Greaves Cotton logs 13% yoy growth in Q2 revenue to Rs374cr, E-mobility biz records higher sales

The company's e-mobility arm, Greaves E-mobility business recorded higher sales in Q2 FY22 when compared with Q2 FY21, with 111% revenue growth.

Oct 26, 2021 02:10 IST India Infoline News Service

Greaves Cotton announced Q2 FY22 results with revenue growth at 13% at Rs. 374 Crore in Q2 FY22 as against Rs. 330 crores in Q2FY21. Normalized EBIDTA (without one- time costs) is at Rs. 3 crores in Q2FY22. Revenue grew by 63% compared to Q1FY22.

The company's e-mobility arm, Greaves E-mobility business recorded higher sales in Q2 FY22 when compared with Q2 FY21, with 111% revenue growth. As a result of this progress, the company now has over 100,000 EV consumers & growing month-over-mont across India and is one of the fast-growing EV brands in the country. Moreover, October witnessed highest sales numbers for Greaves Electric Mobility standing at 5,000 units as on 25th Oct’21 & exceeded 500 retails in one day.

Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, “The Company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions."

The Group CEO added, "Our diversification strategy has resulted in accelerated growth across all business areas with higher operational
efficiencies and surplus cash to drive transformative growth with new agility & resilience in future."

In last few years there has been significant transformation from singl product, single fuel portfolio to now with diverse high growth segments like electric mobility, Retail with lucrative growth potential in future.

At around 2.03 pm, Greaves Cotton was trading at Rs131.55 per piece down by 1.4% on Sensex.

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