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Our Bureau

New Delhi , Jan. 16

Escorts Ltd has reported a 59 per cent growth in turnover in the October-December 2006 quarter (Q1) period at Rs 517.8 crore and said the company would end the year ending September 30, 2007, in the black.

The company said it had increased earnings before interest, tax, depreciation and amortisation (EBITDA) at Rs 27.6 crore against Rs 15 crore in October-December 2005.

Tractor sales volumes were up 65 per cent in the quarter to 13,697 units.

``The Government support to emerging and innovative farm practices across the country and strong export demand have provided a boost to the agri-business and an opportunity for Escorts' growth,'' the company said.

However, it had a net loss of Rs 3.04 crore against a profit of Rs 2.92 crore in the same quarter in the previous year due to "reversal of certain tax provisions in the corresponding quarter last year".

"With a lean structure, focussed lines of business and dedicated efforts, we are confident that our initiatives will contribute to help us regain leadership position in our areas of operation,'' Mr Nikhil Nanda, Executive Director and Group COO, said.

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