Escorts Q1 PAT down 27.6% to Rs 87.6 crore

0

<img class="unveil" loading="eager" src="https://auto.economictimes.indiatimes.com/Themes/Release/images/responsive/etauto-default.jpg" data-src="https://etimg.etb2bimg.com/photo/70410603.cms" captionrendered="1" alt="

Escorts has been treading aligned to expectations across Agri Machinery, Construction and Railway businesses.

“>

Escorts has been treading aligned to expectations across Agri Machinery, Construction and Railway businesses.

New Delhi: Construction equipment maker, Escorts on Saturday posted a dip of 27.6 per cent in its consolidated profit (PAT) to Rs 87.66 crore in the first quarter of current financial year 2019-20.

The company’
s profit stood at Rs 121.07 crore in the Q1 last year, according to a regulatory filing.

Company’s revenue from operations also declined 5.8 per cent to Rs 1,440.45 crore in the quarter under review as against Rs 1,529.01 crore in Q1 FY19.

Speaking on the results, Nikhil Nanda, Chairman and Managing Director, Escorts said, “Escorts has been treading aligned to expectations across Agri Machinery, Construction and Railway businesses. Tractor industry has been slowing down since last few months, thus our endeavor is to keep revenue and profitability intact with strategic initiatives and elimination of waste and inefficiencies. We will continue to invest in critical new products and technologies, efficient and diversified distribution which will enable us to increase our market share across domestic & export markets.”

EBIDTA for the quarter ended June 30, 2019 was at Rs 142.4 crore against Rs 185.5 crore in the quarter ending June 2018. EPS reported at Rs 7.32 as against Rs 10.10 in corresponding quarter.

Tractor sales volume for the Q1 FY20 were 21,051 tractors as compared to 24,494 tractors in the quarter under review last year.

Construction equipment sales volume was reported at 1,067 units in the first quarter this fiscal as against 1,345 units in the quarter ended June 2018.

    <!–

  • Updated On Jul 27, 2019 at 06:06 PM IST
  • –>

  • Published On Jul 27, 2019 at 05:51 PM IST
  • <!–

  • 1 min read
  • –>

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Leave a Reply