Escorts announced that its division, Escorts Agri Machinery (EAM), will increase the prices of its tractors from Wednesday, 20 April 2022.
There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the continuing inflation. The increase in prices would vary across models and variants, the company further stated.
Escorts' consolidated net profit dropped 32.36% to Rs 193.71 crore on a 2.83% decline in revenue from operations to Rs 1,984.28 crore in Q3 FY22 over Q3 FY21.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
Shares of Escorts fell 0.09% to close at Rs 1,545.40 on BSE.
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