Shares of Greaves Cotton jumped 7 per cent in morning trade on Friday after the diversified engineering company reported a profit of Rs 16 crore for the April-June quarter. Shares of Greaves Cotton opened on BSE at Rs 166, then gained momentum to hit Rs 177.70, registering a rise of 7.46 per cent over its previous close.
The stock witnessed a similar movement on the NSE, where it opened at Rs 166.70 and then touched an early high of Rs 175.10, a rise of 5.96 per cent. Greaves Cotton on Thursday reported a consolidated Profit After Tax (PAT) of Rs 15.94 crore in the April-June quarter of FY23. The company had posted a loss of Rs 22.48 crore in the corresponding period of the previous fiscal. Its consolidated net sales rose more than two-fold to Rs 660.19 crore in the reporting quarter from Rs 228.97 crore in Q1 FY22.
Segment-wise, revenue from the engine business increased to Rs 346.70 crore during the quarter compared to Rs 196.20 crore, while income from the electric mobility business stood at Rs 281.23 crore against Rs 14.48 crore a year ago. The company recorded strong year-on-year growth across verticals with new businesses accounting for 56 per cent of the overall top line during the April-June period of FY23.
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Story first published: Friday, August 12, 2022, 12:10 [IST]