Escorts net profit soars over three-fold in Oct-Dec

Tractor maker Escorts on Monday reported over three-fold increase in its net profit for the quarter ended December 31, 2012, at Rs 28.14 crore.

The company had posted a net profit of Rs 9.06 crore in the corresponding period previous year.

The net income during the first quarter also went up marginally to Rs 1,028.18 crore from Rs 1,025.96 crore in the year-ago period.

"With sharp focus on cost discipline, inter group synergies, diversified product portfolio and improved product mix, the company has witnessed robust growth in profit," Escorts Joint Managing Director Nikhil Nanda told PTI.

"As the year progresses, we look forward to see more opportunities in agricultural and capital goods sectors, which will prove to be the backbone of our country's development," he added.

On the outlook, Escorts Chairman and Managing Director Rajan Nanda said: "Going forward, we expect the economy to sustain and gradually grow with a focus on agriculture and construction, both being inclusive and employment generating in nature. We expect Escorts, which has a vital stake in both these sectors, to gain substantially."

Shares of Escorts today closed trading 2.98 per cent down at Rs 66.85 apiece on the BSE.

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