Escorts Q2 net profit jumps over three-fold to Rs 31 crore in second quarter

The company psts a net profit of Rs 9.78 crore during the July-September quarter of the previous fiscal

Farm equipment and engineering firm Escorts Ltd on Thursday reported over three fold increase in standalone net profit at Rs 31.28 crore in the second quarter ended September 30, on account of good monsoons.

The company had posted a net profit of Rs 9.78 crore during the July-September quarter of the previous fiscal, Escorts said in a BSE filing.

Its total standalone income from operation was up 21.67% at Rs 995.32 crore during the quarter under review as against Rs 818.03 crore in the corresponding quarter last fiscal.

The total expenses were at Rs 949.16 crore, up 17.54% from Rs 807.46 crore in the same period last year.

"We are able to capitalise on good monsoons and return of market demand both through increased sales and continuing returns from cost compression," Escorts Chairman Rajan Nanda said.

In the first half of 2015-16, Escorts' standalone net profit was up 74.02% to Rs 78.24 crore as against Rs 44.96 crore a year earlier.

Its total income in the first half of the current fiscal was also up 14.84% at Rs 2,064.98 crore as against Rs 1,798.08 crore in the same period last year.

Shares of Escorts were trading 4.42% down at Rs 383.50 on BSE.