Greaves Cotton’s revenue up 5percent
Greaves Cotton Ltd has posted a 5 per cent growth in its revenue at Rs 445 crore for the quarter ended June 30, 2016 as against Rs 424 crore for the corresponding period last year. Despite tough market conditions, the company maintained its net profit at Rs 39 crore for the first quarter, 11 per cent decline from Rs 44 crore in the comparable period last year.
Greaves Cotton Ltd has posted a 5 per cent growth in its revenue at Rs 445 crore for the quarter ended June 30, 2016 as against Rs 424 crore for the corresponding period last year. Despite tough market conditions, the company maintained its net profit at Rs 39 crore for the first quarter, 11 per cent decline from Rs 44 crore in the comparable period last year. EBITDA for the quarter under consideration stood at Rs 60.4 crore, a marginal decline from Rs 61.5 crore for the same period last year.
“The 5 per cent revenue has been possible due to strategic initiatives on launching new range of solutions, enhancing service quality and entering new geographies. This is to be seen in the context of the weak revenue growth in the immediate past quarters†said Sunil Pahilajani, MD & CEO. The company has taken initiatives to achieve higher operating expenses and a consequent reduction in profits.
