Greaves Cotton reported PAT of Rs 44 cr for Q3 FY17

Greaves Cotton Ltd, one of India's leading engineering companies today reported lower net profit of Rs 44 crore for the quarter ended December 2016 as against Rs 62 crore for the corresponding period last year.
The company clocked revenue of Rs 451 crore for the quarter ended December 31, 2016 as against Rs 453 crore for the quarter ended December 31, 2015, a company statement said here.
The revenue for nine months ended December 2016 was Rs 1,386 crore against Rs 1,351 crore for the same period previous year. The net profit for the nine months ending December 2016 was Rs 134 crore as against 161 crore for corresponding period last year.

Commenting on the results, Nagesh Basavanhalli, MD and CEO said "Despite tough market conditions and temporary setback due to demonetisation, the company has recorded year to date growth of 3 per cent as against corresponding period last year.
"This has been possible due to strategic initiatives enhancing service quality and entering new geographies. The robust growth in the aftermarket, farm equipment business and the auxiliary power business has contributed to the higher revenue. Our efforts on cost controls are sustainable and will continue to improve."
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 over 5 million customers, Basavanhalli said.