Mumbai, Jul 30 (PTI) Engineering company Greaves Cotton today posted a 9.37 per cent decline in net profit for the first quarter ended June 30 at Rs 32 crore as against Rs 35 crore in the same period last year. Its revenues, however, grew 2.3 per cent to Rs 412 crore from Rs 403 crore in the corresponding quarter in the previous year. “The business environment, during the quarter was challenging. Though the business scenario at the moment is anything but cheerful, we at Greaves Cotton have recorded a marginal increase in top line,” company’s Managing Director and Chief Executive Sunil Pahilajani said in a statement. He said unfavourable macro-economic environment such as decelerating GDP growth, high inflation and interest rates led to decline in consumption growth as well as investment growth dampening business sentiments across the country. “While all our businesses spanning across construction, agriculture, transportation, power and industrial applications are intrinsically woven around the economy, we do believe that our focus continues to remain on finding innovative solutions for our customers and building on opportunities available,” he said. The company has embarked on initiatives like developing markets, revamping aftermarket services and other organisational development initiatives to ensure that it remains focused and delivers highest levels of quality and services to the customers, he said. “We believe that these initiatives will fructify in future and are expected to improve productivity and deliver positive results in time to come,” Pahilajani said. During the quarter, the company’s equipment business concluded the technology transfer with Korea-based Samil Industries for technologically superior products to be offered in India. These products are likely to be available by end of this fiscal, the release said.