Financial Daily from THE HINDU group of publications
Tuesday, Jan 28, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jan 28, 2003 |
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Corporate Results
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HCV/LCV/Tractors Corporate - Financial Performance Escorts turns around on buoyant sales Our Bureau
NEW DELHI: Escorts Ltd has reported a net profit of Rs 26.14 crore for the quarter ended December 31, 2002, compared to a net loss of Rs 21.06 crore in the corresponding quarter in 2001. The company's total income has increased by 49.7 per cent to Rs 305.26 crore in the third quarter of the fiscal from Rs 203.96 crore in the corresponding period last year. The company's earnings received a boost from other income (driven by sales), which rose to Rs 67.1 crore (Rs 1.57 crore). Other income for Escorts Ltd includes a dividend of Rs 67.11 crore received from Escorts JCB Ltd. The company had divested its entire 40 per cent equity holding in Escorts JCB Ltd in January 2003 at a profit of Rs 146.95 crore. The board has also approved the sale of 27.21 per cent of Escorts Ltd's shareholding in Goetze India Ltd to Joint Investments Ltd.
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