Farm and construction equipment firm Escorts Kubota Ltd on Tuesday (January 14) announced that the Delhi High Court has dismissed the appeal filed by the Income Tax Department against the company for the assessment year (AY) 1986-87.
The order, dated January 10, 2025, was made available on the court’s portal on January 14, 2025. The company disclosed the matter earlier on August 14, 2023, as part of its regulatory obligations under SEBI Listing Regulations.
Escorts Kubota’s revenue for the second quarter was almost flat at ₹2,488.5 crore, compared to ₹2,478 crore during the same quarter last year. Net profit for the company came in at ₹324 crore. On a year-on-year (YoY) basis, Escorts Kubota’s bottomline increased by 54%.
Escorts Kubota’s earnings before interest, tax, depreciation and amortisation (EBITDA) was flat at ₹265 crore, against ₹264 crore reported in the year-ago quarter. Margins too were flat at 10.6%. Tractor sales fell by 0.9% at 25,995 units, while construction equipment sales dropped by 18.4% at 1,394 units. The railway equipment revenue was down by 9.9% at ₹211.2 crore.
Source from: https://www.cnbctv18.com/market/stocks/escorts-kubota-share-price-wins-income-tax-case-for-ay1986-87-19540018.htm
