Engineering conglomerate Escorts on Tuesday reported 41.49 per cent decline in net profit at Rs 34.11 crore for the first quarter ended June 30, 2014.
The company had posted a net profit of Rs 58.3 crore for the corresponding period previous fiscal.
Net sales of the company stood at Rs 1,122.1 crore for the quarter under consideration, down 4.33 per cent as against Rs 1,172.89 crore for the same period year ago.
Commenting on the result, Escorts Chairman Rajan Nanda said: “We plan to aggressively address segments, which will open up with the implementation of the government’s ambitious plans in infrastructure and farm mechanisation.”
“While we intend to focus on improving market share in the tractor market, we shall maintain our focus on growth in the construction equipment business,” he added.
Overall expenses in the quarter were at Rs 1,087.1 crore as against Rs 1,096.52 crore in the same period a year ago.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.