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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
