Escorts net down 60%

Net sales decline 17% to Rs 812 cr

Hit by a decline in sales, tractor maker Escorts has reported a 60 per cent decline in profit for the quarter ended March. Net profit was Rs 12.7 crore while net sales declined 17 per cent to Rs 812 crore. For the year, profit slipped 58 per cent to Rs 74.7 crore while revenues declined six per cent to Rs 3,962 crore.

"The tractor sector has been hit for three consecutive quarters by adverse weather conditions," Chairman Rajan Nanda said.