Engineering company Greaves Cotton has reported a net profit of Rs 39 crore in the first quarter ended June 30, down from Rs 44 crore last year.
In an interview with CNBC-TV18, Sunil Pahilajani, MD and CEO of Greaves Cotton said that the company has forayed into the multi brand spare business and has undertaken many initiatives to improve its margins.
For the year, Greaves Cotton reported a decline in revenues from Rs 1,735.94 crore in FY14 to Rs 1697.71 crore, while its profit shrunk to Rs 83.63 crore from Rs 123.40 crore in 2013-14.
Auto industry body Society of Indian Automobile Manufacturers (SIAM) says growth in FY14 will be among the low single-digits. So, an engineering giant Greaves Cotton whose main focus was automotive segment has begun taking steps at derisking its business.