Escorts Q4 net profit up 8 pc at Rs 121 cr

7 May, New Delhi () Engineering and agricultural equipment manufacturer Escorts reported a 7.8 percent increase in net profit to Rs 121.35 crore for the March quarter of 2019 due to robust tractor sales. In the same period of the previous fiscal year, the company reported a net income of Rs 112.54 crore. Escorts disclosed in a regulatory filing that its revenue from operations increased to Rs 1,631.66 crore during the period under review, compared to Rs 1,436.10 crore in the fourth quarter of 2017-18. The company’s fourth-quarter tractor sales were 25,136 units, up 6.7% from the same period in 2017-18. In 2018-19, the company reported a net profit of Rs 484.91 crore, an increase of 40.7% compared to its 2017-18 net profit of Rs 344.71 crore. In 2018-19, the revenue from operations was Rs 6,196.36 crore. In 2017-18, it stood at Rs 5,015.97 billion. “Escorts is committed to providing cutting-edge technology and innovative engineering solutions for mechanised and innovative agriculture solutions, well-supported infrastructure, and safe rail transportation,” said Escorts Chairman and Managing Director Nikhil Nanda. He added that the company will continue to introduce new technologies for domestic and international markets through a combination of parsimonious engineering and global technology collaborations, facilitated by a strong product variety and expanded distribution network. “Our emerging businesses, such as crop solutions rental services and the aggregation of tractors for wider use, will give farmers access to modern agricultural practices,” Nanda said. The board of directors of the corporation recommended on Tuesday a dividend of Rs 2.50 (25 percent) per share, or Rs 10 each, for 2018-19. The board also appointed Sunil Kant Munjal to a five-year term as an independent director. Tuesday’s closing price for Escorts shares on the BSE was Rs 645, down 2.96 percent. MSS SHW ANU ANU

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