Agri machinery and construction equipment maker Escorts Kubota on Wednesday reported a consolidated net profit of ₹181 crore for the third quarter ended December 31, a decline of 7 per cent against ₹194 crore in the corresponding quarter of the last financial year.
However, consolidated revenue grew 15 per cent to ₹2,291 crore (₹1,998 crore). The company sold 28,025 units of tractors during the quarter, up 11 per cent y-o-y.
Growth traget
“There has been positive and continuous growth across businesses, and we feel government spending on core sectors will favour demand across industry segments. We have recently announced our mid-term business plan and all our strategic efforts are directed in achieving the targeted growth,” Nikhil Nanda, Chairman and Managing Director, said in a statement.
In agri business, rural sentiments continue to remain favourable owing to improved rabi sowing assisted by good monsoon this year, he said.
Improved demand
“We are witnessing improved demand across products in our construction business too as infrastructure projects are now moving at a fast pace and expect this demand to continue for the balance period of this fiscal year. Railway business is consistently growing on order book, and we look at a good performance ahead,” Nanda added.
Meanwhile, the company also said its board has approved appointment of Bharat Madan as an Additional Director, designated as whole-time Director and Chief Financial Officer, for five years effective Wednesday.
Shares of Escorts Kubota closed at ₹1,980.70 apiece on the BSE on Wednesday, down 1.25 per cent from the previous close.