Farm equipment maker Escorts today said its net profit surged over three-fold to Rs 59.48 crore for the fourth quarter ended March, on the back of robust sales and cost reduction initiatives. The company had reported a net profit of Rs 18.36 crore during the same period of previous fiscal. Total income rose to Rs 1,062.21 crore for the fourth quarter as compared to Rs 823.52 crore in the same period of previous fiscal, Escorts Ltd said in a regulatory filing.
For the year ended March 31, the company posted a consolidated net profit of Rs 130.75 crore as compared to Rs 70.14 crore in the previous fiscal.
Total income rose to Rs 4,266.85 crore for the fiscal ended March 31, as against Rs 3,564.73 crore in the 2015-16 fiscal.
“We are in a continuous process to compress cost, better our margins and strengthen customer connect,” Escorts Managing Director Nikhil Nanda said.
During the year, the company sold a total of 63,786 tractors, up 24 per cent, as compared to 51,455 units in the previous fiscal.
The company’s board, which met today, recommended a dividend of Rs 1.50 per fully paid-up equity share of Rs 10 each for the financial year 2016-17. Shares of Escorts were trading 4.95 per cent up at Rs 674.60 on BSE.