Escorts second quarter net profit

Escorts second quarter net profit
Late on Tuesday evening, Escorts Ltd. announced its financial results for the quarter ending March 31, 2011. The company reported a growth of 32.5 per cent in its sales to Rs. 889.80 crore for the quarter ending March 2011, in comparison to sales of Rs. 671.70 crore in quarter ending March 2010.

For the year ended March 31, 2011 the company"s gross sales stood at Rs. 4,109.85 crore, up 20.3 per cent from Rs. 3,415.77 crore for the previous year. The positive sales figures were attributed to strong tractor sales belonging to the agriculture machinery segment. Tractor sales grew by 21 per cent from 14,623 units in the previous year"s quarter to 17,672 units in the corresponding quarter this year.

Net profit for the quarter ending March 2011 increased 77 per cent y-o-y to Rs. 73.2 crore from Rs. 41.4 crore in corresponding quarter of the previous year. The EBIDTA margin for the quarter was 6.5 percent as against 5.3 per cent for quarter ending December 2010.

On the results, the company"s management stated, that its stringent fiscal management strategy was able to counter rising input costs, which led to excellent figures. The management added that it would launch a rigorous attempt to display similar growth in its construction business segment as well.

At 12:07 P.M IST on Wednesday, stocks of the firm on the Bombay Stock Exchange (BSE) were trading at Rs. 127.50 down by 1.12 per cent or by Rs. 1.45. The stock had seen an intraday high of Rs 130.30 and a low of Rs. 124.40, till then.

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