India’s leading Engineering Company, Escorts Limited reported a profit of Rs 22.7 crore in the quarter ending December 31, 2016 up by 11.2 percent as against a profit of Rs 20.4 crore in the corresponding quarter in the previous fiscal. The net profit for the nine months ending December 2016 was up by 54.4 percent at Rs 101 crore as against Rs 65.4 crore in the corresponding period last year. The profit reported is after one time loss from discontinued operations in respect of its Auto Products business of Rs 30.8 cr. Tractor sales were up by 27.4 percent at 16,963 units during the third quarter of the current fiscal. Sales of construction equipment went up by 16.8 percent at 815 units as against 698 units in the corresponding quarter. Turnover for the quarter was up by 22.6 percent to Rs 1,093 crore as against the quarter ended December 2015. Turnover for first nine months of fiscal 2017 stood at Rs 3,123.7 crore, up by 18.7 percent as against Rs 2,632.7 crore in the nine months ended December 2015. Material cost was down by 156 bps at 68.6 percent as against 70.2 percent in the corresponding nine-month period. EBIDTA from continuing operations for the quarter was up by 123.5 percent at Rs 91.5 crore as against Rs 40.9 crore in the corresponding quarter.
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