Tractor Sales Boost Escorts’ Profit
Escorts Limited’s profits rose 88.01 percent from the year-ago period to Rs 120.7 crore in the quarter ended June, buoyed by increased tractor sales.
The company had anticipated inflationary pressures to affect the tractor and construction equipment business. “We've updated our sales guidance to 12-15 percent from the earlier 9-12 percent,” Bharat Madan, group chief financial officer, told BloombergQuint in an interaction.
Earnings At A Glance:
- Overall growth in railway, construction equipment and agro-machinery businesses.
- Revenue up 32 percent to Rs 1,511.3 crore from year-ago period.
- Earnings before interest, tax, depreciation and amortisation rose 90.3 percent to Rs 185.4 crore.
- Margins expanded 380 points from last year to 12.3 percent.