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Escorts posts over two-fold jump in Q2 net profit at Rs 227 crore

Farm equipment and engineering major Escorts on Monday reported over two-fold jump in consolidated net profit at Rs 227.22 crore for the second quarter ended September 30

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Farm equipment and engineering major Escorts on Monday reported over two-fold jump in consolidated net profit at Rs 227.22 crore for the second quarter ended September 30.

The company had posted a net profit of Rs 101.54 crore for the year-ago period, Escorts said in a regulatory filing.

Revenue from operations during the period under review stood at Rs 1,654.18 crore as against Rs 1,333.77 crore in the second quarter last fiscal, it added.

Tractor volumes were up 23.8 per cent at 24,441 units while construction equipment volumes were at 821 units during the quarter, it added.

Commenting on the performance, Escorts Chairman and Managing Director Nikhil Nanda said the agriculture sector has been on an unprecedented boom.

"Maintaining highest safety measures and working closely with our partners to work around supply chain challenges, the demand for our tractors hasso far outpaced our supplies.

"We think the momentum in agri sector will continue to be supported by positive macro-economic factors. We also hope that supply chain challenges would subside after a month or so,"he added.

The company has also started witnessing some positive development in the construction and railway equipment space now and hopefully a full recovery will be seen soon, he said.

On the outlook, Nanda said, "In all our business segments, we are optimistic for the coming quarters.