Farm equipment and engineering firm Escorts today reported over three fold increase in standalone net profit at Rs 31.28 crore in the second quarter ended September 30, on account of good monsoons.
The company had posted a net profit of Rs 9.78 crore during the July-September quarter of the previous fiscal, Escorts said in a BSE filing.
Its total standalone income from operation was up 21.67 percent at Rs 995.32 crore during the quarter under review as against Rs 818.03 crore in the corresponding quarter last fiscal.
The total expenses were at Rs 949.16 crore, up 17.54 percent from Rs 807.46 crore in the same period last year.
"We are able to capitalise on good monsoons and return of market demand both through increased sales and continuing returns from cost compression," Escorts Chairman Rajan Nanda said.
In the first half of 2015-16, Escorts' standalone net profit was up 74.02 percent to Rs 78.24 crore as against Rs 44.96 crore a year earlier.
Its total income in the first half of the current fiscal was also up 14.84 percent at Rs 2,064.98 crore as against Rs 1,798.08 crore in the same period last year.
Shares of Escorts were trading 4.42 percent down at Rs 383.50 on BSE.
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