The Hindu Business Line : Escorts Q2 net profits up 43%

Despite declining tractor sales, Escorts Ltd posted a 43.28 per cent jump in its net profit to Rs 9.6 crore for the second quarter ended March 31, 2008 as against Rs 6.7 crore in the same quarter last year. Escorts recorded a 7.3 per cent decline in its net sales to Rs 531.4 crore for the quarter as compared to Rs 573.6 crore the the previous fiscal. "The increase in net profit has been due to operational efficiencies. But sales have declined due to the overall industry volumes remaining flat. On the top of it there has been inflation and pricing continued to move progressively. This has affected tractors sales," said Mr Rajan Nanda, Chairman and Managing Director, Escorts Ltd. Mr Nanda attributed to the lower sales volume on the loan waiver. He said that despite a good crop, the waiver had aroused confusion among the farmers and many of the public sector banks had reduced lending. - Our Bureau

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