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Escorts’ Q1 net profit dips 57% to Rs10.86 crore

During the quarter, Escorts’ total net operating income fell marginally to Rs829.77 crore.

Farm equipment and engineering firm Escorts reported 57.40% decline in its net profit for the quarter ended 31 December 2011, at Rs10.86 crore due to sluggish demand and inflationary impact. The company had reported a net profit of Rs25.49 crore in the corresponding period last financial year.

During the quarter, the company's total net operating income also fell marginally to Rs829.77 crore from Rs837.74 crore in the year-ago period.

"There was a slowdown in the market during the period and so our volume dropped. The inflationary costs also hit us and the impact was about 2%," Escorts joint managing director Nikhil Nanda told PTI.

In the early afternoon, Escorts was trading at around Rs78.55 per share on the Bombay Stock Exchange, 0.38% down from the previous close.

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