greaves cotton ltd share price Management discussions

ECONOMIC REVIEW Global Economy

In 2022- 23, the global economy experienced significant challenges due to various factors, including prolonged Russia-Ukraine war, disruptions in the global supply chain leading to inflationary pressures, with increase in commodity and energy prices. Although the headwinds affected the global economy, several economies, including the United States, the euro area, and significant emerging markets and developing economies, witnessed robust growth in the third quarter. However, in several major economies, the growth tapered off.

The second and third quarters of the Financial Year saw more robust growth due to domestic factors such as higher-than- anticipated private consumption and investment, tighter labour markets, and greater-than-anticipated fiscal support. Households spent more to satisfy pent-up demand, particularly on services. Business investment rose to meet demand. On the supply side, easing bottlenecks and declining transportation costs reduced pressures on input prices and allowed for a rebound in previously constrained sectors, such as motor vehicles.

Signs are apparent that monetary policy tightening is starting to cool demand and inflation, but the full impact is unlikely to be realised before 2024. Global headline inflation appears to have peaked in the second quarter of the Financial Year. Prices of fuel and non-fuel commodities are declining, lowering headline inflation, notably in the United States, the euro area, and Latin America. Core inflation, however, remains well above pre-pandemic levels in most economies. It has persisted amid second-round effects from earlier cost shocks and tight labour markets with robust wage growth as consumer demand has remained resilient.

Advanced economies grew 2.7% in 2022 and are expected to witness 1.3% growth in 2023 and 1.4% in 2024. Emerging markets and developing economies, which grew 4% in 2022, are expected to grow at 3.9% in 2023 and 4.2% in 2024. About 84% of countries are expected to have a lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024.

Global growth is estimated at 3.4% in 2022, 2.8% in 2023 and 3% in 2024, reflecting the rise in central bank rates to fight inflation and the war. The decline in growth in 2023 from 2022 was primarily driven by advanced economies. In emerging markets and developing economies, growth is estimated to have bottomed out in 2022. Growth is expected to pick up in China, with the full reopening in 2023. The expected pickup in 2024 in both groups of economies reflects a gradual recovery from the effects of the war and subsiding inflation.

(Source: IMF April 2023 - World Economic Outlook)

Indian Economy

According to the provisional estimates by National Statistics Office (NSO), the GDP growth rate in FY 2022-23 is projected at 7.2%, lower than the 9.1% witnessed in FY 2021-22, wherein pent-up demand boosted growth. Retail inflation is expected to moderate in line with wholesale inflation, which fell to a 25-month low in January 2023. FY 2022-23 witnessed high services exports, moderation in oil prices, and a fall in import-intensive consumption demand. This has aided the expectations of a fall in the current account deficit in

FY 2023-24. This has also led to expectations of a strengthening of the rupee in the near future.

The easing of global inflationary pressure led by falling international commodity prices and strong government measures are expected to aid economic growth in India. Indias private non-financial sector debt has witnessed a steady decline since mid-2021, along with an improvement in the quality of debt. In FY 2023-24, the Indian economy is expected to continue to be the fastest-growing economy in the world. The Indian GDP growth is estimated at 6.9% in FY 2022-23 and 6.3% in FY 2023-24 by the World Bank.

The inflation trajectory in India is likely to be determined by extreme weather conditions like heatwaves and the possibility of an El Nino year, volatility in international commodity prices and pass-through of input costs to output prices. Inflation is expected to be moderate in FY 2023-24 compared to FY 2022-23. It will likely decline to an average of 5.2% amid easing global commodity prices and some moderation in domestic demand.

(Source: NSO, World Bank, PIB)

COMPANY OVERVIEW About the Company

With a brand trust of over 160 years, Greaves Cotton Limited (hereinafter referred to as the Company or Greaves or GCL) is one of Indias leading diversified engineering companies with a rich legacy impacting millions daily. Greaves is a market leader in fuel-agnostic powertrain solutions and manufactures cleantech powertrains for CNG, petrol and diesel segments. The Company operates in multiple segments: Automotive, Non-Automotive, Aftermarket, Retail, Electric Mobility, Technology and Finance. In the non-automotive segment, the Company has a comprehensive portfolio of products in gensets, farm and application-driven industries in marine and other industrial applications.

In the last-mile personal mobility segment, the Company has Ampere Electric for electric two-wheelers (2W) and three-wheelers (3W). The Company has strengthened its commitment to build a complete EV ecosystem stack for last-mile passenger and cargo mobility with "Made in India" electric powertrain solutions underpinned by global best-in-class technology.

The Companys unwavering commitment and belief in adaptability, agility, self-motivation, and collaboration has helped establish it as a trusted brand, exuding a legacy of quality assurance. The Company has consistently supported the governments Make-In-India initiative, playing a crucial role in nation-building by focusing on high localisation levels and domestically-sourced components. The Company creates world-class products and solutions with its six state-of-the-art manufacturing facilities across India. Additionally, the Company boasts a vast nationwide network, including 8,000+ retail outlets, 20,000+ mechanics, and 700 stores.

Company Performance

Greaves is enthused to further strengthen its leading position in last-mile passenger and cargo mobility in FY 2024. The Company is transitioning from a metal-based manufacturing engineering company to an electrical, electronic and mechatronics-based mobility technology company. The transformation aims to emerge as a strong brand that successfully solves 21st-century challenges in clean and affordable last-mile mobility. The new range of products and technologies have been showcased during the year. Six new electric two and three-wheelers like Ampere Primus, Ampere NXG, Ampere NXU, Greaves ELP, Greaves ELC & Greaves Aero Vision, reflect the Companys efforts towards emerging as Indias most complete EV ecosystem player. The Company remains committed to helping India transition to electric mobility while setting a new benchmark of scale, sophistication, and diversity in the EV landscape. The electric powertrain business is a natural progression, given the sound engineering legacy. Please refer Notes to the Standalone Financial Statements for details on significant changes in key Financial ratios as on 31^st March 2023.

CONSOLIDATED FINANCIAL PERFORMANCE

In FY 2022-23, the Company reported consolidated revenue from operations of 2,699.45 crores compared to 1,709.70 crores in FY 2021-22. The Company reported consolidated profit after taxes of 69.75 crores compared to a loss of 35.30 crores in FY 2021-22. There was a net exceptional expense of 12.50 crores compared to 2.31 crores of exceptional expenses in FY 2021-22. The new business initiatives contributed 56% of the total consolidated revenue for FY 2022-23 as part of Greaves diversification strategy.

SEGMENTWISE BUSINESS OVERVIEW

Engineering Business Automotive Engines Industry Overview

FY 2022-23 started on a positive note with the opening up of the economy and the removal of restrictions on social distancing. The 3W industry registered robust demand. Due to chip shortage, the entire market demand could not be met.

Substantial price increases in CNG narrowed the gap between diesel and CNG prices which created increased customer inclination towards diesel. The total cost of ownership of diesel vehicles

became more attractive compared to CNG for end users. The year ended with demand reaching pre-Covid level.

Business Overview

The ICE 3W industry grew by 60%. The Company grew 69% in volume and 78% in revenue. Greaves will be in growth mode for FY 2023-24 with the introduction of a low-cost BS-VI engine. The Company invested in R&D and provided fuel-agnostic powertrain solutions to the 3W industry. Its mono-fuel and bi-fuel CNG engines performed well in load-carrying capacity, fuel efficiency and durability. The Company launched low-cost diesel BS-VI solution with lower

TCO in H2 FY 2022-23, which gained an overwhelming market response. In addition, the Company is continuously improving its market share in the diesel 3W segment. It gained a 4% market share post the launch of its new low-cost solution. Regional OEMs developing new vehicles with the Companys new diesel solution will likely be launched in FY 2023-24.

Market Overview

With market demand reaching the pre-Covid level, FY 2023-24 is expected to witness robust growth. The spread of the CNG network will support the continuous proliferation of CNG 3Ws despite relatively higher CNG prices. Several factors, such as the total cost of ownership and regulations in urban municipalities will drive the mix of CNG & Diesel.

Risks & Concerns

Government policies may impact the entire ICE 3W segment. Diesel restrictions may dampen growth momentum. Given the narrowing price difference between CNG and diesel and the expanding ban on diesel in larger territories, customers may feel compelled to choose electric solutions, despite the higher initial cost and limited charging ecosystem.

Non-Automotive Engines

In FY 2022-23, driven by new customer addition of over 25 customers, including OEMs and new product additions, the non-automotive engines business is expected to continue its growth momentum in FY 2023-24. The large industrial engines business witnessed 20%+ growth in FY 2022-23, with over 100% growth in FMUL and 50% in the marine segment. The Companys primary B2B OEM business comprises global players. The Company is supporting these OEMs to export their product outside India. To diversify business from B2B to B2B and B2C, the Company launched light construction equipment and short-tail marine OBMs in FY 2021-22. These witnessed good traction registering ~8% growth.

Industry Overview

Post Covid, the Industrial Engines industry has experienced steady growth, primarily driven by increased government spending on infrastructure and agriculture. The demand for engines has particularly risen in industrial mechanisation, especially in the farm and construction sectors. Additionally, there has been a surge in demand for firefighting engines, specifically FMUL engines, both domestically and internationally due to the expansion of warehousing and data centres.

The governments strong focus on affordable housing has further contributed to the growth of the housing and building segment. However, the rising interest rates may temporarily affect the demand in this sector.

The demand for industrial engines has already surpassed pre-Covid levels. However, the fishing segment has faced challenges in FY 2022-23 due to ecological changes and subsidy-related issues. To improve demand in FY 2023-24, the government plans to extend an extra credit line for this market. On the other hand, marine segments like inland waterways, institutional sales (Make in India), and alternate fuel have experienced substantial and sustainable growth.

While there has been a shift from conventional engines to electrical products like motors and battery-driven equipment, India is still in the early stages of mechanisation in the farm, construction, and marine segments. Hence, there is scope for the industry to grow and expand. Local players have benefited from the governments Make in India initiative, particularly those who previously relied on China-made parts for their engines.

The agricultural segment, primarily driven by tractors, has rebounded strongly, achieving the highest-ever sales with double-digit growth in FY 2022-23. With the expectation of a normal monsoon, this segment will likely continue growing in FY 2023-24.

There was a surge in demand for DG sets. However, liquidity crunch in Q2 and Q3 of FY 2022-23 resulted in delays in order finalisation and sales, particularly in retail government projects. Towards the last quarter, the situation eased, and robust demand was observed across various segments, including industry, real estate, and hospitality.

Business Overview

The Company operates primarily in the marine, agriculture, firefighting, and defence segments, offering a wide range of engines ranging from 1.5 HP to 700 HP for various applications. It serves domestic and international markets, catering to different customer segments in B2B and B2C spaces. With the introduction of new products, customers now have multiple options regarding fuel type, cooling systems, RPM range, and compliance with various regulatory and emission certifications. In FY 2022-23, the Company experienced nearly double-digit growth in all segments except for the marine fishing business.

Expanding its presence in domestic and international markets, the Company ventured into several new businesses, incorporating forward and backward integration. Its engines are certified to meet various emission requirements for 3/4-wheeler tractors, construction machinery, and the marine segment. The Company foresees a new market segment emerging for sub-20 HP tractors. It is also nearing completion of several projects to obtain compliance certifications for firefighting and global applications. Furthermore, the Company plans to invest in the development of a new range of engines with enhanced features, including improved aesthetics, added safety measures, and lower noise, vibration, and harshness (NVH) for enhanced comfort during operation.

The Company exceeded market growth expectations with an impressive 31% revenue growth. This achievement was driven by increased sales of Mega engines (1010 KVA and above), expansion into untapped markets and segments in Rajasthan, Uttarakhand, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka, as well as expansion of the dealer network in previously unrepresented areas. The Company successfully expanded its dealer network in NCR, Haryana, Uttar Pradesh, West Bengal, Bihar, Andhra Pradesh, and Telangana, which played a vital role in securing orders worth over ? 100 crores related to government-initiated schemes and various infrastructure development projects.

Risks and Concerns

The Company faced supply disruption risks due to global supply chain challenges and volatile global situation. The rising global inflation and increased interest rates also negatively affected specific segments like infrastructure. These segments experienced short-term declines as global demand slowed down. Moreover, there were early indications of rising raw material costs due to commodity inflation starting from Q1 FY 2023-24, which led to a pressure on margins and resulted in more expensive end equipment.

The Companys portable engines market was at risk in response to the shift towards electric machinery, particularly in the construction segment. To address this, the Company devised strategies to adapt its product offerings and counter the market developments. It identified product gaps and initiated efforts to fill these gaps.

On the liquidity front, the liquidity crunch faced in Q2 and Q3 of FY 2022-23 eased in the last quarter. The Company employed a value-selling approach in specific nodes to address challenges arising from pricing issues. However, the sales of DG sets were affected by the ban imposed in the NCR region from October 2022 to March 2023. To overcome this hurdle, the Company actively sought alternate fuel solutions to tackle the issue.

Outlook

The industrial engines business experienced a significant growth rate of 20% in FY 2022-23, and a similar growth trajectory is expected in FY 2023-24. The Company anticipates sustained industrial engine growth, supported by a strong order book from fire-fighting pumps and marine segments. Furthermore, the increased credit lines for the animal husbandry, dairy, and fisheries segment are expected to drive robust demand in the Agri & Marine sectors. The Company also benefits from government spending on new infrastructure projects, further supporting its growth.

With the start of production (SOP) planned for new projects in Q1/ Q2 FY 2023-24, the Company foresees robust revenue growth, mainly from Q3 FY 2023-24. It maintains close collaboration with various government departments for inland waterways and shipbuilding OEMs, and the order book remains strong, expected to be completed in Q1/Q2 FY 2023-24.

The Small Engines business has demonstrated significant growth over the past three to four years, and the Company aims to continue expanding by adding new customers. To enhance revenue growth, the Company plans to commence SOP of FMUL high-speed and mega-series engines in Q3 FY 2023-24. Additionally, the Company is upgrading its product portfolio to meet CPCB-IV+ emission standards and introducing new products, establishing a strong position in the market. It focuses on untapped markets to increase market penetration, leveraging its Genius series and offering a 5 years/5000 hours warranty.

Regarding DG projects, the Company promotes its Mega series (1010 kVA and above) and provides turnkey solutions to various sectors, including industry, data centres, and real estate.

International Business Industry Overview

International business comprises engines, Diesel Generating (DG) sets, farm mechanisation products, spare parts and construction equipment. The Company operates in several industry segments like manufacturing, power, healthcare, infrastructure, agriculture, services - both IT and non-IT, mobility etc. All businesses are witnessing robust growth with lucrative long-term prospects.

Business Overview

Business continued to grow in European and Middle Eastern markets with the addition of new accounts in the portfolio and an increased distribution base in Africa.

SAARC and SEA regions had a muted performance based on the tightening monetary situation in most of the countries in the region and subsequent weakening demand.

Rigid monetary policies led to slowdown in growth projections for many players.

Risks & Concerns

Though the on-going Russia-Ukraine conflict resulted in a surge in demand for products, it led to several challenges. Higher material costs and supply chain constraints impacted overall product availability. Inflation-led monetary tightening has started weakening global demand. In addition, uncertainties from the lingering pandemic and on-going conflict in Europe may further dampen global growth. While inflation risk is likely to diminish in Financial Year 2023-24, geopolitical tensions and consequent supply chain disruptions may persist.

Business Performance

Africa is leading the growth in the business. The Company has become the leader in Ethiopia, with its DG sets powering the banking sector. The Companys PowerGen business quadrupled in this country.

The Company won new business from several countries, including Rwanda, South Africa, etc.

European market growth was led by the acquisition of new key accounts in Turkey and Croatia, which led to a 50% growth in revenue. These markets are expected to witness robust growth in the future.

The Company entered Vietnam amidst a challenging South-East Asia economic situation. This is expected to boost growth in the region.

Enhanced focus in the Middle East helped enter new distribution agreements paving the way for future growth in this region.

The Company established new ties with several European manufacturers for their requirements in Europe and CIS. The Company is in the advanced stage of collaboration in South Africa, which opens up a whole new region for its products.

The Company is in the completion stage of developing a Euro-V / Euro-V + engine for a customer in Europe.

The Company entered into contract manufacturing for engine components for US-based customers.

The Company witnessed double-digit growth in the small engines segment with significant growth in the international business and B2C segment.

Outlook

Indias foreign trade (exports and imports of merchandise and services) is estimated to have grown slightly to USD 1.6 trillion against USD 1.43 trillion in Financial Year 2021-22. On the back of global slowdown, global trade is expected to remain subdued in Financial Year 2022-23, with a further decline in volume and value of trade.

In Financial Year 2023-24, business growth is projected to be robust led by new product launches. Future business growth is expected to be driven by the ongoing efforts to develop new markets.

(Source: Latest economic report released by Govt. of India (Monthly))

GREAVES RETAIL

Greaves Retail is an asset-light business that spans sales to service to spares. Vehicles include 3W (all fuel types), e3W (L3 & L5 categories) and small commercial vehicles. AutoEVMart is Indias leading EV dealership network spanning e2W & e3W. Greaves Care provides a full suite of post-warranty care services to commercial vehicles, as mentioned above. Both AutoEVMart & Greaves care outlets are franchisee owned and operated. Finally, Greaves Spares (formally known as Aftermarket business) distributes multi-brand spare parts for 3W, EV parts (including batteries), 2W, power gensets and energy storage solutions in India and overseas.

The Company ensures its channel partners are future-ready by providing hands-on training on cutting-edge EV and BS-VI standards technology. This has allowed the Company to build a pan-India dealership network. This asset-light business model allows Greaves Retail to partner with entrepreneurs who set up multi-brand dealerships.

Based on consumer feedback/insights, Greaves Retail has evolved its portfolio to meet evolving customer needs. This led to selecting the right portfolio delivering higher throughput and lesser inventory holding cost for franchisee partners. During Financial Year 2022-23, Greaves Retail grew significantly, accentuated by on-ground BTL activities, online lead generation using multiple channels and running promotions and events at a micro-market level. Deep focus on customer understanding and new customer acquisitions, customised for geographies, have significantly brought down CACs. Using a dedicated customer care centre, the Company

regularly adopts customer-centric initiatives to improve sales service quality and delivery.

Greaves Retail has a team of trained field managers to support customers and channel partners business needs. An increase in the number of offerings led to a rise in per-outlet revenue growth in Financial Year 2022-23. With 71 new touchpoints added in Financial Year 2022-23, the network continues to evolve and grow based on consumer insights and can provide access to customers over larger geographies.

AutoEVMart

The Companys brand AutoEVMart is one of the few organised one-stop shops offering end-to-end sales, service, and spares (3S) solutions across multiple brands.

The core customer base for Greaves Retail resides in tier II/MI/IV cities, including local transporters, e-autorickshaw owners and last-mile delivery partners operating independently or as a part of the fleets offering their services. Curated multi-brand electric vehicles and authentic parts are available at outlets. In addition, the Company outlets are equipped with Company-trained personnel, easy in-store experience, end-to-end dealer onboarding, and a dealers information portal. Through tie-ups with various banks and NBFCs, Greaves Retail offers financing options and value-added services such as charging, battery swapping, accessories, vehicle care plans, etc. Its prolonged presence has enabled it to strike customised financing options with NBFCs/dealers nationally and in key micro markets.

Greaves Care

The service and spares (2S) arm of Greaves Retail vertical, Greaves Care, provides 3W ICE, e3W and small commercial vehicles service and spares on a pan-India level. The business spans traditional internal combustion engines (ICE) and MB e2W services across multiple brands. It is also being extended to commercial electric vehicles. Greaves Care provides a wide range of repair and upkeep solutions for the vehicle, including the body, engine, gearbox, electrical system, rubber parts, batteries and lubricants. With the help of its partnership with high-quality customer-centric multi-brand service outlets, Greaves Care is attempting to organise the vehicle servicing market. Greaves Care provides these service outlets complete access to a wide range of multi-brand spares (including electric vehicle spares) and specialised technical support to ensure quality and customer retention & ROI to Channel Partners through continuous training on BS-VI, EVs, BTL campaigns etc. being ensured.

With time, Greaves Care has emerged as the outlet of choice for customers. It continues to expand both its offerings and network. Retrofit (both for 2W & 3W) is an area that continues to gain traction, and Greaves Care is enabling this ecosystem. To motivate EV flavour in GC owners, new initiatives are planned such as charging station, BaaS, Park & Sell etc.

Risks & Concerns

AutoEVMart:

• Issues regarding evolving regulatory norms regarding EV battery and compliance of subsidy claims by our partner OEMs pertaining to E3W vehicles

• EV charging infrastructure solutions are required for long-duration multi-frequency electric operations

Greaves Care:

• Availability of multi-brand parts (especially EV parts and batteries)

• Battery storage and handling risks

• Technology risks related to electric spares and batteries

Outlook

Electric vehicles are increasingly being adopted in both the 3W and CV segments. As per Vahaan data, the market size will likely exceed 700,000 EVs (L3 and L5 segments), including unregistered vehicles. The market is likely to double in 5 years, led by the FAME II subsidy and government policy which will accelerate electrification to the cargo and passenger transport segment. Multi-brand EV sales and servicing outlets will emerge as the preferred choice. AutoEVMart and Greaves Care are favourably positioned to take advantage of this significant shift.

Greaves Spares (previously called After Market Business)

The business remains the preferred spares supplier with a renewed focus on delivering world-class quality and service. The business has successfully offered consumers consistent, high-quality spares through its established and reliable pan-India network.

The Company has developed a wide range of products across segments in the 3W and 2W vehicle categories. It has recently entered the 3W/2W EV space and is fast moving towards being a supplier of quality batteries and other EV parts. Due to its continued commitment to high-quality maintenance and delivery, the Company has introduced multi-brand components and diagnostic/ service equipment.

The Company offers several business engagement opportunities and localised support through its extensive network of well-trained sales and service staff. The Company undertakes regular training and skill-building of mechanics and channel partners. This helps to provide them with a reliable skill-set to improve their livelihood and help achieve enterprise goals. Several drivers and micro-entrepreneurs in smaller towns and cities have been included in this endeavour. The activities are aimed at educating/training customers on products and technologies and to differentiate genuine from spurious parts.

Market Overview

The demand for productive mobility solutions for the last mile continues to increase in different powertrain choices. As a result, there will be a surge in demand for parts and services, with a growing proportion dedicated to EV components. Customer preference for high-quality, reliable parts & services has shifted the focus to branded players. Enhanced replacement requirements for BS4 / BS6 vehicle parts have sustained the diesel engine vehicle parts requirement, although at a lower level of preference and growth.

The Company has identified multi-brand parts retail opportunities with competitive products and stepped-up secondary retail management. Strategic entry into identified critical international markets will establish a country-specific distribution model for Greaves branded products. Emerging e-commerce opportunities

are being pursued with increased digital experience for channel partners and mechanics. Opportunities with institutional customers and railways will improve AMCs business scope for revenue growth in spares & services. Growth in farm equipment spares & service is expected due to streamlining the supply chain to support old parts requirements.

Risks & Concerns

• Slowly, the sales of diesel parts are decreasing and are being replaced by multi-brand electric parts

• Amidst challenging business scenarios, customer retention is getting difficult due to high price recoveries leading to a commodity price rise. This, in turn, may result in a likely shift to cheaper parts

• Led by low supplier leverage, there is a risk of high competition in multi-brand parts

• Channel partners remain concerned about channel conflict and business profitability. With the help of improved sales and marketing policy, the Company is striving to address these concerns

• For international markets and EV parts retailing, attracting efficient channel partners in new business initiatives

Outlook

• The frequency of repair cycles and parts retailing continue to get impacted by the high operating costs due to fuel and parts price increases

• In the near future, the share of diesel vehicles is expected to decrease steadily and lead to adverse vehicle participation

• To reduce dependency on diesel parts and overcome associated risks, the focus has been stepped on the early launch of 3W E-rick parts and new product development efforts

• Business expansion in batteries with new channel development will significantly drive growth

• Higher sales of non-diesel portfolio may lead to margin contraction in the near term

• The Company is undertaking several steps to enhance the profitability of new business segments like improving sourcing etc.

ELECTRIC MOBILITY

Greaves Electric Mobility Private Limited (GEMPL) is the electric mobility business of Greaves Cotton Limited. GEMPL has been in the business of EV technology, designing and manufacturing of electric vehicles for the past 15 years. With a strong base of over 2.3 lakh customers, GEMPL is pushing boundaries to create an

affordable and sustainable ecosystem for uninterrupted, clean, last-mile mobility solutions in the country.

Ampere, the flagship electric scooter brand of GEMPL, is among the leading e-scooter brands product in the country, with a strong presence in both B2C and B2B segments. GEMPL also has a wide range of electric three-wheelers in passenger and cargo mobility segments which it offers through its subsidiaries and associates. Through a range of electric two-wheelers and three-wheelers, GEMPL is working towards its purpose of democratising smart and sustainable mobility. In Financial Year 2022-23, Greaves Electric Mobility (GEM) contributed 42% to the Groups revenue.

Two-Wheeler Industry Overview

In the post-Covid recovery phase, E2W sales in India have witnessed multi-fold growth in volumes. In Financial Year 2022-23, E2W witnessed 2.5x volume growth. The significant drivers of EV adoption are rising fuel prices and central and state government incentives. Other factors include the growing acceptability of EVs among Indian consumers, lower cost of ownership, and environmental benefits. There is a significant influx of investments in the EV sector, with numerous new players and products entering the market. This has led to increased competition in the industry.

Business Overview

Greaves Cotton Limited acquired Greaves Electric Mobility Private Limited (Formerly known as Ampere Vehicles Private Limited) in Financial Year 2018-19 with the vision to revolutionise everyday transportation and promote sustainable mobility in India. It brings together innovation, technology, and sustainability to create EVs that are accessible to everyone.

At GEMPL, the mission of #HarGullyElectric was initiated to create a better future for all. With over 400 dealers across India, GEMPL is committed to providing eco-friendly and energy-efficient mobility solutions. The range of electric scooters includes popular models like Magnus, Primus, Zeal and Reo. GEMPL outperformed market volume growth in Financial Year 2022-23 with over 3x growth.

Risks & Concerns

• Withdrawal of FAME subsidy may impact growth

• Increased competitive intensity due to the entry of multiple players

• Disruption in the global supply chain may lead to a shortage of critical parts

• Commodity price increase puts pressure on margins

Outlook

The EV industry in India is poised for robust growth, with E2W expected to continue leading the charge in EV adoption. This growth is primarily driven by the FAME and PLI schemes. It is anticipated that various government policies on battery technology and swapping will plausibly lead to standardisation in the industry.

3W - BAPL/ELE

Industry Overview

In India, e-rickshaws, or battery-operated 3Ws, have emerged as a popular mode of transportation for short distances as these are affordable and eco-friendly. With several small-scale operators and manufacturers, the industry is mainly unorganised. The lack of proper regulations and the use of substandard components is a challenge. The e-rickshaw industry volumes saw a remarkable 2x surge in Financial Year 2022-23. The segment is primarily dominated by passenger vehicles, constituting more than 90% of the total volumes.

Business Overview

Last-mile transportation has undergone substantial improvement led by ELE as it provides superior motorised solutions to cycle rickshaw drivers. ELE has emerged as a reliable business partner and uplifted several individuals with better services. The brand offers a diverse range of products in E-rickshaw and cargo catering to the specific needs of B2B players, retail businesses, and individual buyers. Being both affordable and sustainable, ELE has built substantial brand equity in various regions of the country.

Risks & Concerns

• Being largely unorganised, it is difficult for new entrants to establish a presence

• Customers are highly price-sensitive, making it challenging to offer quality products at attractive prices

Outlook

E-rickshaws are becoming increasingly popular in India for their affordable last-mile delivery and connectivity solutions. Rapid urbanisation and the growing need for efficient last-mile mobility options are expected to boost the E-rickshaw business in India.

3W - MLR/TEJA

Industry Overview

The Indian 3W industry, a last-mile connectivity solution for intra-city transportation, provides increased affordability, low maintenance costs, and fuel efficiency. The government has been promoting the adoption of E3W to reduce pollution and fuel consumption in cities. The passenger 3W segment is primarily used for public transportation and ride-sharing services. The cargo 3W segment is used for delivery and logistics purposes. In Financial Year 2022-23, the industry witnessed 67% volume growth, with passenger and cargo vehicles contributing 78% and 22%, respectively.

Business Overview

MLR Auto Limited (MLR), a prominent manufacturer of L5 category 3Ws in the passenger and CV segments, has a strong commitment to developing clean tech mobility solutions in India.

Teja Brand comprises of BS-VI compliant 3Ws for diesel and CNG fuel types, while ePRO brand comprises high-performance E3W. MLR Autos electric business provides sustainable mobility solutions for last-mile delivery requirements in e-commerce, retail, food commerce, municipal usage, and other logistics.

ePRO EVs are designed with a rugged, reliable, and long-life operational capability and a strong chassis that delivers dependable performance over continued use. These vehicles can be charged at home, office, commercial establishments or any parking area, making them convenient for daily use.

Risks & Concerns

• Commodity price increase puts pressure on margins

• Increased competitive intensity due to the entry of multiple players

• Withdrawal of FAME subsidy may have a volume/growth impact Outlook

Financial Year 2023-24 is expected to be a good year due to the increasing need for passenger and logistics mobility coupled with the rapid growth of the e-commerce industry. Additionally, the EV market in the L5 segment is anticipated to expand as it becomes more widely accepted due to its cost-effectiveness.

GROWTH BUSINESS

Greaves Finance Limited Business Overview

The Company forayed into retail financing through its wholly-owned subsidiary, Greaves Finance Limited (GFL). The key aim was to augment the go-to-market strategy of Greaves Electric Mobility and Greaves Retail SBU by financing E2W, E3W and ICE 3W captively manufactured. GFL is an enabling business financing captive brands. It also enables the Group to earn more income from the same customers while generating returns on deployed capital. To control operating costs, GFL leverages its partnerships with strategic co-lending partners.

In Financial Year 2022-23, GFL expanded its presence into towns beyond tier II cities in Uttar Pradesh, Bihar, Madhya Pradesh, and Odisha, primarily by leveraging its strategic partnership with a co-lending partner for financing MLR. It also leveraged this network to continue the finance of E3W (E-Rickshaws - Bestway), spread across Uttar Pradesh, Bihar, West Bengal, Jharkhand, Odisha and Assam. GFL piloted its own business in two cities to accelerate growth in E2W portfolio pan-India. The E2W portfolio mainly undertakes retail financing of Ampere vehicles in partnership with two co-lenders with a significant presence in the South, North and East of India.

GFL has implemented an end-to-end digital platform for E2W financing that enables consumers, dealers and OEM/channel partners to a seamless digital journey, resulting in faster credit assessment, fulfilment and disbursement. GFL has robust back-end credit operations, technology-led assessment processes, competitive pricing, tight portfolio monitoring mechanisms, and risk-mitigation initiatives. The GFL team has been augmented with a core management team in Financial Year 2022-23.

GFL proposes expanding its operations and retail distribution network to accelerate growth in the E2W portfolio across India. The Company shall also commence retail financing of multiple E2W brands through its own expanded retail distribution network across states. This is in line with the longer-term strategic imperative of accelerating the adoption of electric mobility across the country.

GFL is positioned as a unique player, building its capabilities in retail financing of E2W and exploring select tie-ups for cross-sell opportunities. GFL plans to focus on digitising a large part of the customer journey for loan origination, assessment, disbursal, etc. It will be catering to both in-house and external brands in the future.

Risks & Concerns

• Retail Financing for E2W is competitive with prominent players, including large banks and NBFCs, also foraying into E2W financing, which may lead to increased cost of customer acquisition

• Both E2Ws and E3Ws industry segments are in the nascent stages of evolution with inadequate depth in the second-hand market. This poses a risk of lower realisation of value for the repossessed vehicles in case of delinquencies/NPAs

• 3W as an asset-class is still perceived as a high-risk category, with most other financial institutions having stopped financing this asset-class in Financial Year 2020-21 and Financial Year 2021-22

Outlook

With increased thrust from the Central government, multiple State governments are expected to roll out subsidy programmes to propel EV adoption. This is likely to lead to an exponential rise in EV demand in the near future. The overall financing penetration for E2Ws at the retail level (dealerships) is less than 15%. This is likely to increase to levels similar to ICE 2W financing, which the industry witnessed over the last two decades. The Company has primarily leveraged only the partnerships to grow its retail financing portfolio. In Financial Year 2023-24, the Company plans to accelerate its growth by expanding its independent operations and own retail distribution network. The following are the key highlights of the proposed business plan:

• GFLs positioning as a unique player by building its capabilities in retail financing of E2W and exploring select tie-ups for cross-sell opportunities

• To focus on digitisation of a large part of the customer journey for loan origination, assessment, disbursal, etc.

• GFL will be catering to both Greaves brands and external brands

GREAVES TECHNOLOGIES LIMITED

Business Overview

Greaves Technologies Limited (GTL) has proven to be a reliable and trustworthy research and development partner for premium OEMs like Stellantis and DICV, employing over 300 engineering professionals dedicated to providing innovative solutions.

The establishment of the Daimler (DICV) "Variant Factory" in June 2022 was a significant milestone in the Greaves Technologies journey, with the objective of creating a variety of commercial vehicle models while adhering to Daimlers CVDS 4.1 process. This noteworthy achievement further solidifies the strong relationship between Greaves Technologies and DICV and will likely lead to more opportunities for collaboration in the future.

The CAE/VE business unit of GTL has been providing support to esteemed customers in the automotive, heavy equipment, and agriculture industries. The CAE engineers possess a diverse range of skills, including finite element modelling (DEM), Durability analysis, NVH, Crash/Safety simulations, Multibody Dynamics, and Computational Fluid Dynamics (CFD), enabling GTL to offer solutions to a variety of engineering problems ranging from small impeller simulations to large vehicle-level analysis.

GTL has been working with FCA/Stellantis with successful execution of work packages from offsite. This has led to the expansion of their legacy to USA, where they are collaborating closely with customers in Automotive space to provide CAE solutions to Global OEMs. In addition, GTL has formed partnerships for stamping simulation, ID simulation and Thermal Management, demonstrating their ability to provide comprehensive solutions to their customers.

GTL established a COE (Centre of Excellence) for Horizon56. The GTL Horizon56 COE unit in Chennai is engaged in providing information Technology services to Horizon 56, a product-based company that delivers digital solutions to Oil & Gas companies globally. Headquartered in Denmark, Horizon 56 has offices in Norway and the UK.

The primary areas of focus for the GTL Horizon56 are Microsoft Azure Cloud Infrastructure Management, Information Security, Software Development, Quality Assurance, and IT support. Recently, the COE team worked diligently to obtain ISO 27001 certification, which ensures effective information security Management for Horizon56. Additionally, the unit actively collaborates with the customer to enhance the cybersecurity measures for their digital solutions. At present the GTL Horizon56 is in the process of expanding their workforce to accommodate the growing demands and requirements of the organisation.

Greaves Technologies Inc. (USA) opened an office in colocation with Automation Alley, Troy, MI, USA which also houses renowned organisations like World Economic Forum and Michigan Economic Development Council.

Greaves Technologies has ventured in the digital and could services which is a rapidly growing industry. The Company aims to build a strong brand globally, especially in the USA and Europe. The purpose is to be the numero uno choice globally for high-quality technology in the automotive and manufacturing domains.

Market Overview

The global ESO market size was estimated at USD 1.8 trillion in 2022 and is expected to grow to USD 6.6 trillion by 2030 at 33.2% CAGR.

Engineering systems such as computer-aided engineering, electronic design, automation software, computer-aided manufacturing, and computer-aided design and software are fuelling the engineering services outsourcing market expansion.

• IT Tech spending focus areas include Cloud, BDA, AI/ML/NLP, IOT/Edge Computing, Cybersecurity

• The highest tech spending verticals are manufacturing, retail/e-commerce, BFSI, and pharma/healthcare

Globally, the primary consuming sectors include automotive, manufacturing, heavy machinery, healthcare, oil & gas and ESG. The main customers in India are the automotive sector, EVs, GCCs, large B2B2C corporates, the government and the public sector.

Regional Markets

North America is currently the largest market for new-age technology, followed by Europe and Asia Pacific. The Asia Pacific exhibits the fastest future growth. It was valued at USD 378 billion in 2022 and is projected to reach USD 1,866 billion by 2030, at 22% CAGR. This is the highest expected growth driven by the adoption of IoT, AI and cloud-based solutions. India has over 60% of the Asia Pacific market, led by lower costs, higher service quality, and quicker time-to-market.

Engineering Services Outsourcing Market, By Region, 2021-2030 (USD BILLION)

Region	2021	2022	2030	CAGR
North America	433.26	502.73	2,150.80	19.9%
Europe	379.88	435.87	1,750.79	19.0%
Asia Pacific	321.74	378.29	1,866.24	22.1%
LAMEA	189.68	230.93	1,023.45	20.5%
Total	1,324.56	1,547.82	6,791.28	20.3%

Risks & Concerns

• High pace of technological change

• Cybersecurity risks

• Intense competition for talent

• Generative AI

• Rapidly changing business models Outlook

The Companys purpose is to be the first choice globally for high quality engineering services and technology in the automotive and manufacturing domains, loved by both employees and clients and build brand "GREAVES" globally. For long-term growth, it is imperative to leverage existing strengths and capabilities and group capabilities. The Company must build capabilities and competencies to drive the value chain. Organic internal capacity building for long-term intellectual leadership and profitability is needed. At Greaves Technologies, it is believed that innovation is the key to staying ahead of the curve in the highly competitive automotive industry. The Companys focus on digital services and solutions has enabled it to embark on a path to integrate cutting-edge technologies such as AI, ML, IoT, and AR/VR into engineering and R&D processes with a goal to create highly efficient and cost-effective solutions for clients. Partnering with the ecosystem will help in quick wins. Strategic acquisitions can aid in growing the size and enhancing market penetration. For global branding, networking with high-profile organisations will benefit. To create IP-led differentiators, organisations must develop automation tools to reduce development time and improve speed-to-market.

INTERNAL CONTROL FRAMEWORK

The Company has built a comprehensive internal control system in keeping with the size and complexity of its business and industry. It aims to safeguard assets and ensure high efficiency in productivity at all levels. The internal control systems and benchmarks comply with the globally accepted framework issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO) Internal Control - Integrated Framework (2013). The internal financial framework helps control the financial system across the organisation. The internal control systems are periodically reviewed. As per changes in norms, modifications are duly incorporated to keep the systems updated.

The internal controls are designed to ensure:

• Efficiency and effectiveness of operations

• Safeguarding of assets

• Strict control of frauds and errors through close monitoring of systems

• Accounting functions completion and accuracy of accounting across all businesses

• Financial performances dependability and promptness

A reputed audit firm conducts its internal audit. Its observations and recommendations are duly discussed with the management.

The internal audit team conducts an independent review. The Company emphasises strengthening the control measures and incorporating environmental protection measures.

All applicable SOPs, policies, and guidelines are adhered to. Regularly, all procedures are monitored, and self-assessment is done. All employees are required to follow the Code of Conduct at all times. A comprehensive whistle-blower policy keeps a check on any misconduct, unethical behaviour, or any behaviour with the possibility of a conflict of interest. Self-monitoring mechanism encourages strict adherence to integrity and transparency.

During the year, all key controls were adequately tested. Adequate action was taken in the event of deviation from the ordinary. The Internal Auditors and Corporate Assurance Department control the effectiveness of the internal control systems. The Corporate Assurance Department assures implementation of improvements and suggested corrective actions. It is also entrusted with ensuring all governing laws and statutory requirements are adhered to.

INFORMATION TECHNOLOGY

The Company considers Information Technology as an integral part of growth. It is tightly coupled and aligned with all the business entities. All business processes and rules depend on ERP, with the peripheral application ecosystem built around it. For efficient delivery to internal users, customers and vendors, the Company ensures the security, stability and scalability of the systems. Several checks and balances are built into the systems. This help ensures the uninterrupted availability of IT services, including mobile devices. Workflows and approvals in the systems are integrated with the authorisation matrix of the Company. This ensures higher productivity and quicker turnaround time.

Some of the digital & security-related initiatives are mentioned below:

• As a part of the digital initiative in the Aftermarket Business, the Company has rolled out the electronics part catalogue to benefit the channel network (distributors/mechanics) to have better visibility on the ordering process

• MIS dashboard for the leadership team to have better visibility and take informed business decisions

• Real-time customer payment automation in SAP to have improved the credit management process

• Enhanced security monitoring and event management with the roll-out of tools to monitor the same

SUSTAINABILITY DRIVES

With time, sustainability has become a priority for all stakeholders, including individuals, businesses and governments. The Company is considerate of its environmental impact and is committed towards sustained efforts for a sustainable future. The business model gives due importance to sustainable innovation. Commitment towards

sustainability involves ensuring that present needs are catered to without adversely impacting future generations ability to meet theirs. The Company embraces sustainability based on the three primary pillars - corporate sustainability are social, environmental, and governance. Together, these core components ensure future sustainability efficiently, taking care of business growth and shareholder value.

The Company installed an effluent treatment plant in its plant in Ranipet to reuse water for powder coating. The Company has significantly reduced its water consumption by recycling treated water for its industrial operations. This conserves water and reduces the Companys carbon footprint by decreasing the need for freshwater extraction and transportation.

Additionally, the Company has also set up an exclusive sewage water treatment plant to recycle water for the irrigation of plants. This step has helped the Company save a significant amount of water while ensuring that the discharge of untreated sewage water does not impact the local ecosystem.

Furthermore, the Company has achieved a remarkable 17 lakh safe hours of the plant to date (425 green days). This demonstrates the Companys commitment towards ensuring the safety of its employees and reducing the incidence of accidents at the workplace. The plant has the highest fire safety, minimising the risk of fire accidents. The Companys efforts towards sustainability and environmental conservation are a testament to its commitment towards creating a better future for the planet and the people.

The various other sustainability initiatives undertaken during Financial Year 2022-23 include:

• Reducing the carbon footprint and emission of greenhouse gases by recycling and reusing the aluminium scrap briquettes by working with the supplier to promote recycling

• Use of recyclable pallets for the transportation of finished goods

• Use of moulded pulp packaging for transportation of finished components, which is recyclable as well as biodegradable

• Cold testing of industrial engines saves electricity and diesel that is consumed during hot testing

• Product and process re-engineering projects at the shop floor resulting in reduced consumption of consumables, energy saving and reduced waste

• Around 50 lakh units of electricity are generated through the solar power plants installed at the plants

• Water from plants is treated and reused for gardening purposes

• On Environment Day, a tree plantation drive was conducted across all plants

ENVIRONMENT

The Companys commitment towards the environment is reflected in all aspects of functioning, including manufacturing processes and technological innovations. It has been certified as an ISO 14001:2015. Two of the Companys plants are equipped with solar installations generating ~50 lakh units of electricity. Complete water used is recycled and reused for the gardening purpose. The Company has also started a kitchen garden concept at its Aurangabad plant. On World Environment Day, the Company planted saplings under the theme Each One Plant One.

The Company undertakes various product and process re-engineering projects on the shop floor, resulting in reduced consumption of consumables, energy saving and reduction in waste. To reduce carbon footprint and emission of greenhouse gases, the Company promotes recycling & reusing of aluminium scrap briquettes by working with the supplier, as recycling helps to reduce energy consumption involved in the process of aluminium heating and extraction. Also, instead of hot testing of industrial engines, the Company conducts cold testing, which helps save the electricity and diesel otherwise required.

SOCIAL

The Company is committed towards the improvement of society at large and the environment. It also contributes towards the inclusive growth of the community. The Company is an ISO 9001 / TS 16949 / EMS 14000, ISO 45001 and OHSAS 18001 certified company, using

local suppliers to procure ~97% of its components. The Company has established partnerships with several NGOs/Trusts to implement its CSR activities. For the third consecutive year, the Company has been certified as a Great place to work.

The Company has also undertaken various tree plantation initiatives collaborating with citizens and college students. This has helped increase the green cover and contributed to carbon sequestration, improving air quality and biodiversity.

GOVERNANCE

The Company follows Pancha Tatva, meaning five values and one way of life. This encompasses transparency, integrity, responsibility, passion for excellence and respect. There have been no cases of unfair trade practices, irresponsible advertising and anti-competitive behaviour. All the members of the Audit Committee and the Nomination and Remuneration Committee are non-executive.

Behaviour and Business Ethics: The Company is committed to conducting its business following the applicable laws, rules and regulations and with the highest standards of business ethics. The code of Conduct is intended to help foster a culture of transparency, honesty and accountability. It also aims to provide guidance and help in recognising and dealing with ethical issues. It has provisions to report unethical conduct.

Governance Oversight Framework: The Board plays a central role in the governance of the Company. The Board of Directors is the decision-making authority on all matters.

Board Skill Map Matrix: The Companys Board of Directors comprises qualified members possessing relevant skills, expertise and competence for effective functioning.

The Board has identified the following skills/expertise/competencies fundamental for the effective functioning of the Company: Global Economics, Finance and Accounts, Sales, Marketing and Commercial, Merger and Acquisitions, Manufacturing, Quality and Supply Chain, Corporate Governance, Technology, & General Management, HR and Leadership.

CSR

The Company is committed to helping people live better and strengthening communities. The focus of the CSR project is skill-building and employability enhancement. This can create a positive impact on society while also ushering in meaningful change. The primary objective is empowering youth from underprivileged communities with technical skills to get employed and support their families to promote inclusive growth.

Upskilling Theme

The Companys flagship programme DEEP (Development, Education, Empowerment and Progress), is focused on upskilling and training the youth from socio-economically deprived families for better employability and earning opportunities.

Under this CSR initiative, the Company is helping to empower youth from the local communities with the required technical skills. To date, the Company has helped 157 youths to complete the training successfully. This has enabled them to upskill themselves and take up jobs in the fast-growing manufacturing sector.

During the year, the Company under the aegis of National Employability Enhancement Mission (NEEM), is imparting training to 81 youths from underprivileged families in and around Aurangabad District. The Company intends to provide various upskilling work and empower the local rural communities to get employment and support their families. Under the DEEP upskilling project, through its local NGO partner, Yuvashakti Foundation, the Company ensures the Development, Education, Empowerment and Progress of underprivileged families in various villages of Aurangabad District. This initiative helps to encourage diversity as more than 45 girls have been trained to become economically independent through this initiative. This programme is part of a skill development initiative launched by the Central government under the National Employability Enhancement Mission (NEEM), a programme through AICTE.

Outcome for DEEP Training:

These DEEP trainees undergo exhaustive and comprehensive training module which is mainly focussed on below areas:

• Identify parts of automotive engines and understand their function/importance

• Assemble and disassemble engine independently

• Plan and organise work requirements and deliverables in the given time

• Use resources in a responsible manner

• Interact and communicate effectively with cross-functional team

HUMAN RESOURCES

The Company considers human capital a key pillar of organisational growth. The Company encourages its employees to embrace new technology and be future-ready to adapt to changing times. With the help of scalable programmes, the HR function constantly endeavours to align employee goals with Company goals with a strong focus on Diversity, Inclusion, and Belonging. A total of 7,300-man hours of training has been conducted to motivate employees. Leaders in the organisation strive to make all employees feel valued, heard, respected and empowered. For the third consecutive year, the Company has been certified as a "Great Place to Work" making it an "Employer of Choice".

Based on the Pancha Tatva values, employees who put in extra effort beyond the normal continued to be recognised and rewarded. High-growth potential employees are identified and further encouraged to outperform. Future Aligned Skills Training continued to enable employees to build competencies for future growth.

As on 31^st March 2023, the payroll count of permanent employees was 888. The year gone by was satisfactory regarding industrial relations of the Company with its employees and trade unions.

The following are some unique initiatives undertaken during the year to motivate employees and give them a stronger sense of belonging.

GROW - Greaves Recommended Online Workshops

Several in-house open programmes are launched at the beginning of every month, including case studies/Ted Talks, in-house training, mentoring & coaching, projects & assignments etc.

FAST - Future Aligned Skills Training

To enhance internal capability by building future skills, the Company continues to carry out FAST. Over 90% of the courses were designed by leveraging internal resources and skill sets.

Behavioural Training

The employees are trained to strengthen behavioural aspects like assertive communication, effective team building, presentation skills, mastering negotiation skills, time management for success, prevention, prohibition and redressal of sexual harassment of women at the workplace, code of conduct, corporate values, motivation, task management, stakeholder management etc.

Mechatronics Upskilling Program

Mechatronics is an interdisciplinary branch of engineering that focuses on integrating mechanical, electrical and electronic engineering systems. Also, it includes a combination of robotics, electronics, computer science, telecommunications, systems, control, and product engineering. Being the future of all automotive, manufacturing and hi-tech engineering industries, the Company undertakes this upskilling initiative for future business readiness.

From making engines more fuel-efficient to having electronic-based self-diagnostics on the engine performance, the Company is investing in equipping its R&D team through specific classroom and lab training on mechatronics. The Company is also investing in lab equipment to enable employees to constantly innovate and stay updated at the forefront of cutting-edge technology.

Over 12 training sessions and 1,100+ man hours of mechatronics training were conducted during the year, covering numerous topics through classroom and lab sessions.

Chalo Aage Badhen

The Company launched PRAGATI - Chalo Aage Badhen, a well-defined structured career growth scheme for Senior Production Associates (SPAs). The main objective of this initiative is to create an in-house talent pool of SPAs providing them with career growth opportunities within the organisation as per business needs. This scheme recognises the significant contributors amongst SPAs and selects them for multi-skilling to enable them to take more prominent roles in the management category. The Company developed a talent pool of 21 SPAs in the first batch under the Career Growth (CG) scheme.

Family Day - Celebrating Joy and Bonding together!!

The GCL family day is a special event that brings together employees, their spouses and children to have fun, play games, click photos, take selfies and participate in cultural activities. During the year, this event was celebrated on 27^th February 2023, with 1,500+ family members, in Greaves Cotton Sports Ground, Aurangabad. This grand event has become a cherished tradition that celebrates the joy and bonding of the GCL family. The event includes a leadership address and various cultural programmes.

Children Felicitation

To encourage and motivate employees children, all students who cleared the 10th and 12th exams were felicitated and appreciated with rewards and accolades. This encourages students to secure higher marks in the Board exam and create a strong bonding and camaraderie among employees.

Kids Got Talent

Kids of employees with exemplary talent in sports, music, academics, art, and any other records or achievements were showcased and rewarded.