Escorts Q1 profit rises 93% to Rs 1.21 bn on robust sales across segments

Engineering and farm equipment maker Escorts on Monday posted 92.7 per cent increase in its net profit at Rs 1.21 billion for the first quarter ended June 30 riding on robust sales across segments.

The company had reported a net profit of Rs 626 million for the corresponding quarter of the previous fiscal.

Revenue from operations rose by 29.9 per cent to Rs 15.11 billion as compared with the same period of previous fiscal, Escorts said in a statement.

"Apart from our focus on advanced technologies such as electric and autonomous tractors, we are partnering global IT, engineering and technology driven firms to develop products that will fundamentally change the way in which farming is done," Escorts Managing Director Nikhil Nanda said.

Similarly, the company's focus on urban smart infrastructure and safe railway transport segments is tapping into technology driven sectors, he added.
 

"With a strong focus on innovation and quality across agri machinery, construction and railways, the company will continue to strengthen its product offering and leverage the improved market conditions," Nanda said.

The company's tractor sales in the quarter ended June 30, stood at 24,494 units, up 39.5 per cent from 17,561 tractors in same period of previous fiscal. Similarly, construction equipment sales during the first quarter rose by 51.8 per cent to 1,345 units.

Shares of the company today ended 1.51 per cent down at Rs 907.20 on the BSE.