First Quarter sales at 823 crore
Net sales up 7.8% on sequential basis
New Delhi, February 2, 2012: Escorts Limited today reported
a Net Profit of 10.86 crore for the first quarter of the
2011-12 financial year ending December 31, 2011. Net sales
increased 7.8% sequentially to 823 crore on account of a
sequential increase of 9.2% in tractor sales. Escorts
Limited follows an October-September fiscal year and the
reported quarter is the first quarter of fiscal
2011-12.
The Agri Machinery division recorded revenue of 772.8
crore. Tractor volumes are up 1.7% to 16,606 units as
against 16,333 units in the corresponding quarter. The Auto
Parts Division showed a growth of 25% though the
postponement of large tenders by the Railways to Q 2
resulted in a decline of 28% in sales of the Railways
Division. The impact of inflationary pressures resulted in
cost of raw materials going up by 2 per cent over the
preceding quarter and by 0.7% over the corresponding
quarter. The company has raised prices by 7,000/- per
tractor in January '12 and this along with cost
compression measures, will improve profitability in coming
quarters.
Speaking on the results, Chairman and Managing Director
Mr. Rajan Nanda said, "Despite a profitable
quarter and growth over the immediate preceding quarter,
the results reflect the constraints of the current economic
environment and the impact of inflation and finance costs.
A number of managerial initiatives are underway to meet
this challenge. Today, Escorts is embarking on an expansion
of its product portfolio, re-gearing product and pricing
strategies to meet the aspirations of its customer base
with higher dependency on mechanization and undertaking
geographic and capacity expansion."
Mr. Nikhil Nanda, Joint Managing Director said,
"Our focus is on building a national market base,
providing customers a range of crop solutions and
implements, PTO and haulage applications for tractors,
product upgrades and improvements as well as targeted
marketing for non-agriculture usages. At the crux of our
approach to the market is the increasing demand for farm
mechanization and the accessorized deployment of tractors
for non-farm uses. We believe multi-domain growth drivers
along with cost compression measures will enable Escorts to
deliver profitable growth."
Escorts Construction Equipment continued to demonstrate
strong growth, with a sales turnover of 206 crore as
against 163 crore in the corresponding quarter of the
previous fiscal.
The audited accounts of the first quarter of 2011-12,
ending December 31, 2011, has been approved by the Board of
Escorts Limited.
Note for Editors: Escorts Limited follows an
October-September fiscal year. The results reported are for
the first Quarter of Fiscal October 1, 2011 to September
30, 2012.
For further information kindly contact:
Shradha Pandey/Tanya Sachdev
Torque Communications Pvt Ltd.
Handphone: 9910163995/9810090758
E-Mail I-D: shradha@torquemail.com/tanya@torquemail.com
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