Escorts reports Q1 net profit of Rs 23.40 cr

Tractor and farm equipment manufacturer Escorts today reported a first quarter net profit of Rs 23.40 crore.

The company had a net loss of Rs 0.34 crore during the corresponding quarter last fiscal, Escorts said in a statement.

The company also reported an increase of 21.19 per cent in its net sales for the quarter ended December 31, 2009, at Rs 600.22 crore against Rs 495.26 crore in the year-ago period.

"Escorts has turned in a robust performance this quarter. Quarter sales have increased across businesses," Escorts Chairman and MD Rajan Nanda said.

While the company's Agri Machinery division's revenue grew 22.5 per cent during the quarter, its Railways division reported an increase of 17.6 per cent.