Companies

Escorts Q2 net more than doubles to ₹227 crore

Our Bureau New Delhi | Updated on November 02, 2020

Agriculture, construction and railway equipments manufacturer Escorts Ltd on Monday reported a consolidated net profit of ₹227 crore for the second quarter ended September 30, more than double the net profit of ₹101 crore in the corresponding period last year.

Revenue from operations of the company also grew by 24 per cent year-on-year (y-o-y) to ₹1,654 crore during the quarter as compared with ₹1,334 crore in July-September quarter last year.

“The Agri sector has been on an unprecedented boom. Maintaining highest safety measures and working closely with our partners to work around supply chain challenges, the demand for our tractors has so far outpaced our supplies,” Nikhil Nanda, Chairman and Managing Director, Escorts, said.

He said the momentum in the agriculture sector is expected to continue, supported by positive macro-economic factors.

“We also hope that supply chain challenges would subside after a month or so. We have also started witnessing some positive development in the construction and railway equipment space now and hopefully we will see a full recovery soon. In all our business segments, we are optimistic for the coming quarters,” Nanda added.

The company sold 24,441 units of tractors in the September quarter as against 19,750 units in the corresponding period last fiscal, a growth of 24 per cent y-o-y.

Published on November 02, 2020

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