Escorts Q1 Net Profit Up 33.4%

Escorts, Indian tractor manufacturer, on Wednesday (2 August) reported an increase in net profit by 33.4% at Rs 62.6 crore in the quarter ending June 2017 against Rs 47 crore in quarter ended June 2016 and up by 5.3 per cent as against the sequential quarter.

Turnover increased sequentially by 11.4 per cent to Rs 1,163.2 crore in quarter ending June 2017 against Rs 1,043.9 crore in quarter ended March 2017 and correspondingly up by 11 per cent against Rs 1,048.0 crore in quarter ended June 2016.

EBIDTA for the quarter correspondingly up by 8.4 per cent at Rs 97.5 crore against Rs 90.0 crore in quarter ending June 2016 and sequentially up by 31.2 per cent against Rs 74.4 crore in quarter ending March 2017. EPS reported at Rs 5.24 as against Rs 3.94 in the previous year.

Speaking on the results, Chairman Rajan Nanda said, "Government's renewed focus on farm mechanisation and smart city infrastructure has provided positive momentum to the industry, resulting in to an upward trend in market demand. Escorts will continue investing in technology, efficient distribution and product mix for enhanced agility, dynamism and customer responsiveness."

Says Nikhil Nanda, Managing Director, "Escorts today is equipped with future readiness to tap the emerging opportunities across agriculture, infrastructure and railway segments. Our focus on enhanced customer reach and technology upgrades will build our capability and competence to cater to growing domestic and global demand."