INVESTOR PRESENTATION February 2021
Copyright @ Escorts Ltd. ESCORTS LIMITED 1 OUR JOURNEY SO FAR
1995 Launch 1979 Farmtrac Collaboration End JV with 1971 with JCB For Ford Manufacturing backhoe 1969 Of Construction JV with Ford Equipment 1954 motors Franchise of to make 1948 Massey Tractors Ferguson ~JV with Tadano for Launch high end cranes 1944 Escorts (Agri tractors for northern India 2018 Founded Machinery Escorts Ltd.) ~Distribution ~Strategic 2016 Agreement with collaboration & Escorts Credit Doosan Infracore Manufacturing JV Co. Limited 2010 Partner with DLL with Kubota Launch DIGMAX for Financing 2005 Brand of Backhoe Divested from 2003 other business to End focus on tractors 1998 Collaboration and construction Auto part Launch with JCB equipment Powertrac Business Brand of Divested tractors
Copyright @ Escorts Ltd. ESCORTS LIMITED 2 VISION, MISSION & VALUES
TO BE AMONG TOP ENGINEERING COMPANIES IN INDIA VISION Through the power of imagination in engineering we create solutions that help our customers be more productive.
TO BE AN INTEGRATED SOLUTION PROVIDER MISSION To our customers by harnessing emerging future technologies and information to add value at every stage of customer need.
RESPECT FOR EMPOWERMENT COLLABORATION CORE VALUES PEOPLE TRANSPARENCY
STRATEGIC CUSTOMER INNOVATION EXCELLENCE AGILITY VALUES CENTRICITY
Copyright @ Escorts Ltd. ESCORTS LIMITED 3 OUR CURRENT BUSINESSES
Revenue FY20: ₹ 5,761.0 Cr. 9MFY21: ₹ 4,718.8 Cr.
Escorts Agri Machinery Escorts Construction Equipment Railway Equipment Division
EAM’s advanced agri-machinery & crop solutions ECE’s vast range of construction & material RED’s wide array of help enhance agricultural productivity and add handling equipment supports India’s railway products aids the modernization of value to a farmer’s life infrastructure growth Indian Railways Revenue FY20: ₹ 4,437.6 Cr. Revenue FY20: ₹ 839.8 Cr. Revenue FY20: ₹ 477.2 Cr. 9MFY21: ₹ 3,928.4 Cr. 9MFY21: ₹ 454.1 Cr. 9MFY21: ₹ 332.5 Cr.
ESCORTS is one of India's leading engineering conglomerates and for over Seven decades it has helped accelerate India’s socio-economic development through its presence across the high growth sectors of Agri-machinery, Construction & Material Handling Equipment and Railway Equipment. Standalone numbers Copyright @ Escorts Ltd. ESCORTS LIMITED 4 MANUFACTURING FACILITIES
Escorts Agri Machinery (EAM) Three Plants: Farmtrac, Powertrac & Components with a current production capacity of 120,000 + tractor p.a. Poland Plant: 100% subsidiary having an installed capacity of 2,500 tractor p.a. 50,000 capacity Manufacturing Plant under JV with Kubota
Escorts Construction Equipment (ECE) State of the art manufacturing and assembly facility sprawling 60,702 sq.m. of space with a capacity of 10,000 units p.a.
Railway Equipment Division (RED) State of the art manufacturing facility sprawling 55,609 sq.m. with capacity to produce 9,600 AARH couplers, 2,580 SHAKU couplers, 18,000 air brakes 1,500 EP brakes and 9,99,996 brake blocks annually
Copyright @ Escorts Ltd. ESCORTS LIMITED 5 SCORTS AGRI MACHINERY (EAM)
Copyright @ Escorts Ltd. ESCORTS LIMITED 6 ↑ DOMESTIC TRACTOR INDUSTRY
Increasing Trend towards Mechanisation
Minimum Support Prices for Key Crops
Scarcity of Labour
Ease of Credit Availability from Govt. FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21
❖ India is the largest manufacturer of farm equipment ❖ India accounts for nearly 1/3rd of the overall tractor production globally ❖ 0.7 million units in FY20 and reach to approx. 1.2-1.5 million units by 2030 ❖ Customer exchange their tractor in every 4-6 years in mature markets.
Copyright @ Escorts Ltd. ESCORTS LIMITED 7 INDUSTRY SEGMENTATION
Industry Segment Volume (in lakh) 3.72 3.41 3.46 3.53
2.81 2.57 2.36 1.90
0.75 0.75 0.70 0.59 0.56 0.60 0.57 0.59
< 30 HP 31-40 HP 41-50 HP > 50 HP
FY18 FY19 FY20 9MFY21
Industry Segment Market Share in % 53.4% 46.8% 47.3% 48.7%
35.3% 35.6% 33.3% 28.7%
10.3% 9.5% 9.9% 8.9% 7.6% 7.6% 8.0% 8.9%
< 30 HP 31-40 HP 41-50 HP > 50 HP
FY18 FY19 FY20 9MFY21
Copyright @ Escorts Ltd. ESCORTS LIMITED 8 EAM SEGMENTATION
EAM Segment wise Volume in % 56.7% 49.5% 47.1% 46.2% 43.8% 44.6% 42.9%
33.2%
5.4% 5.1% 5.3% 3.0% 3.8% 3.8% 4.6% 5.0%
< 30 HP 31-40 HP 41-50 HP > 50 HP
FY18 FY19 FY20 9MFY21
EAM Segment wise Market Share in % 16.5% 15.2% 14.5% 12.4% 11.4% 10.4% 10.8% 11.0% 7.9% 6.7% 6.3% 6.2% 5.9% 6.1% 4.7% 3.5%
< 30 HP 31-40 HP 41-50 HP > 50 HP FY18 FY19 FY20 9MFY21
Copyright @ Escorts Ltd. ESCORTS LIMITED 9 HOW WE ARE POSITIONED
Premium Economic
High (> 50 HP) FARMTRAC (41-50 HP) Mkt.Size:52%
Medium POWERTRAC (31-40 HP) Mkt. Size:37%
Compact Tractor Low (< 30 HP) Mkt. Size:11% SteelTrac
Copyright @ Escorts Ltd. ESCORTS LIMITED 10 Expanded Product Lineup: 11 to 120 HP
31-40 41-50 51-90 HP Range < 30 HP HP HP HP
Successful launch of Best selling Compact range This Highest growth segment is PowerMaxx series of Utility range of Champion and Diesel tractors for Vineyard & Orchards Saver series complemented with Smart & Classic and Euro series FT 6090 Up To 120 HP Technology Leadership
Engines Driveline 26 to 110 hp 22 to 90 HP
Complying current & future emissions Transmissions: Higher Horsepower Agricultural Tractors of India, EU & USA Constantmesh, Synchromesh, Shuttle, HST for Bigger farm size suitable to need of BS4,Stage5,Tier4 esteemed farmers Hydraulic lifts: 1,000kg to 3,000kg capacity Copyright @ Escorts Ltd. ESCORTS LIMITED 11 DOMESTIC FY’22 MARKET SHARE ASPIRATIONS
~15% Share of Market of Share
~12% ~12% ~11%
FY18 FY19 FY20 FY21 FY22 TIME (YRS) Copyright @ Escorts Ltd. ESCORTS LIMITED 12 WINNING MARKET
1 Strong Market, Strong Brand
2 Strong Market, Weak Brand
3 Opportunity Market
POWERTRAC
FARMTRAC
OPPORTUNITY MARKET LOW TIV Current 1,000+ Active Dealer Network
Map is for illustrative purposes Copyright @ Escorts Ltd. ESCORTS LIMITED 13 INGREDIENTS FOR GROWTH
Brand led Product Dual Distribution in Strong Market Portfolio Expansion Strong Brand Coverage: 90 → 99% Farmtrac Weak Brand Coverage: 33 → 80% Powertrac Steeltrac
South/West Focus Escorts Credit Channel Extension ~15% Penetration → 40% Compact tractor Rice tractor
Customer Centricity Care Button Scientific Sales Management ETC Mobile Vans Hotline www.digitrac.in
Aspirations From FY17 to FY22 Copyright @ Escorts Ltd. ESCORTS LIMITED 14 CARE – 24X7
Copyright @ Escorts Ltd. ESCORTS LIMITED Copyright @ Escorts Ltd. ESCORTS LIMITED Copyright @ Escorts Ltd. ESCORTS LIMITED DIGITRAC Contactless Sales
Copyright @ Escorts Ltd. ESCORTS LIMITED EXPORT MARKET SIZE & OPPORTUNITY
Tractor Export from India In `000s
EUROPE 92 US 89 MARKETS 78 80 SAARC 76 76 64 64 LATAM
AFRICA
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Tractor Exports from India expected to grew by CARG 6~8%
Main Market under 120 HP Tractors
Hobby/Garden farming in Market (like USA)
Targeting 8,000~10,000 Volumes by 2022
Copyright @ Escorts Ltd. ESCORTS LIMITED 19 TRACTOR IS AS GOOD AS ITS ATTACHMENTS
Copyright @ Escorts Ltd. ESCORTS LIMITED 20 SHIP* BUSINESS
TECHNOLOGY PRODUCT RANGE SUPPLY CHAIN DISTRIBUTION NETWORK
SPRAYERS 10x
HARVESTERS REVENUE
ESCORTS PLANTERS SHIP
x
IMPLEMENTS FY (17-18) FY (21-22)
TIME (YRS)
*SHIP = Sprayers, Harvesters, Implements & Planters BusinessCopyright @ Escorts Ltd. ESCORTS LIMITED 21 …EAM JOURNEY SO FAR & ASPIRATIONS FORWARD
SEGMENT REVENUE (Rs. Cr.) EBIT %
5,000.0 18.7% 20.0%
4,500.0 3,928.4 18.0% 17~18% EBIT Margin 4,000.0 13.6% 14.0% 13.0% 16.0% 3,500.0 14.0%
3,000.0 10.3% 12.0% 2,500.0 8.2% 4,744.0 10.0% 2,000.0 3,957.9 4,437.6 8.0% 1,500.0 3,346.0 6.0% 2,734.3 1,000.0 4.0%
500.0 2.0%
- 0.0% FY16 FY17 FY18 FY19 FY20 9MFY21 ❖ Revenue Growth Initiatives ❖ EXPORT VOLUMES (Nos.) ROCE % ❖ South & West penetration
1,20,000 73.9% 80.0% ❖ Emerging Business 70.0%
1,00,000
60.0% ❖ Cost Rationalization 80,000 46.3% 74,153 37.4% 50.0% 60,000 32.0% 34.4% 40.0% ❖ Raw Material
96,412 30.0% 40,000 21.7% 80,417 86,018 ❖ Manpower cost 63,786 20.0%
20,000 51,455
10.0%
0 0.0% FY16 FY17 FY18 FY19 FY20 9MFY21 ** Copyright @ Escorts Ltd. ROCE ** Annualised Data ESCORTS LIMITED 22 Escorts Construction Equipment
24 August 2020 CopyrightEscorts @ Ltd.Escorts Ltd. ESCORTS LIMITED 23 CONSTRUCTION EQUIPMENT SEGMENTS
Material INDUSTRY 2020 % Handling & Cranes 5.9%
Material 10.4% 1.8% processing 2.0%
Earth Construction Moving Equipment Equipment
Concrete 79.9% Equipment
Earth Moving Material Handling Road Building Road Construction Concrete Equipment Equipment Material Processing
ECE present in 40 % Revenue Potential of the Construction Equipment Industry – Strategic Partnership and Distribution Agreement make it to 80% in Value Terms
Copyright @ Escorts Ltd. ESCORTS LIMITED 24 SEGMENTS APPLICATION & USERS
Segment Major equipment types Application Segment User
• Mining Small/ Individual 70% A - Backhoe loader, • Roads 1 Earthmoving B - Excavator, 20% • Real Estate/Land Development Medium fleet owners Equipment C - Wheeled loader • Power • Railways/Metros Institutional/corporate 10%
• Erection work in projects Government 5% • Power 2 Material Handling Institutional/corporate 20% Pick and Carry cranes • Steel & Cranes • Mining Medium fleet 20% • Railway/metros Small / Individual 55%
• Highways Rental hirers 7% • Rural roads Road building Compactors, pavers, asphalt Contractors 76% • Airports 3 equipment finishers • Land Reclamation Corporate Buyers 3% • Motor Graders Govt Bodies 14% • Irrigation Canals • Road construction Concrete Mixers, pumps, batching plants • Building construction equipment 4 • Airports • Precast/In situ
• Stone Quarries Material Compressors, Crushers • Mining processing 5 • Over ground blue metal crushing
Source: ICEMA, Off-Highway Research, Escorts Data Copyright @ Escorts Ltd. ESCORTS LIMITED 25 SERVED INDUSTRY SEGMENTATION
Served Industry Volume (in`000s) 47.2
38.6 36.4
27.5
10.2 8.1 7.8 5.0 4.4 4.2 3.9 3.0
Backhoe Loader Cranes Compactors
FY18 FY19 FY20 9MFY21 Served Industry category wise in %
75.8% 75.6% 75.6% 78.7%
16.0% 16.4% 16.2% 12.6% 8.2% 8.1% 8.1% 8.7%
Backhoe Loader Cranes Compactors
Source: ICEMA Copyright @ Escorts Ltd. ESCORTS LIMITED 26 PRODUCT PORTFOLIO
1) Material Handling 63%
2) Earth 16% Moving
3) Road 9% Construction
% of ECE Revenue 5/22 Copyright @ Escorts Ltd. ESCORTS LIMITED 27 MATERIAL HANDLING
RT/ TC Joint Venture For High End To build the segment and expand Product Basket Cranes Slew 10-80T
TRX/Safe Cranes 10 – 23T Continue Market Dominance in Safe Crane and Hydra Cranes move the market upwards 8 – 16T
Hydra 68% 67% 53% 47% 60% Product F-15/ TRX Series Split 32% 33% 47% 53% 40% FY17 FY18 FY19 FY20 9MFY21 Transform the market from a leadership position
Copyright @ Escorts Ltd. ESCORTS LIMITED 28 READY TO RIDE THE INDUSTRY BOOM
SEGMENT REVENUE (Rs. Cr.) EBIT %
1,200.0 3.6% 3.6% 5.0% ASPIRATION 1.0% 4.0%
1,000.0 1,054.1 3.0% 839.8 High Single Digit EBIT 780.3 2.0%
800.0 1.0% Margin
606.8 0.0% 600.0 1.9% 496.5 -1.0% -2.3% 454.1
-2.0%
400.0
-3.0%
-4.0% 200.0 -5.2%
-5.0%
- -6.0% Strategic Tie ups FY16 FY17 FY18 FY19 FY20 9MFY21 Focus on Cost Reduction : VOLUMES (Nos.) Material Cost
6,000 1.2
5,000 1 Focus on Export reach
4,000 0.8 Enhancement
3,000 0.6 5,544 4,042
2,000 4,486 0.4 Channel Financing 3,315
1,000 2,555 2,309 0.2 Dealership & Outlet reach 0 0 FY16 FY17 FY18 FY19 FY20 9MFY21 expansion
Copyright @ Escorts Ltd. ESCORTS LIMITED 29 Railway Equipment Division
ENSURING SAFETY AND COMFORT IN RAIL TRANSPORT
2424 August August 2020 2020 CopyrightEscortsEscorts @ Ltd.Escorts Ltd. Ltd. ESCORTS LIMITED 30 ESCORTS RAILWAYS: MANUFACTURING SAFETY & COMFORT
To achieve Leadership position in Indian Railways Components Industry in the defined segment
Major Sourcing partner for global Rolling Stock OEMs & Operators
Copyright @ Escorts Ltd. ESCORTS LIMITED 31 ON GROWTH TRACK
YOY EBIT GROWTH CONSISTENT of more than 25 % ORDER BOOK GROWTH from FY15 More than Rs. 330 Cr. as of Dec’2020
SEGMENT REVENUE (Rs. Cr.) EBIT %
600.0 332.5 25.0% ✓ Manpower Cost, Productivity 477.2
500.0 394.1 20.0% Improvements
400.0 ✓ Material Cost improvements 286.6 18.0% 15.0% 300.0 227.8 242.5 19.9% 10.0%
200.0 13.9% 14.7% ✓ New Product Revenue boost 12.7%
5.0% ✓ Building Strong Inhouse R&D 100.0 9.9%
- 0.0% FY16 FY17 FY18 FY19 FY20 9MFY21
Copyright @ Escorts Ltd. ** Annualised Data ESCORTS LIMITED 32 ASPIRATION 2022
4X
Strategic Tie-up & Inorganic Leveraging Core Strengths X
ASPIRATION 2022 To grew business 4x from FY17 base and achieve 17~19 % EBIT Margin
Copyright @ Escorts Ltd. ESCORTS LIMITED 33 GROUP FINANCIALS
Copyright @ Escorts Ltd. ESCORTS LIMITED 34 ↑ KEY FINANCIAL METRICES…
REVENUE (Rs. Cr.) Material Cost VA/VE % to continue further 6,196 68.4% 5,761 67.9% 5,016 4,719 4,168 67.0% 67.1% 3,439 66.3% 65.7%
# # # # FY16 FY17 FY18 FY19# FY20# 9MFY21 FY16 FY17 FY18 FY19 FY20 9MFY21
EBITDA (Rs. Cr.) % PAT (Rs. Cr.) %
900 16.6% 18.0% 700 12.8% 14.0% 11.8% 11.7% 800 16.0% 8.4% 11.1% 600 7.8% 12.0%
700 14.0%
500 10.0% 600 12.0% 6.9%
400 8.0% 500 8.0% 10.0%
400 8.0% 5.0% 300 3.8% 6.0% 300 6.0% 200 2.4% 4.0% 200 4.0%
100 2.0% 100 177 324 557 733 676 785 2.0% 84 160 345 485 486 603 - 0.0% - 0.0% FY16 FY17 FY18 FY19# FY20# 9MFY21# FY16 FY17 FY18 FY19 FY20 9MFY21 # From Continuing Operations Copyright @ Escorts Ltd. * Annualised Data ESCORTS LIMITED 35 ↑ KEY FINANCIAL METRICES…
Including EPS ( ) Excluding EPS (₹) Treasury Shares ₹ Treasury Shares DEBT EQUITY RATIO 47.43 64.8 0.30 0.27 1.2 40.58 40.63 55.8 55.5 0.25 1 0.19 28.85 41.6 0.20 0.8
0.15 0.13 0.6 16.84 0.09 20.9 0.10 0.4 8.39 10.8 0.05 0.2 0.02 0.00 0.00
- 0 FY16 FY17 FY18 FY19 FY20 9MFY21# FY16 # FY17 FY18# FY19 FY20 9MFY21 FY15 FY16 FY17 FY18 FY19 FY20 9MFY21
ROE % PATROCE (Cr) %
20% 19% 30%
18% 16% 16% 26% 25%
16% 23% 14% 21% 20% 14%
20%
12%
10% 8% 15% 13%
8%
10% 8% 6% 5%
4%
5%
2%
0% 0% FY16 FY17 FY18 FY19* FY20 9MFY21 FY16 FY17 FY18 FY19# FY20 # 9MFY21 #
# From Continuing Operations Copyright @ Escorts Ltd. * Annualised Data ESCORTS LIMITED 36 Credit Rating & Debt Profile
Long Term Credit LBBB- LBBB LBBB+ A- A A+ AA- AA- AA Rating
(₹ Crs.) 600 553 436 480 361 263 50 277 7 0 120.0 111.0 Rating Upgrade by
500 100.0 96.0 ICRA AA with Stable outlook
400 290 80.0 Rating reaffirmed by 206 302 300 50.0 CRISIL to AA- 60.0 57.0 Outlook Changed from Stable to “Positive” 220 200 40.0 159 220 31.0 263 28.6 18.5
100 230 20.0 178 15.5 140 104 8.4 50 49 0 8 070 0 - FY 11-12 FY 12-14 FY 14-15 FY 15-16 FY 16-17 FY 17-18 FY 18-19 FY19-20 9MFY 20-21
Term Loan Commercial paper WC Finance Cost *Nos. from FY 11-12 to FY 14-15 is as per IGAAP. *Finance Cost for FY 12-14 is for 18 months. *FY19-20 is excluding lease liability Copyright @ Escorts Ltd. ESCORTS LIMITED 37 ↑ SHAREHOLDING PATTERN
9.09% 9.09%
26.93% 30.32% 27.99% 21.97% 21.22%
30.32% 26.92% 29.26% 30.12% 30.92%
2.51% 2.51% 2.51% 2.23% 2.18%
40.25% 40.25% 40.25% 36.59% 36.59%
Dec'2019 Mar'2020 June' 2020 Sept' 2020 Dec'2020 Promoters + Trust Non Promoter-Non Public Institutions* Public Overseas Corporate Bodies (KUBOTA CORPORATION)
As of quarter ended
Copyright @ Escorts Ltd. ESCORTS LIMITED Aspiration
By 2022
Copyright @ Escorts Ltd. ESCORTS LIMITED 39 REVENUE (Rs. Cr.)
2.5x
FY17 Aspiration 2022
2 x 3x 4 x
FY17 Aspiration 2022 FY17 Aspiration 2022 FY17 Aspiration 2022
Copyright @ Escorts Ltd. ESCORTS LIMITED 40 ASPIRATION 2022
2.5X Revenue 10% Plus
Margin 13~14% 25% - 30%
Copyright @ Escorts Ltd. ESCORTS LIMITED 41 Vibrant board
NIKHIL NANDA SHAILENDRA AGRAWAL Chairman & Managing Director Executive Director • Alumnus of Wharton Business School, Philadelphia • Mechanical Engineer with 35 years of diverse experience in • Responsible for driving Escorts’ growth initiatives to Tata Motors, Hero Motors and Escorts Limited. strategically position it in the global arena • Leading business transformation at Escorts Limited.
HARDEEP SINGH SUNIL KANT MUNJAL Non-Executive Director Independent Non-Executive Director • One of the founder promoters of the Hero • Chairman - Monitoring committee on MSP (Planning Group, the world’s largest two-wheeler Commission) & Food Security Task Force, CII maker
P.H. RAVIKUMAR TANYA DUBASH Independent Non-Executive Director Independent Non-Executive Director • Founder MD & CEO of NCDEX • Executive Director and Chief Brand Officer of Godrej Industries Ltd. • Chairperson of CISI’s India Advisory Council • Director Godrej Industries Limited, Godrej Consumer Products Limited and Godrej Agrovet Limited. VIBHA PAUL RISHI DAI WATANABE Independent Non-Executive Director Non-Executive Non-Independent Director • Worked as ED of Max India Ltd. • More than 25 years of diverse experience in Kubota • Director of Marketing & Strategy at Future Group Corporation. • General Manager Innovation Centre of Kubota DR. SUTANU BEHURIA YUJI TOMIYAMA Independent Non-Executive Director Non-Executive Non-Independent Director • Financial Advisor to Ministries of Commerce, • 30 years plus of diverse experience in Kubota Corporation. Textiles, Coal, Mines, Youth Affairs & Sports • Senior Managing Executive Officer of Kubota • Served as Board member in over 25 PSUs HARISH S SALVE NITASHA NANDA Independent Director Whole Time Director • Mr. Salve is a senior counsel as well as an arbitrator in India and ▪ Responsible for managing Company’s subsidiary companies Barrister (UK) specialising in constitutional, commercial and ▪ Serves as Board member in several companies taxation law. He was the youngest ever to be appointed as solicitor Copyright @ Escorts Ltd. ESCORTS LIMITED MANAGAMENT TEAM
Mr. Shailendra Agrawal Executive Director ➢ 35 years of experience in creating product & technology roadmap and driving business transformation through Business Process Re-engineering
Mr. Shenu Agarwal CEO, Escorts Agri Machinery ➢ 26 years of experience in domestic and international sales and marketing, R&D and product development, strategy and project management
Mr. Ajay Mandahr CEO, Escorts Construction Equipment ➢ 26 years of experience in operations, sales & marketing, new product development
Mr. Dipankar Ghosh CEO, Railway Equipment Division ➢ 24 years of experience in product development, manufacturing operations and technology transfers
Mr. Bharat Madan Group Chief Financial Officer & Corporate head ➢ 28 years plus of experience in financial accounting, audit, cash and capital management, forecasting and risk management, tax planning, financial modelling and analysis
Copyright @ Escorts Ltd. ESCORTS LIMITED 43 SAFE HARBOR
Certain statements in this document include forward-looking comments and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance and other factors that impact our businesses and customers. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Escorts Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Contact Details Bharat Madan +91 129 2564837 (Group Chief Financial Officer) [email protected] Escorts Ltd. (CIN: L74899HR1944PLC039088) Corporate Centre 15/5 Mathura Road Faridabad – 121003 Phone: +91 129 2250222 Prateek Singhal +91 129 2564921 www.escortsgroup.com (Financial Analyst & Investor Relations) [email protected] [email protected]
Copyright @ Escorts Ltd. ESCORTS LIMITED 44 Thank You
ESCORTS
Copyright @ Escorts Ltd. ESCORTS LIMITED 45