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Our Bureau

Mumbai , April 23

THE B.M. Thapar-controlled Greaves Cotton Ltd has reported a net profit of Rs 12.28 crore for the nine-month period ending March against Rs 6.79 crore recorded during the corresponding period of the previous year.

This was after the company spent Rs 20.26 crore during the period towards implementation of the voluntary retirement scheme (VRS). Had the amount been amortised as in the past, the profit for the same period would have been higher by Rs 19.22 crore, according to a company statement.

For the quarter ended March, the company recorded a net loss of Rs 0.66 crore as against a net profit of Rs 6.26 crore for the corresponding quarter of the previous year. This was owing to spending Rs 15.17 crore towards VRS during the quarter, the remaining Rs 5.09 crore having been spent during the preceding six months.

The company's income, however, reflected a handsome increase.

For the period under review ending March 2004, the income stood at Rs 550.49 crore against Rs. 448.38 crore during the corresponding period of the previous fiscal.

And for the quarter ending March 2004, the companyrecorded an income of Rs 196.60 crore as against Rs 160.33 crore same period previous year.

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