Escorts skids on extending plant shutdown for two weeks

Escorts fell 1.25% to Rs 705.25 after the company said all its plants and offices will remain shut till 3 May 2020.

All offices and plants across the company shall remain shut till 3 May 2020, or such other date as may be announced by the government barring certain specific activities permitted by the authorities from time to time, Escorts announced after market hours yesterday, 15 April 2020.

The company had shut all its plants and offices in late March 2020 following the nationwide lockdown announced by the government.

On a consolidated basis, Escorts reported a 11.05% jump in net profit to Rs 154.87 crore in Q3 December 2019 as against Rs 139.46 crore reported in Q3 December 2018. Net sales declined 1.27% to Rs 1,650.22 crore year-on-year (Y-o-Y) during the period under preview.

The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.

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