Escorts Q3 net profit dips 43% to Rs 20.49 crore

Engineering and farm equipment major Escorts on Tuesday reported a 42.57 percent dip in its standalone net profit at Rs 20.49 crore for the third quarter ended December 31, 2015. The company had posted a net profit of Rs 35.68 crore for the corresponding period of the previous fiscal, Escorts said in a BSE filing. Standalone total income from operations of the company also declined to Rs 888.08 crore for the quarter under consideration as against Rs 1,046.37 crore for the same period a year ago.

Commenting on the results, Escorts Chairman Rajan Nanda said: "Despite a better quarter than the preceding one, it is clear that the tractor industry as a whole continues to suffer from the whiplash of the poor and uneven monsoon." Shares of Escorts Ltd closed 2.31 percent down at Rs 133.10 per scrip on BSE.