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Farm and construction equipments manufacturer Escorts Ltd has reported a net profit of ₹16 crore for the second quarter ended September 30. The company had reported a loss of ₹8 crore in the corresponding quarter last year.
Net sales of the company were also down 19 per cent to ₹798 crore during the quarter against ₹986 crore in the July-September last year.
Sales downThe company recorded tractor sales of 11,438 units during quarter against 15,013 units in same period last year.
“The tractor industry has been adversely impacted by the poor and uneven monsoon. The impact of poor monsoons has been accentuated by the cyclical nature of the industry,” Rajan Nanda, Chairman, Escorts, said.
There is farm distress that is getting reflected in the overall industry recording steep drop in tractor sales though there are indications that the second half will show better results, he said.
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