Agri machinery products maker Escorts today reported over two-fold rise in its net profit for the quarter ended June 30 at Rs 22.22 crore on account of new product launches and cost effective measures.
The company had posted a net profit of Rs 9.31 crore in the corresponding period of last year.
The net operating income during the third quarter has also increased by 7.49 per cent to Rs 583.44 crore from Rs 542.80 crore in the year-ago period.
"In the current year, we have very aggressively undertaken the cost compression exercise, which has helped us in improving our bottom-line. Also new product launches pushed forward the sales," Escorts Joint Managing Director Nikhil Nanda told PTI.
The company has launched six products in October-June period of the current fiscal, he added.
"Because of our cost-effective measures, we have been able to save about Rs 45 crore so far in this fiscal. In the next fiscal, we are expecting it to grow to Rs 100 crore," Nanda said.
Besides, the company has planned to launch 4-5 products every year and would roll out about six products in the next financial year, he added.
