Greaves Cotton has lost 2.3% to Rs 112 on the BSE after India’s leading engineering company posted 9.51% decline in net profit at Rs 28.74 crore for the quarter ended June 30, 2014 compared with Rs 31.76 crore in the corresponding quarter previous year.
Meanwhile, total income of the company, however, rose marginally by 2.5% to Rs 422.53 crore during Q1, 2015 as against Rs 412.28 crore in the comparable period last year.
“Growth in the first quarter revenue reflects positive sentiment on market revival. In addition, the initiatives taken by the company for material cost improvement also provided steady benefits,” said Sunil Pahilajani, managing director, Greaves Cotton.
The company saw improved performance in the three-wheeler segment and now expects to improve market positioning with the launch of its new efficient and cost competitive genset range.
The stock opened at Rs 113, touched a high of Rs 114 and a low of Rs 112 on the BSE. A total of 6,104 shares have been traded on the BSE so far.
