12 Aug 2022 , 01:42 PM
Company’s profit growth was improved, with EBITDA of Rs38 crore and profit after tax at Rs16 crore.
Company’s new businesses continue to grow rapidly, accounting for 56% of total revenue in Q1FY23. The retail sales of the E-Mobility business were 29,577 units this quarter, registering a growth of 19% from Q4FY22.
Its sequential growth is led by key business milestones such as rolling out the 50,000th ere electric scooter from the newly established Ranipet facility, completing the growth capital infusion with Abdul Jameel Latif's investment under the Electric Mobility segment, expanding the multi-brand EV retail stores, and higher earnings from the non-auto engine business drive the quarter-on-quarter performance growth.
Nagesh Basavanhalli, MD and Group CEO of Greaves Cotton commented, “Abdul Latif Jameel's recent investment of Rs1,171 crore in Greaves Electric Mobility provides significant momentum for expanding our capability, product portfolio, and market reach, acquiring new technology, and building our leadership.”
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