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Escorts has reported a 6% increase in net profit for the quarter ended June 30.
Profit stood at Rs 36.27 crore against Rs 34.11 crore in corresponding quarter last year. Net sales declined over 13% to Rs 973 crore due, primarily due to a 16% drop in tractor sales.
The company's stock price gained 4.63% to close at Rs 158.10 at the BSE. Managing director Nikhil Nanda said the improved profit in spite of declining sales is due to cost compression efforts, better product mix and new products.
