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Escorts Q2 net profit declines 24% to Rs 173 crore

In the latest second quarter, Escorts said its tractor sales were at 21,073 units as against 24,441 units in the corresponding period last fiscal, down 14 per cent.

October 29, 2021 / 10:55 PM IST
 
 
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Farm machinery and construction equipment major Escorts Ltd on Friday reported a 24 per cent decline in consolidated net profit at Rs 173.47 crore in the second quarter ended September impacted by lower tractor sales and high raw material costs.

The company had posted a consolidated net profit of Rs 227.22 crore in the same quarter last fiscal, Escorts said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 1,673.85 crore as against Rs 1,654.18 crore in the corresponding period a year ago, it added.

Cost of materials consumed during the period stood at Rs 1,314.43 crore as compared to Rs 991.37 crore in the same quarter a year ago.