On Thursday, Escorts revealed that for fourth quarter there was nearly 2-fold increase in net profit at Rs 112.54 crore. The drastic growth in net profit was driven by robust sales across segments.
Earlier, in last year, during the same quarter, the company had reported a profit of Rs 59.48 crore.
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The company stated that the revenue from operations stood at Rs 1,436.10 crore for the reported quarter as compared with Rs 1,043.90 crore in the year-ago period.
However, in year 2017-18, the consolidated net profit stood at Rs 346.58 crore, an increase of over 2-fold from Rs 130.75 crore in 2016-17.
Within one year, the revenue from operations of the company rose to Rs 5,080.18 crore as compared with Rs 4,219.76 crore earlier.
The Managing Director of Escorts stated that their team has been successfully bringing in new initiatives and process efficiencies with better cost compression, better margins and strengthened customer connect.
He also went on saying that the company’s major thrust today is to integrate global best practices, imbibe and innovate futuristic techniques and product standards to address food security and mechanised infrastructure.
