Escorts Q1 net profit falls 27.6% to Rs 87.66 cr

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."