28% decline in net profits of Escorts Q3 result

Tractor manufacturing company Escorts ltd. announced its third-quarter result on Tuesday. The numbers aren’t that good for the company as it reported a loss of 28% in profit when compared to its corresponding quarter of the last year. however, the results are fairly better than the second-quarter results. It earned a profit of ₹201 crore which is more than 14% of what it earned in the second quarter. CMD Nikhil Nanda said: "The tractor industry has now been impacted for two consecutive quarters due to high base of last year, delayed harvest of Kharif crops owing to late monsoon rains this year which affected the rural cash flows and the retail demand.” The share closed at ₹1,850 on the National Stock Exchange.