Escorts stock rallies as Q4 net profit increases two-fold

MUMBAI: Shares of Escorts gained momentum after its standalone net profit for the quarter ended September 2012 increased two-fold to Rs 18.88 crore against a net profit of Rs 8.15 crore in the same period a year ago.

Total income for the quarter rose to Rs 823.40 crore for the quarter against 768.67 crore in the corresponding quarter last fiscal.

“The last fiscal was difficult and Escorts battled successfully against the market challenges both in tractor and construction industry,” said Rajan Nanda, Chairman and Managing Director, Escorts.

“The outlook on the infrastructure and construction business continues to be difficult but the government’s effort to revive growth is timely. The combined strength of the group implies greater flexibility to deal with down turns and to stay profitable in the toughest of market situations,” he added.

At 10:44 a.m; the stock was at Rs 65.70, up 5.04 per cent on the BSE. It touched a high of Rs 65.80 and a low of Rs 63.60 in trade today.