Greaves Cotton reports 57 pc drop in net profit at Rs 21 cr in Q3

Engineering major Greaves Cotton on Wednesday said its consolidated net profit declined by 56.98 per cent to Rs 20.9 crore for the third quarter ended December 31, 2020. The company had reported a net profit of Rs 48.59 crore for the October-December period of 2019-20.

Engineering major Greaves Cotton on Wednesday said its consolidated net profit declined by 56.98 per cent to Rs 20.9 crore for the third quarter ended December 31, 2020. The company had reported a net profit of Rs 48.59 crore for the October-December period of 2019-20. Consolidated revenue from operations declined to Rs 494.57 crore in the third quarter as against Rs 520.26 crore in the year-ago period, Greaves Cotton said in a regulatory filing. ''The Group's operations and financial results for the six months ended September 30, 2020 were impacted by the outbreak of COVID-19 pandemic and the consequent lockdown announced by the Government,'' it noted. Greaves Cotton Group CEO and Managing Director Nagesh A Basavanhalli said the company has fortified its base with emphasis on building resilient cost structures and consolidation of engine operations at Aurangabad. ''Furthermore, new EV capacity expansion plans in South India will help us provide best-in-class electric vehicles and help accelerate overall EV adoption in India,'' he added.