Mumbai, May 6 (IANS) Engine manufacturer Greaves Cotton on Wednesday said its consolidated net profit fell by 32.22 percent at Rs.83.63 crore during 2014-15 against Rs.123.40 crore in the previous year.
Total income from operations fell by 2.2 percent at Rs.1,697.71 crore during the time period under review against Rs.1,735.94 crore in 2013-14.
It was able to control its expenses, however, reducing it by 2.9 percent at Rs.1,546.27 crore during the review period.
“While we are still facing pressures on top-line growth, our thrust on tightening operational control is being reflected in improvement in material cost, fixed cost and working capital,” the company’s managing director and CEO, Sunil Pahilajani said.
“New business from automotive OEMs has started growing and is expected to strengthen future revenue. In addition, a new range of light agri-equipment will get launched in a gradual manner,” he said.
The company said that during 2014-15, it exited its construction equipment business which was “loss making”.