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Greaves Cotton reports marginal dip in Q1 profit at Rs 38 crore

Mumbai (Maharashtra) [India], Aug 8 (ANI): Diversified engineering major Greaves Cotton on Thursday reported a marginal dip in its profit after tax at Rs 38 crore in the April to June quarter of 2019-20 as against Rs 40 crore in Q1 FY19.

However, there was a 4 per cent growth in revenue to Rs 477 crore as against Rs 458 crore in the same period. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 61 crore in Q1 FY20, the same as in Q1 FY19 while profit before tax and exceptional items came down to Rs 56 crore from Rs 58 crore.

"We have continued our growth momentum despite tough market conditions," said Managing Director and CEO Nagesh Basavanhalli. "Our new business growth in CNG, e-mobility solutions, Greaves Retail, multi-brand spares, non-auto industrial applications business along with existing business has shown positive growth."

In Q1 FY20, Greaves from its e-mobility subsidiary arm launched its first high-speed two-wheeler electric vehicle Zeal. To foster innovation and build capabilities as part of Make-in-India commitment, Greaves has further invested in a technology centre in Bengaluru.

The non-automotive and industrial engine business is continuing to grow with newer avenues of usage areas, the company said in a statement. "All these initiatives will help sustain inclusive growth protecting employment opportunities across the value chain," it added.

Greaves Cotton Ltd is a diversified engineering company and a leading manufacturer of cleantech powertrain solutions (CNG, petrol and diesel engines), generator sets, farm equipment, e-mobility, aftermarket spares and services. (ANI)