Escorts Ltd posts Rs.16.18 crore net profit for Q2

Kolkata, Nov 2 (IANS) Engineering and agri machinery company Escorts Ltd on Monday reported a standalone net profit of Rs 16.18 crore for the quarter ended September 30 this fiscal against a loss of Rs. 7.9 crore in the same period last year.

Its net sales during the July-September period, however, declined by 19.13 percent at Rs.797.83 crore as against Rs.986.6 crore in the year-ago period.

Earnings from the agri machinery products stood at Rs. 609.73 crore during the quarter under review as compared to Rs.803 crore in the similar quarter in 2014-15.

Its tractor sales during the quarter were down by 23.8 percent at 11,438 units as against 15,013 units in the year-ago period.

The tractor industry has been adversely affected by the poor and uneven monsoon. The impact of poor monsoons has been accentuated by the cyclical nature of the industry,” company chairman Rajan Nanda said in a statement.

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