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Tractors manufacturer Escorts Ltd on Wednesday reported a net profit of Rs 31.78 crore for the quarter ended March 31, 2014 declined by 16 per cent as compared with Rs 37.47 crore in the corresponding period last year.
Net sales of the company also declined by around two per cent to Rs 977.17 crore during the January-March quarter.
Earnings per share of the company also came down to Rs 2.67 during the quarter, as against Rs 3.14 during the corresponding quarter last year.
However, the company said the results are not comparable because the company follows different fiscal year during last year – October to September – and now it has changed again to April to March.
“Escorts will maintain its operational focus through internal restructuring, reduction of headcount and outsourcing. Tight cost management, and enrichment of the product mix will remain our goal to achieve higher EBITDA margins,” Nikhil Nanda, Managing Director, Escorts said.
Driven by its customers, he said the company was working with global design houses to introduce the next generation tractors.
“Our plan to manufacture the Ferrari Tractor in India and for global markets is at an advanced stage,” he said.
Shares of Escorts closed at Rs 126.60 on the BSE on Wednesday, down 1.25 per cent from the previous close.
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