Escorts Q4 net up 10 pc at Rs 128 cr

Farm equipment and engineering products maker Escorts Ltd on Thursday reported a 9.71 per cent increase in consolidated net profit at Rs 127.73 crore for the fourth quarter ended March 31, 2020.

The company had reported a net profit of Rs 116.42 crore in January-March period of 2018-19.

Total income of the company declined to Rs 1,415.95 crore during the fourth quarter as against Rs 1,668.72 crore in the corresponding period a year ago, Escorts said in a statement.

For the full 2019-20 fiscal, the company posted a consolidated net profit of Rs 471.7 crore as compared with Rs 477.9 crore in 2018-19.

Total income for 2019-20 fiscal stood at Rs 5,907.69 crore as compared with Rs 6,354.42 crore in 2018-19.

Escorts Chairman Nikhil Nanda said there is a serious impact of the coronavirus pandemic on the industry and respective business operations, and it will take some time to regain normalcy.

"This quarter reflects partial impact but we are preparing ourselves to set new norms through reinventing, innovating and digitising our ways to engage and connect stakeholders for the business operations ahead even as the uncertainty of affairs still exist," he added.

The company's board recommended a final dividend of Rs 2.5 per share of face valueRs 10 for 2019-20.