New Delhi, Jan 31 (PTI) Farm equipment and engineering major Escorts today reported over four-fold increase in net profit at Rs 92 crore for the third quarter ended December 31. Also Read - Ericsson starts deploying 5G-ready telecom equipment on Voda Idea network

The company had reported a net profit of Rs 22.7 crore in the same period of previous fiscal. Also Read - Corridor-III of Hyderabad Metro likely to be operational soon

Total income rose to Rs 1,213.23 crore as compared to Rs 1,100.79 crore in the same period of previous fiscal, Escorts said in a statement. Also Read - SPR Group signs two MoUs with Jaquar Group

“Positive macroeconomic indicators and government’s focus on agriculture and infrastructure are driving a stronger market demand,” Escorts Chairman Rajan Nanda said.

Hopefully, the upcoming union budget will further support the respective sectors and create more segment opportunities, he added.

“We will continue to invest in technology, channel and product mix for enhanced business productivity,” Nanda said.

The company’s tractor sales were up 11.6 per cent at 18,930 units during the third quarter as against 16,963 units in the year-ago period.

Besides, sale of construction equipment rose 33.4 per cent to 1,087 units as against 815 units in the third quarter of the previous fiscal.

“We are investing extensively in R&D and creating a road map of strategic partnerships to bring in the best in class and globally benchmarked technology solutions to tap the emerging opportunities across agriculture, infrastructure and railway segments, both for domestic and global demand,” Escorts Managing Director Nikhil Nanda said.

Stock of the company today settled 2.41 per cent down at Rs 813.10 on BSE.

This is published unedited from the PTI feed.