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Last Updated : Jun 05, 2020 10:02 PM IST | Source: PTI

Greaves Cotton's net profit declines to Rs 55 lakh in March quarter

Greaves Cotton's total expenses were Rs 381.82 crore in the fourth quarter of 2019-20, down 21.75 per cent as against Rs 487.95 crore a year ago.

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Greaves Cotton Ltd on Friday reported a 98.28 per cent decline in its consolidated net profit to Rs 55 lakh in the fourth quarter ended March 2020. It had posted a net profit of Rs 32.14 crore in the March 2019 quarter, the diversified engineering company said in a regulatory filing.

Its revenue from operations during the March 2020 quarter was down 28.54 per cent to Rs 386.19 crore, compared with Rs 540.50 crore in the corresponding period of the previous financial year.

Greaves Cotton's total expenses were Rs 381.82 crore in the fourth quarter of 2019-20, down 21.75 per cent as against Rs 487.95 crore a year ago.

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Its revenue from the engines segment was at Rs 331.07 crore and Rs 34.55 crore from electric mobility during the quarter.

For the full financial year 2019-20, Greaves Cotton's net profit was down 21.74 per cent to Rs 127.27 crore. It was Rs 162.63 crore in the previous year.

Its revenue from operations in the financial year stood at Rs 1,910.96 crore, down 5.17 per cent as against Rs 2,015.32 crore in 2018-19.

Greaves Cotton MD and CEO Nagesh Basavanhalli said, "FY20 has been an unusual year in terms of economic slowdown and the coronavirus pandemic, which has impacted lives and livelihoods."

He added that the company has implemented safe working practices within its factory locations, reduced its working capital exposure and worked to build capability of our employees and customer facing teams. "We continue to accelerate our new business initiatives and find newer levers of growth."

Shares of Greaves Cotton Ltd on Friday settled at Rs 82.25 on the BSE, up 0.86 per cent from the previous close.
First Published on Jun 5, 2020 10:01 pm
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