Engineering and farm equipment maker Escorts Ltd on Friday reported a 27.59 per cent fall in its consolidated net profit to Rs 87.66 crore for the first quarter ended June 2019.
The company had a net profit of Rs 121.07 crore for the April-June period a year ago, Escorts said in a BSE filing.
Total income was down 5.70 per cent during the quarter under review to Rs 1,458.38 crore as against Rs 1,546.67 crore in the corresponding period a year ago.
Commenting on the results, Escorts Chairman and Managing Director Nikhil Nanda said: "Escorts has been treading aligned to expectations across agri machinery, construction and railway businesses."
He further said: "Tractor industry has been slowing down since last few months, thus our endeavour is to keep revenue and profitability intact with strategic initiatives and elimination of waste and inefficiencies."
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