Escorts’ H1 Profit at Rs. 26.3 Crore
Escorts Limited reported a net profit of Rs 26.3 crore in first half ending September 30, 2014. The first half saw a flat turnover of Rs 2,121.7 crore as against Rs 2,120.2 crore in the corresponding half year ending September 2013. EBIDTA was at Rs 90.4 crore in the first half of the year as against Rs 157.2 crore in the first half of the previous fiscal.
The company recorded an increase of 1.2% in tractor volumes from 14,842 tractors in the corresponding quarter ended September 30, 2014 to 15,013 tractors in the second Quarter of fiscal 2015. Construction Equipment volumes also increased to 747 units, an increase of 13 per cent over the corresponding quarter. Total income for the quarter was up at Rs 992.6 crore as opposed to Rs 944.2 crore in the corresponding quarter of last fiscal. Company absorbed the additional one-time exceptional expense of Rs 31.4 crore on account of a VRS that covered around 350 employees As a consequence, the company recorded a loss of Rs 7.9 crore in the second quarter. EBIDTA for the quarter stood at Rs 33.5 Cr. As against Rs 64.5 Cr. in Quarter ended September 2013.