(PTI) Shares of Greaves Cotton jumped 7 per cent in morning trade on Friday after the diversified engineering company reported a profit of ₹16 crore for the April-June quarter.
Shares of Greaves Cotton opened on BSE at ₹166, then gained momentum to hit ₹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 ₹166.70 and then touched an early high of ₹175.10, a rise of 5.96 per cent.
Greaves Cotton on Thursday reported a consolidated Profit After Tax (PAT) of ₹15.94 crore in the April-June quarter of FY23. The company had posted a loss of ₹22.48 crore in the corresponding period of the previous fiscal.
Its consolidated net sales rose more than two-fold to ₹660.19 crore in the reporting quarter from ₹228.97 crore in Q1 FY22.
Segment-wise, revenue from the engine business increased to ₹346.70 crore during the quarter compared to ₹196.20 crore, while income from the electric mobility business stood at ₹281.23 crore against ₹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.