Escorts has reported a profit of Rs 1.02 billion in the quarter ending September 30, 2018, up by 32.4 per cent as against a profit of Rs 0.77 billion in the corresponding period of FY2017-18. Revenue from operations were up by 15.4 per cent to Rs 13.98 billion in the quarter ended September 2018 as against Rs 12.11 billion in Q2 FY2018.
The net profit for the first half year ending September 2018 was up by 59.4 per cent at Rs 2.23 billion as against a profit of Rs 1.4 billion in the corresponding period of last fiscal. Revenue from operations saw a jump by 22.5 per cent to Rs 29.09 billion in first half ended September 2018 as against Rs 23.74 billion in the corresponding period of last fiscal.
Speaking on the results, Nikhil Nanda, Chairman and Managing Director, Escorts, said, “Escorts, today, has a competitive and innovative product portfolio, both in domestic and export geographies. We are also building-in strategic technology partnerships to bring-in the global best for product efficiency and performance to offer best customer experience.”
He added, “Our construction equipment portfolio with our recent collaborations have also widened and offer product variability across applications. Our railways business has a strong order pipeline and is constantly developing technology for sector comfort and safety. We are completely aligned to the national focus on farming mechanisation and developing urban smart infrastructure.”
Sales of construction equipment went up by 36.9 per cent at 1,331 units in quarter ended September 2018 as against 972 units in the corresponding quarter of FY2017-18. EBIT margin was at 0.7 per cent as compared to 0.5 per cent in the corresponding period last fiscal. For the first half of current fiscal, construction equipment’s volumes were up by 44 per cent at 2,676 units.