Punjab Tractors, with a diversified product line of nine tractor models, harvester combines, automotive castings, engineering exports and so on, reported a phenomenal rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 2.78 times to Rs 272.90 million from Rs 98.00 million in the same quarter previous year.
On strength of improved tractor billing, net sales for the quarter jumped 48.85% to Rs 3,079.80 million, while total income for the quarter jumped 51.75% to Rs 3,139.70 million, when compared with the prior year period.
The company reported earnings of Rs 4.49 a share during the quarter, registering 2.79 times growth over previous year period.
Anjanikumar Choudhari, Chairman, Punjab Tractors and President Farm Equipment Sector, Mahindra and Mahindra said, `` The current performance is very encouraging and became possible due to efforts made in last fiscal in terms of streamlining the distribution system and initiating steps to promote Swaraj brand. Enhanced retail financing by Mahindra and Mahindra Financial Services to mitigate the uncertainty of bank credit during this quarter has also helped in achieving this performance.``
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