Escorts gains post Q2 earnings
Q4 profit up 62% yoy at Rs 37 crore against Rs 23 crore due to lower raw material cost and interest cost
Escorts is trading higher by 4% to Rs 64.80 on reporting 62% year-on-year (yoy) jump in net profit at Rs 37.47 crore for the second quarter ended March 31, 2013 because of lower raw material and interest costs. The commercial vehicles maker had reported a net profit of Rs 23.19 crore in the corresponding quarter of previous year.
The company’s net sales however, declined marginally by 3% at Rs 997 crore from Rs 1,026 crore during the recently concluded quarter. Total financial cost declined by 19% at Rs 21.72 crore on yoy basis.
The stock opened at Rs 63 and hit a high of Rs 65.30 on NSE. 592,379 shares changed hands on the counter till early noon deals on NSE and BSE.
The company’s net sales however, declined marginally by 3% at Rs 997 crore from Rs 1,026 crore during the recently concluded quarter. Total financial cost declined by 19% at Rs 21.72 crore on yoy basis.
The stock opened at Rs 63 and hit a high of Rs 65.30 on NSE. 592,379 shares changed hands on the counter till early noon deals on NSE and BSE.