Greaves Cotton foresees subdued biz for 3-4 quarters

 Engineering company Greaves Cotton on Saturday said that market conditions in India are downbeat and will remain so for the next three to four quarters, even as it expressed confidence of sustaining growth by launching new products.

“From an engineering company perspective, our view is that market is very subdued right now and we don't see a change in the next three to four quarters. Things could improve if the government clears large infrastructure projects,” MD and CEO of the company Sunil Pahilajani said.

The company's turnover was Rs 1,873 crore in fiscal 2013, up 6.84 per cent from fiscal 2012 of Rs 1,753 crore.

It reported sales of Rs 412 crore in the first quarter of fiscal 2014, similar to that in the corresponding quarter of fiscal 2013.

Pahilajani spoke to reporters after the launch of the company's three gensets here, along with Chairman Karan Thapar.

The new products entailed capital investment of Rs 30 crore, according to CEO of its Auxillary Power Business, Prakash Bhalekar. He said that more launches are in the offing in the coming months.

Pahilajani said that the company expects its global business that currently stands at 3 per cent of its turnover, to go up to 10 per cent in the next three to four years, predominantly from East Africa, West Asia and South East Asia.

The company has five divisions comprising farm equipment, automotive engines, auxillary power, construction equipment and industrial engines.