The Escorts Construction Equipment (ECE) segment sold 680 machines in March 2021, the highest sales ever recorded in March, and grew 252.3% from 193 machines sold in March 2020.
“We anticipate that the government will continue to drive infrastructure spending to achieve accelerated GDP growth and a massive NIP (National Infrastructure Pipeline) investment plan, timely disbursement of project payments, major policy changes for highway concessionaires and monetization Reaching Assets to Ensure Liquidity Demand for construction equipment will remain strong, but some supply chain issues and rising commodity price inflation remain worrying, “Escorts said in a regulatory filing.
The volume of escort construction machines rose in the fourth quarter of 2021 from 986 units sold in the fourth quarter of 2020 by 62.7% compared to the previous year to 1,604 units. In the financial year to the end of financial year 21, however, the Escort volume fell by 3.2% to 3,913 units, compared to 4,042 units sold in the same period last year.
The shares of Escorts at BSE fell 2.78% to Rs 1238.40.
Escorts is a mechanical engineering conglomerate with industries such as agricultural machinery, construction and material handling equipment and railway equipment. The company’s consolidated net income increased 85.1% to Rs.286.71 billion after operating revenue for the third quarter of FY 21 versus the third quarter of FY 20 increased 23.8% to $ 2,042.23 billion. Rupees had risen.
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(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)
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