Greaves Cotton reports 50% drop in profit

Engineering company Greaves Cotton reported 50 percent fall in its net profit for the fourth quarter FY 2013 due to increase in input costs and tough market conditions.

Net profit fell from Rs 77.7 crore in fourth quarter 2012  to Rs 38.5 crore.

Sales were up 11.3% largely due to boost from automative engine business and earning before interest tax depreciation and amortisation was up 6.1% but profit declined largely because of Rs 43.3 crore exceptional income through sale of land in fourth quarter of 2012.

Excluding the one-off sale, there was a marginal increase in profit.