Engineering conglomerate Escorts on Tuesday reported a 41.49% decline in net profit at R34.11 crore for the first quarter ended June. The company had reported a net profit of R58.3 crore in the corresponding period last fiscal.
Net sales of the company stood at R1,122.1 crore for the quarter under consideration, down 4.33% as against R1,172.89 crore for the same period year ago. Commenting on the result, Escorts chairman Rajan Nanda said: “We plan to aggressively address segments, which will open up with the implementation of the government's ambitious plans in infrastructure and farm mechanisation."
Overall expenses in the quarter were at R1,087.1 crore against R1,096.52 crore in the same period a year ago.