NEW DELHI, Jul 27: Engineering and farm equipment maker Escorts Ltd on Friday reported a 27.59 per cent fall in its consolidated net profit to Rs 87.66 crore for the first quarter ended June 2019.
The company had a net profit of Rs 121.07 crore for the April-June period a year ago, Escorts said in a BSE filing.
Total income was down 5.70 per cent during the quarter under review to Rs 1,458.38 crore as against Rs 1,546.67 crore in the corresponding period a year ago.
Commenting on the results, Escorts Chairman and Managing Director Nikhil Nanda said: “Escorts has been treading aligned to expectations across agri machinery, construction and railway businesses.”
He further said: “Tractor industry has been slowing down since last few months, thus our endeavour is to keep revenue and profitability intact with strategic initiatives and elimination of waste and inefficiencies.”
Escorts’ total expenses stood at Rs 1,329.04 crore as against Rs 1,367.23, down 2.79 per cent.
Escorts’s revenue from agri machinery products was at Rs 1,105.71 crore as against Rs 1,193.21 crore.
While revenue from construction equipment came at Rs 212.20 crore as against Rs 246 crore.
Railway equipment revenue was recorded at Rs 118.10 crore as against Rs 88.08 crore. (PTI)