Engineering major Greaves Cotton has posted a nine per cent decline in net profit at Rs 29 crore (Rs 32 crore) for the quarter ended June 30, 2014.
Revenues were marginally higher at Rs 423 crore against Rs 412 crore, the company release said.
Sunil Pahilajani, MD & CEO, said, “Our first quarter revenue growth reflects positive sentiment on market revival. In addition, the initiatives taken by the company for material cost improvement are also providing steady benefits.”
On Thursday, the company's scrip ended down 2.22 per cent at Rs 114.70 on the NSE.