Decline in orders from vehicle manufacturers has impacted engine supplier Greaves Cotton as net profit for the first quarter of 2011-12 dropped 9% to Rs 32 crore from Rs 35 crore for April-June 2011. Revenues grew 2.3% to Rs 412 crore in the quarter.
The company — which supplies diesel and petrol engines to small commercial vehicles and three-wheelers — recently signed a supply contract with three-wheeler maker Atul Auto. It also supplies to Tata Motors.
Greaves Cotton completed a technology transfer deal with Korean company Samil Industries to manufacture and supply construction equipment in India.
“Though the business scenario at the moment is anything but cheerful, we have recorded a marginal increase in the top line,” said Sunil Pahilajani, MD & CEO, Greaves Cotton.