Tractor and farm equipment manufacturer Escorts Ltd on Tuesday reported a net profit of ₹34.11 crore for the first quarter ended June 30, a decline of 41 per cent compared with ₹58.30 crore in the same period last year.

Net sales also declined by 4 per cent to ₹1,122 crore during the quarter (₹1,173 crore). However, the company said it expected better performance with the Narendra Modi Government bringing in ‘new energy’ to the economy.

Rajan Nanda, Chairman, said that Escorts was strengthening its product portfolio to meet the aspirations of its customer base with higher dependency on mechanisation and technology.

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