Escorts Q3 results: Net profit up 83% to Rs 281 crore

Escorts Q3 results: Net profit up 83% to Rs 281 crore

Farm equipment and engineering major on Tuesday posted 83.4 per cent increase in its net profit at Rs 280.7 crore for the third quarter ended December 31, 2020, riding on the back of robust sales across business segments.

The company had reported a net profit of Rs 153.1 crore during the October-December period of the previous fiscal.

Revenue from operations rose to Rs 2,017.4 crore during the period under review as compared with Rs 1,633.4 crore in the corresponding period last year, Escorts Ltd said in a statement.

“Agriculture demand for tractors and farm mechanisation is witnessing a continuous growth. We are hopeful of a sustained momentum as we see strengthening in farm and rural economies,” Escorts Ltd Chairman and Managing Director Nikhil Nanda said.

The positive development in the construction equipment space is also encouraging, he added.

“We are optimistic of the better environment ahead for business recovery in the construction and Railway equipment segments as well,” Nanda said.

The company said its tractor volumes increased by 25.7 per cent at 31,562 units during the third quarter, as against 25,109 units in the corresponding period last fiscal.

Similarly, construction equipment sales volume increased by 20.1 per cent at 1,254 machines against 1,044 machines in the October-December quarter of the previous fiscal.

Source link


Please enter your comment!
Please enter your name here