Greaves Cotton reports highest consolidated revenue of Rs660 crore in Q1FY23; stock surges ~4%

12 Aug 2022 , 01:23 PM

Greaves Cotton Limited announced consolidated revenues of Rs660 crore for the quarter ended June 30, 2022, representing a healthy 188% year-on-year jump over Q1FY22.

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.”

At around 1.35 PM, Greaves Cotton was trading at Rs172.10 up by Rs6.75 or 4.08% from its previous closing of Rs165.35 on the BSE. The scrip touched intraday high and low of Rs177.70 and Rs164.40 respectively.