PTI

New Delhi: Buoyed by a turnaround in profitability, Escorts Ltd is embarking on a mission to achieve a turnover between Rs5,500 crore and Rs6,000 crore (over $1 billion) by 2012.

The company, which has three verticals -- farm mechanisation, engineering products and construction equipment, is also mulling over setting up a new plant to manufacture railway equipment. It is presently exploring sites for the plant.

“Our mission 2012 is to have a topline between Rs 5,500 crore and Rs 6,000 crore, to come from the three core business areas,” Escorts Ltd Joint Managing Director Nikhil Nanda told PTI.

Escorts had reported a profit of Rs11.87 crore for FY’08, the first time in four years it has been profitable, with total sales at Rs2,051.51 crore

“This profitability was achieved on the back of improved earnings, structural reorganisation and greater cost and operational efficiencies,” Nanda said, adding for the ongoing fiscal the topline is expected to be around Rs 3,400 crore.

He said while the farm mechanisation and construction equipment verticals have been doing well, the engineering products business, which mainly manufactures railway equipment has been achieving a “phenomenal growth”.