Engineering and farm equipment maker Escorts Ltd today said it will launch 7-8 new products, including tractors in the agri machinery segment this year and venture into components market for metro and mono-rails to achieve 15-20 per cent growth.
"We will launch 7-8 new agri machinery equipments this year. They will be a mix of high and low horse power and are meant to increase our product mix," Escorts Ltd Joint Managing Director Nikhil Nanda said.
He said the company is aiming to register topline growth of 20 per cent this year.
"We are in talks with concerned authorities for supplying coach and wagon products for monorails and metro rail projects. With a right mix of products and expansion into new segments we are confident of 15-20 per cent growth in topline," Nanda said.
The company had a turnover of Rs 2,157.77 crore during the October 2008-September 2009 fiscal.
Escorts Ltd on Friday reported first quarter net profit of Rs 23.40 crore. The company had a net loss of Rs 0.34 crore during the corresponding quarter last fiscal.
The company also reported an increase of 21.19 per cent in its net sales for the quarter ended December 31, 2009, at Rs 600.22 crore against Rs 495.26 crore in the year-ago period.