Escorts Q4 profit surges nearly 2-fold to Rs112 crore
Escorts posts nearly 2-fold increase in net profit at Rs112.54 crore for March quarter, as against Rs59.48 crore for the same period of 2016-17
New Delhi: Farm equipment maker Escorts on Thursday posted nearly 2-fold increase in net profit at Rs112.54 crore for March quarter, driven by robust sales across segments. The company had reported a profit of Rs59.48 crore for the same period of 2016-17.
Revenue from operations stood at Rs1,436.10 crore for the reported quarter as compared with Rs1,043.90 crore in the year-ago period, Escorts said in a regulatory filing.
For 2017-18, the consolidated net profit stood at Rs346.58 crore, an increase of over 2-fold from Rs130.75 crore in 2016-17. Revenue from operations during the year rose to Rs5,080.18 crore as compared with Rs4,219.76 crore earlier.
The company’s board recommended a dividend of Rs2 per share of face value of Rs10 each for 2017-18.
“We have been successfully bringing in new initiatives and process efficiencies with better cost compression, better margins and strengthened customer connect,” Escorts managing director Nikhil Nanda said.
The company’s major thrust today is to integrate global best practices, imbibe and innovate futuristic techniques and product standards to address food security and mechanised infrastructure, he added.
During the fourth quarter, the company sold 23,568 tractors, up 57.4% from the same period of previous year. Escorts sold 80,417 tractors in 2017-18, up 26.1% from 63,786 units in 2016-17.
The company’s construction equipment sales were up 35.3% at 4,486 units as compared with 3,315 units in the previous year. Escorts’ railways division sales stood at Rs286.6 crore during the year, up 18.2% from Rs242.5 crore in 2016-17.
Shares of the company closed 0.47% down at Rs 953.50 on BSE.
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