Escorts Ltd, a producer of tractors, recorded an increase in net profit of nearly five times during the second quarter that ended in March, coming in at Rs 41.4 crore as opposed to Rs 7.8 crore during the same period the previous year. Additionally, its net operating income for the quarter increased by 37.4% to Rs 675.5 crore from Rs 491.6 crore a year earlier. The corporation has a fiscal year that runs from October to September. The outcome is due to increased performance across all of our divisions as well as strategies to reduce costs and boost operating margins. For the upcoming two quarters of this fiscal, we intend to maintain the momentum, according to Escorts Ltd joint managing director Nikhil Nanda. Escorts increased their sales of tractors by 51.23% during the second quarter of 2009, from 9,670 units to 14,630 units, in the farm equipment market. Over the next six months, the company will introduce up to three new items in the tractor market, according to Nanda.
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