Escorts Q3 net profit up 9% to Rs 153 crore, revenue dips to Rs 1,633 crore

Farm equipment and engineering products maker Escorts Ltd on Wednesday reported a 9.27 per cent increase in its net profit to Rs 153.1 crore for the third quarter ended December 31, 2019.

The company had reported a net profit of Rs 140.1 crore for the same period of the previous financial year.

Revenue from operations, however, declined to Rs 1,633.4 crore during the October-December quarter as against Rs 1,655.1 crore in the corresponding period last fiscal, Escorts Ltd said in a statement.

"We are continuing our journey of providing unique and innovative technology solutions for maximising agriculture yield, bring in efficiency in the construction equipment space and make rail transport safer," Escorts Chairman and Managing Director Nikhil Nanda said.

The company's investment in new product development, R&D and wider distribution is in line with the enhanced customer experience that it has committed to offer to create value for customers across domestic and export geographies, he added.

"As the nation is inching towards a new budget focus, we are sure with enhanced central focus on agriculture and infrastructure, we will be able to play a larger role in national growth and development," Nanda said.

Escorts shares on Wednesday ended 2.84 per cent higher at Rs 748.20 apiece on the BSE.