Farm equipment maker Escorts today posted an increase of 33.5 percent 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 for the same period of previous fiscal.
Turnover increased by 9.3 per cent to Rs 1,051.4 crore in quarter ending June 2016 as against Rs 961.4 crore in 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 our 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 percent from the previous close.
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