Wednesday, July 21, 2010

Escorts Q3 net profit grew by 106 percent

Escorts reported a profit of Rs 45.84 crore for the quarter ended June 30, 2010, 106 percent from Rs 22.2 crore recorded during the corresponding period last year. Profit before tax (PBT) stood at Rs 68.4 crore in the quarter, against a profit of Rs 41.4 crore for the corresponding period. Net sales rose to Rs 806 crore, up 38.5 percent to Rs 582 crore last year. EBITDA before special items increased by 24 per cent of Rs 78.3 crore from Rs 63.1. Escorts Limited follows a fiscal year from October to September.

During the quarter, Escorts Ltd, registered in Tractor sales 17,917 units, 39 percent growth over 12 889 units. sales growth is the result of aggressive marketing to support a rationalization of sales and marketing. Tractor, grew 34 percent from October 9 to June 10. At the same time, sales stocks increased by 43 percent.

During the quarter, has launched its new variant Escorts tractor PowerTRACE 429 (PT429), an HP 27 - cylinder 2, offering to provide the best solution for farmers to maximize productivity. In addition to this new enterprise by the construction equipment company presented his shovel - DIGMAX, as part of its strategy to expand its product portfolio to address the largest market share of construction equipment.

According to Nikhil Nanda, Joint Managing Director, escorts financial performance continues to gain momentum quarter after quarter, which reflects a growth dynamic that is flawless and the appetite for greater market share. Compared with the previous quarter of current year tax, net income increased by Rs 41.47 crore from Rs 45.84 crore, operating profit rose 28 percent, net sales by 20 percent and sales volume of tractors increased by 22.5 percent. The focus on efficiency is what we EBITDA increase of 18.5 percent. In the future, will continue to focus on creating value by delivering high quality efficient and more for our shareholders."


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