Engineering firm Greaves Cotton today reported a 58.33 percent increase in net profit for the quarter ended March 31 at Rs 38 crore against Rs 24 crore in the corresponding period last year.
Its total income for the January-March period stood at Rs 405 crore compared to Rs 394 crore earlier, registering a 2.7 percent increase.
For the year, revenue declined to Rs 1,616 crore from Rs 1,689 crore, while profit after tax (PAT) increased to Rs 199 crore against from Rs 82 crore in the previous year, registering a nearly two-fold growth.
"In the current weak market scenario where revenue growth is challenging, the company has continued its focus on margin enhancement and has sharply improved its EBITDA margin for the year from 12 percent to 17 percent," its Managing Director and CEO Sunil Pahilajani said.
He further said the company is confident of providing the necessary solutions to meet BS-VI norms by working closely with the OEMs, suppliers and technology specialists.
"Also, we continue to focus and build on our farm equipment product range. With the forecast of a normal monsoon, we have readied a range of products that will be launched through the coming year," Pahilajani added.
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