NEW DELHI: Farm equipment maker Escorts today posted nearly 2-fold increase in net profit at Rs 112.54 crore for March quarter, driven by robust sales across segments.
The company had reported a profit of Rs 59.48 crore for the same period of 2016-17.
Revenue from operations stood at Rs 1,436.10 crore for the reported quarter as compared with Rs 1,043.90 crore in the year-ago period, Escorts said in a regulatory filing.
For 2017-18, the consolidated net profit stood at Rs 346.58 crore, an increase of over 2-fold from Rs 130.75 crore in 2016-17.
Revenue from operations during the year rose to Rs 5,080.18 crore as compared with Rs 4,219.76 crore earlier.
The company's board recommended a dividend of Rs 2 per share of face value of Rs 10 each for 2017-18.
"We have been successfully bringing in new initiatives and process efficiencies with better cost compression, better margins and strengthened customer connect," Escorts Managing Director Nikhil Nanda said.
The company's major thrust today is to integrate global best practices, imbibe and innovate futuristic techniques and product standards to address food security and mechanised infrastructure, he added.
During the fourth quarter, the company sold 23,568 tractors, up 57.4 per cent from the same period of previous year. Escorts sold 80,417 tractors in 2017-18, up 26.1 per cent from 63,786 units in 2016-17.
The company's construction equipment sales were up 35.3 per cent at 4,486 units as compared with 3,315 units in the previous year. Escorts' railways division sales stood at Rs 286.6 crore during the year, up 18.2 per cent from Rs 242.5 crore in 2016-17.