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Escorts has reported 33.41 per cent increase in net profit at Rs 62.64 crore for the quarter ended June 30.
The farm equipment manufacturer had posted a net profit of Rs 46.95 crore during the same period a year ago, Escorts said in a BSE filing today.
Total income from operations during the quarter under review stood at Rs 1,183.65 crore against Rs 1,058.24 crore in the April-June quarter of the previous fiscal, up 11.85 per cent.
Commenting on the results, Escorts Chairman Rajan Nanda said: “Government’s renewed focus on farm mechanisation and smart city infrastructure has provided positive momentum to the industry, resulting in an upward trend in market demand.”
The company witnessed 7.3 per cent increase in tractor sales at 17,561 units during the quarter against 16,363 units in the quarter ended June 2016.
Construction equipment volume was up 20 per cent at 886 units during the quarter compared with 739 units in the quarter ended June 2016.
The company stock was trading at Rs 663.90, up 3.42 per cent on the BSE.
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