Escorts Q3 net profit surges over 4-fold to Rs92 crore
New Delhi: Farm equipment and engineering major Escorts on Wednesday reported over four-fold increase in net profit at Rs92 crore for the third quarter ended 31 December.
The company had reported a net profit of Rs22.7 crore in the same period of previous fiscal. Total income rose to Rs1,213.23 crore as compared to Rs1,100.79 crore in the same period of previous fiscal, Escorts said in a statement.
“Positive macroeconomic indicators and government’s focus on agriculture and infrastructure are driving a stronger market demand,” Escorts chairman Rajan Nanda said. Hopefully, the upcoming union budget will further support the respective sectors and create more segment opportunities, he added.
“We will continue to invest in technology, channel and product mix for enhanced business productivity,” Nanda said. The company’s tractor sales were up 11.6% at 18,930 units during the third quarter as against 16,963 units in the year-ago period.
Besides, sale of construction equipment rose 33.4% to 1,087 units as against 815 units in the third quarter of the previous fiscal. “We are investing extensively in R&D and creating a road map of strategic partnerships to bring in the best in class and globally benchmarked technology solutions to tap the emerging opportunities across agriculture, infrastructure and railway segments, both for domestic and global demand,” Escorts managing director Nikhil Nanda said.
Stock of the company today settled 2.41% down at Rs813.10 on BSE.