating effectively.
General
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these items during the
year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
2. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme save and except ESOS referred to in this Report.
3. Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its subsidiaries.
4. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's operations in
future. However, members attention is drawn to note 32 in the notes to accounts in the
Standalone Financial Statements and to note 33 in the notes to accounts in the
Consolidated Financial Statements which sets out information on Commitments and
Contingencies.
5. Details of difference between amount of valuation done at the time
of one-time settlement and the valuation done while taking loan from the Banks or
Financial Institutions along with the reasons thereof.
Acknowledgement
Your Directors would like to express their sincere appreciation of the
positive co-operation received from the Central Government, the Government of Haryana and
Karnataka, Financial Institutions and the Company's Bankers, Customers, Dealers and all
other business associates.
The Directors also wish to place on record their deep sense of
appreciation for the commitment displayed by all executives, officers, workers, employee
unions and staff of the Company resulting in the successful performance of the Company
during the year.
The Board also takes this opportunity to express its deep gratitude for
the continued co-operation and support received from its valued shareholders.
|
For and on behalf of the Board of Directors |
|
|
Sd/- |
Sd/- |
| Place: Faridabad |
NIKHIL NANDA |
SEIJI FUKUOKA |
| Date: May 10, 2023 |
Chairman & Managing Director |
Deputy Managing Director |
  Â
Escorts Kubota Ltd
Company Background
| Incorporation Year | 1944 |
| Registered Office | 15/5 Mathura Road,
Faridabad,Haryana-121003 |
| Telephone | 91-0129-2250222/4275/4254,Managing Director |
| Fax | 91-0129-2250060 |
Nikhil NandaNikhil Nanda| Company Secretary | Satyendra Chauhan |
| Auditor | Walker Chandiok & Co LLP |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Escorts Kubota Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Nikhil Nanda | Chairman & Managing Director | 2023 |
| Hardeep Singh | Director | 2023 |
| Sutanu Behuria | Independent Director | 2023 |
| NITASHA NANDA | Whole-time Director | 2023 |
| Sunil Kant Munjal | Independent Director | 2023 |
| Tanya Dubash | Independent Director | 2023 |
| Satyendra Chauhan | Company Sec. & Compli. Officer | 2023 |
| Harish N Salve | Independent Director | 2023 |
| Dai Watanabe | Director | 2023 |
| Yuji Tomiyama | Director | 2023 |
| R C Bhargava | Independent Director | 2023 |
| Kenichiro Toyofuku | Independent Director | 2023 |
| Vimal Bhandari | Independent Director | 2023 |
| Shiro Watanabe | Director | 2023 |
| Reema Nanavati | Independent Director | 2023 |
| Manish Sharma | Independent Director | 2023 |
| Seiji Fukuoka | Deputy Managing Director | 2023 |
| Yasukazu Kamada | Director | 2023 |
| R S Sodhi | Independent Director | 2023 |
| Bharat Madan | Whole Time Director & CFO | 2023 |
| Arvind Kumar | Company Sec. & Compli. Officer | 2023 |
Escorts Kubota Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_200 |
| BSEDOLLEX |
| CNX500 |
| BSESMALLCA |
| CNXMIDCAP |
| CNXMID50 |
| CNX_MNC |
| CNX200 |
| BSEALLCAP |
| INDUSTRIAL |
| BSESMALLSE |
| MID150 |
| LMI250 |
| MSL400 |
| NFTYLM250 |
| NFTYMC150 |
| NFTYMSC400 |
| NFTY200M30 |
| NF500M5025 |
| NFTYINDMFG |
| NFTYTOTMKT |
| NFMC150M50 |
Escorts Kubota Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Sale of Products | NA | 0 | 0 | 0 | 8163.47 |
| Other Operating Income | NA | 0 | 0 | 0 | 57.31 |
| Scrap Sales | NA | 0 | 0 | 0 | 56.94 |
| Sale of Services | NA | 0 | 0 | 0 | 45.61 |
| Export Incentives | NA | 0 | 0 | 0 | 21.62 |
| Adjustments | NA | 0 | 0 | 0 | 0 |
| Oils & Lubricants | NA | 0 | 0 | 0 | 0 |
| Engines-IC | No | 0 | 0 | 0 | 0 |
| Harvester-Sugarcane-Traded | No | 0 | 0 | 0 | 0 |
| Brakes-All Types (Railways) | No | 0 | 0 | 0 | 0 |
| Brakes Block | No | 0 | 0 | 0 | 0 |
| Centre Buffer Couplers | No | 0 | 0 | 0 | 0 |
| Tractor-Agri./Harvestor Comb. | No | 0 | 0 | 0 | 0 |
| Shock Absorbers-Automobiles | No | 0 | 0 | 0 | 0 |
| Shock Absorbers-Railways | No | 0 | 0 | 0 | 0 |
| Implement Trailers & Others | No | 0 | 0 | 0 | 0 |
| Construction Equipmentes | NA | 0 | 0 | 0 | 0 |
| Others | No | 0 | 0 | 0 | 0 |
| Others - Traded | NA | 0 | 0 | 0 | 0 |
| Class Combine-Traded | No | 0 | 0 | 0 | 0 |
| Heating Element-Round/FlatTube | Mtr | 0 | 0 | 0 | 0 |