Escorts Ltd said its third quarter net profit increased 106% due to higher tractor sales and revenues.
For the quarter to end-June, the tractor manufacturer said its net profit rose to Rs45.8 crore from Rs22.2 crore while its total revenues increased 38.5% to Rs806 crore compared with same period last year.
Escorts follow an October-September fiscal year. During the reported quarter, Escorts registered tractor sales of 17,917 units, a 39% increase over 12,889 units.
On Monday, Escorts shares declined 2.4% to Rs204 on the Bombay Stock Exchange, while the Sensex ended at 0.1% down at 17,928 points.
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