Greaves Cotton Q1 net up 50.8% at Rs 43 cr

Total income for Q1FY16 stood at Rs 380.66 cr as against Rs 423 cr in Q1FY15

Greaves Cotton, one of India's leading engineering companies, reported a 50.8% jump in its net profit at Rs 43.34 crore for the quarter ended June 30, 2015 as against Rs 28.74 crore recorded in the same period last year.

The total income for Q1FY16 stood at Rs 380.66 crore as against Rs 423 crore in Q1FY15. The corresponding quarter last year included revenue of Rs 24 crore from discontinued operations of construction equipment business manufacturing activities.

EBITDA for the quarter stood at Rs 62.24 crore as against Rs 46.82 crore in Q1FY15, up 32.93%.

"While we are still facing pressures on topline growth, our thrust on tightening operational controls is being reflected in continued improvement in material cost, fixed costs and working capital. The company's continued focus on adding new OEMs to its fold has resulted in adding Eicher Polaris as new customer for a versatile transport vehicle, Multix, in June 15 which is powered by Greaves engine. The Company is also planning to launch various light agri equipment during the year ahead to provide impetus to its farm equipment business," said Sunil Pahilajani, MD & CEO, Greaves Cotton.