Greaves Cotton posts highest-ever quarterly consolidated revenue at Rs621 crore; Stock jumps 5.5%

13 May 2022 , 09:16 AM

Greaves Cotton Limited, one of India’s leading engineering companies, reported its highest-ever quarterly consolidated revenue of Rs621 crore for the quarter ended March 31, 2022, representing 19% jump over Q4FY21.

The company reported PBT before exceptional items of Rs33 crore. The quarter reflected the strong contribution of new businesses in driving revenue growth with 49% contribution in FY22. The Company delivers an improved EBITDA for Q4FY22 at Rs41 crore. The Company reported a consolidated revenue of Rs1710 crore for FY22, representing a growth of 14% over FY21 and EBITDA of Rs27 crore.

The YoY performance growth is attributable to the company’s accelerated expansion into the e-mobility business and reorganization of the 2W and 3W e-mobility businesses under Greaves Electric Mobility and higher revenue contribution from the auto engines business.

The retail sales of E-Mobility business stood at 62,000+ vehicles for FY 22, up 128% from FY21 of 27,000+ vehicles. Affordable pricing along with credible technology stack, safety track record and on-ground after sales support has made ere 2W scooters an attractive EV option for the discerning buyers across the country. The sales growth was helped by the abating Covid infections and rebounding consumer demand across sectors.

The company has augmented its manufacturing capacity of e-2W by operationalizing the Ranipet plant with the current production capacity of up to 250,000 vehicles per year and expanding the product portfolio with the introduction of ere Magnus EX. The company has also strengthened its presence across the entire value chain of last-mile mobility by launching AutoEVMart, India’s first set of multi-brand EV retail networks.

Commenting on the annual results, Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton Limited, said, “The consolidated Q4 results is a clear affirmation of our business strategy to be a leading driver of clean energy solutions in the last mile mobility segment.

At Greaves, we have been focused on investing in technology, building capability and capacity, building empowered teams and developing technology enabled processes across all our business value chains to deliver tangible value to both our customers and shareholders. As we look ahead, we will continue to focus on further localizing supply chain ecosystem, strong product innovation, powerful brands, enhanced physical and digital distribution network.”

On Friday morning trade, Greaves Cotton was trading at Rs138.40 per piece higher by 5.61% on the BSE.