Greaves Cotton, the manufacturerer of widest variety of agricultural Equipment In India, posted a substantial drop in standalone net profit for the quarter ended December 2014.
During the quarter, the profit of the company declined 95.34% to Rs 17.60 million from Rs 377.50 million in the same quarter previous year.
Net sales for the quarter rose marginally 1.81% to Rs 4,310.80 million, compared with Rs 4,234 million for the prior year period.
EBIDTA for the quarter was Rs 520 million, which is a growth of 11% over the same period last year.
Commenting on the results, Sunil Pahilajani, MD & CEO, said, ''We have maintained our performance during the quarter and expect positive market sentiment and buoyancy in automotive segment to reflect in faster topline growth in the coming quarters.” He further added that “The Company is tightening operational controls which is reflecting in sustained reduction in material cost as well as significant improvement in working capital, thereby driving improvement in profitability.''
During 2014-15, the company discontinued the operations of its Construction Equipment Business and the process of disposal of assets has resulted in exceptional expenses.
Shares of the company declined Rs 3.70, or 2.50%, to settle at Rs 144.15 at the BSE (Thursday).