Escorts skids after weak July sales

Escorts fell 1.43% to Rs 463.30 at 9:35 IST on BSE after the company reported a 13.4% decline in the tractor sales to 4,860 units in Q1 July 2019 as against 5,610 units in Q1 July 2018.

The announcement was made before trading hours today, 1 August 2019.

Meanwhile, S&P BSE Sensex was down 156.95 points or 0.42% at 37,324.17.

On BSE, 28,000 shares were traded in Escorts counter, compared to a 2-week average of 1.53 lakh shares. The stock hit an intraday high of Rs 465.45 and an intraday low of Rs 452.70, which is also 52-week low for the counter. It hit a 52-week high of Rs 928 on 1 August 2018.

 

Domestic tractor sales fell by 17.8% to 4,505 units while the exports surged 179.5% to 355 units during Q1 July 2019 over Q1 July 2018.

Escorts' consolidated net profit fell 27.6% to Rs 87.74 crore on a 5.8% decline in net sales to Rs 1,440.45 crore in Q1 June 2019 as against Q1 June 2018.

Escorts makes agricultural tractors and construction equipment. The company's segments are agri-machinery, auto ancillary products, railway equipment, construction equipments and others.

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