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Farm equipment maker Escorts today posted a 33.5 per cent increase in net profit at Rs 47 crore for the first quarter ended June 30.
The company had reported a net profit of Rs 35.2 crore in the same period previous fiscal.
Turnover increased by 9.3 per cent to Rs 1,051.4 crore in the quarter ended June 2016 from Rs 961.4 crore in the quarter ended June 2015, Escorts Ltd said in a statement.
“The last quarter has shown a welcome upward trend in market demand. Sustaining it by the government taking advantage of a good monsoon would be important for the revival of the overall farm sector,” Escorts Chairman Rajan Nanda said.
Escorts Managing Director Nikhil Nanda said the company’s strategy of introducing superior products, strengthened marketing and brand initiatives, focus on cost efficiencies and focus on customer relationships has resulted in not only improvement in core markets but also greater share in newer markets.
“The introduction of best-in-class products in all segments is showing results and acquiring new customers. Given the cost compression strategies implemented in the recent past, an upturn in revenue gives a boost to our profitability,” he added.
Escorts shares were trading at Rs 262.75 on BSE, up 3.83 per cent from the previous close
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