Greaves Cotton Announces Highest Ever Quarterly Consolidated Revenue of Rs. 699 Crore

#GreavesCotton #FinancialResults #NageshBasavanhalli

Source: Greaves Cotton

“Our focus on accelerating adoption of electric vehicles and transforming last mile mobility with clean transport solutions, have strengthened our leadership position in this fast-growing market.” - Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited

November 2022: Greaves Cotton Limited, one of India’s leading diversified engineering companies, has announced its consolidated revenues of Rs. 699 crore for the Q2FY23, recording a healthy growth of 87 percent over Q2FY22. The Company has reported an improvement in margins with quarterly EBITDA at Rs. 43 crore. The electric mobility business of Greaves recorded the highest ever quarterly revenues of Rs. 318 crore, and sales of ~33K units. This reflects the trust enjoyed by the Ampere brand and the growing adoption of electric mobility in India. Greaves Retail added over 40 new stores in YTD FY23, retailing 15+ brands and continued its growth momentum. B2C businesses contributed 65 percent to the overall revenues in this quarter, reflecting success of the diversification strategy. Ampere the E 2-wheeler brand continued its leadership position and remained within top 3 players in the e2W segment. (Source – Vahan Portal).

The auto applications business registered YoY growth of 109 percent. The non-auto applications registered YoY growth of 17 percent.

Company reported H1FY23 consolidated revenues of Rs.1,359 crore with YoY growth of 126 percent.

Commenting on the company’s Q2 FY23 performance, Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited said, “We are happy to announce the growth across different business units, resulting in highest ever quarterly revenues, and consistent improvement in profitability. Our focus on accelerating adoption of electric vehicles and transforming last mile mobility with clean transport solutions, have strengthened our leadership position in this fast-growing market. Led by a strong & passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation and design.”

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