NEW DELHI, July 29: Engineering conglomerate Escorts today reported 41.49 per cent decline in net profit at Rs 34.11 crore for the first quarter ended June 30, 2014.
The company had posted a net profit of Rs 58.3 crore for the corresponding period previous fiscal.
Net sales of the company stood at Rs 1,122.1 crore for the quarter under consideration, down 4.33 per cent as against Rs 1,172.89 crore for the same period year ago.
Commenting on the result, Escorts Chairman Rajan Nanda said: “We plan to aggressively address segments, which will open up with the implementation of the government’s ambitious plans in infrastructure and farm mechanisation.”
“While we intend to focus on improving market share in the tractor market, we shall maintain our focus on growth in the construction equipment business,” he added.
Overall expenses in the quarter were at Rs 1,087.1 crore as against Rs 1,096.52 crore in the same period a year ago. (PTI)
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