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Our Bureau

New Delhi , Jan 20

ESCORTS Ltd on Friday announced an increase in net profit at Rs 165.30 crore for the quarter ended September 30, 2005, compared to a net loss of Rs 26.29 crore during the same quarter in previous fiscal. Total income increased to Rs 683.86 crore (Rs 291.99 crore) for the quarter ended September 30 2005, , the company informed the BSE.

According to company executives, the total income for the quarter includes an extraordinary income component of Rs 585 crore coming from the sale of the company's equity in Escorts Heart Institute and Research Centre (EHIRC) to the Ranbaxy-controlled Fortis Healthcare.

Out the amount accruing from the sale, the company has retired term debt of around Rs 300 crore. "Going forward the retiring of debt will result in substantial interest cost savings," an executive said.

For the 15 months period ended September 30, 2005, the company has posted a net profit of Rs 39.09 crore for the period as compared to a net loss of Rs 313.54 crore for the 15-month period ended June 30, 2004, the company told the BSE. Total income increased to Rs 1,813.66 crore (Rs 1,121.02 crore).

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