India's Escorts Kubota hits over 3-year low on profit drop

** Shares of Escorts Kubota ESCO.NS fall as much as 6.4% to 2,411.80 rupees, their lowest level since late July 2023

** Tractor and construction equipment maker's Q2 consol net profit drops over 21% y/y; revenue up around 16%, while expenses swell more than 21%

** "Profitability during the quarter was impacted by elevated commodity costs and changes in product mix," the company says

** Expects margins to improve gradually from Q4 and return closer to normal levels in FY28

** Stock down 34% so far this year