Mumbai: Greaves Cotton Ltd on Friday registered 20% jump in net profit at Rs 47 crore for the quarter ended March 2017 as against Rs 39 crore in the same period last year.
The company’s revenue stood at Rs 435 crore for the quarter ended March 31, 2017 as against Rs 452 crore for the corresponding quarter previous year, a statement said.
The company reported revenue of Rs 1,819 crore and net profit of Rs 181 crore for 12 months ended Mar 2017.
“Despite a challenging market scenario and macro-economic changes, we managed to grow PAT for the last quarter and maintain revenues over the last fiscal year. This has been possible due to strategic initiatives like launching new range of solutions, enhancing service quality and higher operational efficiency,” managing director and CEO Nagesh Basavanhalli said.
“The robust growth in the farm equipment business, the auxiliary power business, After Market business and international business has contributed to the higher revenue. One of our key strengths has been our strong distribution network across the country. This has been traditionally used to supply spare parts and to meet the servicing needs of our customers. With our foray into a wider range of spare parts under the Greaves brand name, we are providing a reliable and quality alternative that delivers value to our customers,” he added.