Escorts posts over 2-fold jump in net profit for Jul-Sept quarter
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Tractor maker Escorts today reported over two-fold increase in standalone net profit at Rs 18.88 crore for the quarter ended September 30.
It had posted net profit of Rs 8.16 crore in the same period last year, Escorts said in a statement.
The net income during the July-September quarter also went up by 7.12 per cent to Rs 823.40 crore from Rs 768.67 crore in the year-ago period, it added.
Escorts Chairman and Managing Director Rajan Nanda said: "The last fiscal was difficult and Escorts battled successfully against the market challenges both in the tractor and construction industry."
However, for the financial year ending September 30, Escorts' consolidated net profit dipped 41.60 per cent to Rs 73.81 crore from Rs 126.39 crore in the previous fiscal, the statement said.
The company's net income also fell by 1.26 per cent to Rs 4,049.46 crore from Rs 4,100.96 crore, it added.
"The year saw a slowdown in tractor sales with volumes at 60,673, down 4.3 per cent, however company's domestic market share stood at 11.7 per cent," Escorts said.
Escorts' agri-machinery revenue dropped by 1.3 per cent at Rs 2,912 crore as against Rs 2,950 crore in the previous fiscal, it added.
"Net revenue for Escorts Construction stood at Rs 749 crore as against Rs 827 crore in the previous fiscal, reflecting the overall shrinkage in industry. The Auto
Products Division recorded sales growth of 16.3 per cent at Rs 143.2 crore," the company said.
Escorts scrip closed 0.72 per cent up at Rs 62.55 apiece on the BSE.