Greaves Cotton Limited, one of India’s leading diversified engineering companies, has announced consolidated revenues of ₹699 crore for Q2FY23, recording a growth of 87 per cent over Q2FY22.
The company reported an improvement in margins with quarterly EBITDA at ₹43 crore. Its electric mobility business recorded its highest ever quarterly revenues of ₹318 crore, and sales of around 33,000 units.
“This reflects the trust enjoyed by the Ampere [electric two-wheeler] brand and the growing adoption of electric mobility in India. Greaves Retail added over 40 new stores in YTD [year-to-date] FY23, retailing 15-plus brands, and continued its growth momentum. B2C businesses contributed 65 per cent to the overall revenues in this quarter, reflecting success of the diversification strategy,” the company stated in a release.
The auto applications business registered year-on-year growth of 109 per cent; non-auto applications registered YoY growth of 17 per cent.
The company reported H1FY23 consolidated revenues of ₹1,359 crore with YoY growth of 126 per cent.
On the company’s Q2 FY23 performance, Nagesh Basavanhalli, Executive Vice-Chairman of Greaves Cotton Limited, said in a statement, “We are happy to announce growth across different business units, resulting in highest ever quarterly revenues, and consistent improvement in profitability.”
He added, “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 and passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation and design.”
Greaves Cotton Limited is a diversified multi-product and multi-location engineering company of over 163 years.