Tractor maker Escorts has reported a 7.8 percent year-on-year growth in profit for quarter ended March 2019.
Profit increased to Rs 121.35 crore during the quarter against Rs 112.54 crore in same period last year, the company said.
Revenue from operations jumped 13.6 percent year-on-year to Rs 1,631.66 crore in March quarter.
Tractor volumes increased by 6.7 percent to 25,136 units during the quarter YoY.
At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 11.6 percent to Rs 189.8 crore, but margin contracted 47 bps to 9.2 percent YoY.
The stock was down 2.36 percent to Rs 649 on the BSE at the time of publishing this copy.
For the financial year 2018-19, profit grew by a whopping 40.3 percent to Rs 483.68 crore and revenue shot up 23.53 percent to Rs 6,196.4 crore compared to last year.
The Board of Directors recommended a dividend of Rs 2.5/- per share
Meanwhile, the company appointed Sunil Kant Munjal, one of the founder promoters of the Hero Group, as Independent Director for a period of 5 years on the board, subject to the approval of the shareholders.