Farm and construction equipment major Escorts Ltd today reported 11.27 percent increase in standalone net profit to Rs 22.71 crore for the December quarter on account of robust agri-machinery sales.
It had posted standalone net profit of Rs 20.41 crore for the same period last fiscal, Escorts Ltd said in a BSE filing.
The company's income from operations during the third quarter of 2016-17 stood at Rs 1,089.91 crore as against Rs 887.54 crore in the year-ago period, up 22.8 percent.
The agri-machinery products recorded revenue of Rs 889.27 crore as compared with Rs 707.30 crore, up 25.73 percent.
Construction equipment segment posted revenue of Rs 151.69 crore as against Rs 132.58 crore, up 14.41 percent.
In volume terms, tractor sales were up 27.4 percent to 16,963 units, while the sales of construction equipment went up by 16.8 percent at 815 units during the quarter under review, Escorts Ltd said.
On the other hand, railways equipment division recorded an increase of 2.6 percent in revenue during the third quarter at Rs 58 crore as against Rs 56.5 crore in the same period last fiscal.
Escorts Ltd Chairman Rajan Nanda said: "We are on a growth trajectory. Escorts is today prepared for a continued momentum and growth across sectors. Agricultural and highways focus in the union Budget will also have a positive impact on farm income, rural economy and infrastructure development fostering further investments and opportunities." The company's stock was trading at Rs 397.15 apiece in the afternoon, up 1.65 percent from the previous close on BSE.
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