Greaves Cotton records Rs 49 crore profit in Q2 FY2019, up 16%

With the major disruptions The engineering major is poised for major growth opportunities in the near future and looks to ride demand for BS VI-compliant products and megatrends in the Indian market.

Autocar Pro News Desk By Autocar Pro News Desk calendar 01 Nov 2018 Views icon6506 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

Engineering solutions major Greaves Cotton has embarked on a solid growth journey. The company, which undertook a major transformational exercise last year, has registered double-digit growth in the first half of FY2019, including positive results for the sixth straight quarter.

In H1 FY2019, the company reported revenue of Rs 953 crore, an increase of 11 percent YoY, EBITDA of Rs 123 crore, (+9%), while Profit After Tax (PAT) saw a flat growth. In the first half of FY2019, PAT was Rs 89 crore in as against Rs 90 crore in H1 FY18 which included income from exceptional item (Rs 8 crore net of taxes).

For Q2 FY19 Greaes Cotton, revenue was Rs 495 crore (+9% YoY),  EBITDA at Rs 73 crore (+8% ). PAT at Rs. 49 crore in Q2 FY19 (no exceptional income) as against Rs 49 crore in Q2 FY18 which includes income from exceptional item (Rs 4 crore net of taxes).

Commenting on the results, Nagesh Basavanhalli, MD and CEO, Greaves Cotton, said: "Our H1 FY19 results continue to show a positive trend despite macro-economic challenges. This quarter saw us achieving key milestones - the acquisition of Ampere Vehicles in the affordable personal mobility segment and the ramp-up of Greaves Care to 100 stores to further strengthen our nationwide service and retail footprint, backed by our strong reach of 5,000+ aftermarket outlets across India."

Also read: Greaves Cotton to acquire Ampere Vehicles, aims to access new customer base

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