Greaves Cotton, one of India’s leading engineering companies, reported revenue of Rs 1,988 crore revenue in FY2019, up 11 percent compared to same period last year. The EBIDTA for the year grew by 8 percent at Rs 275 crore in FY2019, as against Rs 255 crore in FY2018, the PAT came at Rs 34 crore, mainly due to higher exceptional income in the previous year of Rs 48 crore against exceptional loss of Rs 18 crore in FY2019. The company says the current year exceptional loss includes provision on account of IL&FS.
For Q4 FY2019 Greaves Cotton revenue was at Rs 528 crore, a growth of 9 percent YoY, EBITDA remained flat at Rs 70 crore. The PAT was at Rs 37 crore (includes provision on account of IL&FS Rs 15.5 crore) as against Rs 57 crore in Q4 FY18 (includes exceptional income of Rs. 13 crore).
Commenting on the performance, Nagesh Basavanhalli, MD and CEO, said “FY2019 performance has progressed as per our strategic plan. Our growth is the result of our strong execution of strategic business plan. The new business growth focuses on Cleantech products and services, expanding Greaves Retail footprint, ramping up of multi-brand spares portfolio, which has led to strong growth of overall business results. We remain committed in creating a foundation for sustainable growth and deliver higher value to all our stakeholders.”
The company's board has approved a proposal to buy back up to 13,714,286 equity shares or 5.6 percent of the total paid-up equity share capital, at a tender price of Rs. 175 per share. The company has earmarked a budget for an aggregate amount not exceeding Rs 240 crore.