Escorts profits up in 2007-08December 29th, 2008 - 7:25 pm ICT by IANS
New Delhi, Dec 29 (IANS) Engineering major Escorts Ltd notched profits of Rs.118.7 million (Rs.11.87 crore) in 2007-08 on account of a higher domestic market share and greater cost and operational efficiencies, the company said Monday.Net profits rose in the financial year ending Sep 30, compared to a loss of Rs.64.4 million (Rs.6.44 crore) the previous fiscal.
“We have proven that the efforts to strengthen the fundamentals of the company, build value for customers and drive operational efficiencies have put the company on a profitable track,” said Escorts chairman and managing director Rajan Nanda in a statement.
The company recorded a higher Earnings Before Interest, Depreciation, Tax and Amortisation (EBIDTA) of Rs.1.52 billion (Rs.152.48 crore), as against an EBITDA of Rs.1.09 billion (Rs.109.50 crore) the previous fiscal.
Cash profit more than doubled to Rs.965.5 million (Rs.96.55 crore), from Rs.405.5 million (Rs.40.55 crore) in 2006-07.
Profit before tax and exceptional items stood at Rs.455.4 million (Rs.45.54 crore), compared to a loss of Rs.107.5 million (Rs.10.75 crore) the year before.