BENGALURU, Nov 3 Reuters Indian tractor maker Escorts Kubota reported a more than twofold rise in the secondquarter profit on Friday, as price hikes offset muted sales.

The company39;s consolidated net profit climbed to 2.23 billion rupees 26.8 million in the three months to Sept. 30 from 988.3 million rupees a year earlier, it said in an exchange filing.

Escorts Kubota has hiked prices of its agrimachinery products, which includes commercial vehicles such as tractors, thrice since the second quarter last year, citing a rise in commodity and other costs.

The company39;s revenue rose nearly 9 to 20.59 billion rupees during the September quarter.

Expenses rose 3.4 in the September quarter, with raw material costs increasing 2.6.

Tractor sales fell 7.1 during the quarter as rural demand was hurt by India39;s weakest monsoon rains since 2018, leading to a 4.2 drop in the segment revenue. The tractor business accounts for nearly 70 of total revenue.

Revenue in the company39;s smaller construction equipment and railway equipment segments, however, rose nearly 72 and 29, respectively.

Shares of Escorts Kubota rose as much as 1.4 after results. They settled 0.7 higher on Friday, taking their yeartodate gains to 43.7.

Its tractormaking rivals Mahindra Mahindra and VST Tillers Tractors will report their results next week.

1 83.2420 Indian rupees

Source Reuters