Escorts Net Creeps Up To Rs 55.62 Cr

Tractor major Escorts Ltd has recorded a marginal rise in net profit to Rs 55.62 crore in the first half of the current financial year from Rs 55.25 crore in the corresponding period of the last financial year.

In the second quarter of the year, there has been a decline in net profit to Rs 33.60 from Rs 34.09 crore in the first three months.

The company had ended the whole of 1997-98 with a net profit of Rs 129.84 crore.

The gross sales in the six months to September 30, 1998, has also fallen to Rs 654.39 crore from Rs 655.30 crore in the corresponding period of last year.

The gross profit has fallen to Rs 87.62 crore from Rs 91.65 crore, while the profit before tax has fallen to Rs 71.62 crore from Rs 76.25 crore.

The interest payment has gone up to Rs 26.09 crore from Rs 21.71 crore, while the provision for depreciation has risen marginally to Rs 16 crore from Rs 15.40 crore.

Along with a rise in equity capital to Rs 72.23 crore from Rs 65.81 crore, the earning per share has declined to Rs 15.40 from Rs 16.79.