Net sales of the company stood at Rs 939.96 crore for the quarter under consideration as against Rs 818.73 crore for the same period year ago.
Tractors manufacturer Escorts reported 49 percent rise in quarter-on-quarter profit to Rs 28.13 crore in the first quarter of financial year 2012-13. Its revenues grew by 25 percent to Rs 1,028.2 crore from Rs 823.40 crore during the same period.
Tractor maker Escorts today reported over two-fold increase in standalone net profit at Rs 18.88 crore for the quarter ended September 30.
Escorts Group, which makes agriculture-machinery, construction and material handling equipment among other products, has said there is no truth in rumours that some of its rivals are planning a hostile takeover of the company.
Escorts could face a hostile takeover threat and the company has shored up its promoter stake by 5% in last 2-3 weeks in a bid to prevent it, reports CNBC-TV18's Swati Khandelwal Jain quoting sources.
Escorts Limited, a leading manufacturer of critical railway components, has entered into an exclusive License and Technology assistance agreement with Honeywell, a U.S.-based Fortune 100 Company, for providing technology on friction materials for railway application.
Tractor maker Escorts' consolidated net profit for 2010-11 [October-September] declined 4% year-on-year to Rs 126.39 crore, on the back of rising cost of raw materials and high interest charges among other things.