Greaves Cotton stock plunged 3.5% post weak Q3 FY22 numbers

9 Feb 2022 , 02:12 PM

Greaves Cotton Ltd.’s consolidated revenue from operations for December 2021 quarter stood at Rs486cr as against Rs495cr for December 2020 quarter, down by 1.70% yoy. Revenue for the 9M period ended December 2021 stood at Rs1,089cr against Rs980cr for the previous 9M period, increasing 11.10% yoy.

Following the results announcement, its stock was last trading at Rs195.15 down by Rs7.35 or 3.63% from its previous closing of Rs202.50 on the BSE. It has touched an intraday high and low of Rs207 and Rs193.30 respectively.

Its EBITDA for Q3 FY’22 was reported at Rs14cr against Rs49cr for Q3 FY’21, declining 72.2% yoy.

EBITDA for the 9M period ending December 2021 stood negative at Rs13cr against Rs38cr for the 9M period ending December 2020, down by 135.30% yoy.

EBIDTA margin for the December 2021 quarter was reported at 2.8% as against 9.9% for the previous corresponding quarter. PAT margin stood at (1.3%) for Q3 FY’22 against 4.2% in Q3 FY’21.

Its net loss for the quarter ended December 2021 reported at Rs6cr against profit of Rs21cr for the quarter ended December 2020, a downfall of 23% yoy.

Loss for the 9M period ending December 2021 widened at Rs52cr against a loss of Rs32cr for the previous 9M period.

Greaves E-mobility, one of the fastest growing E-Mobility brands registered a two-fold volume growth in Q3 FY22. Company also stated that Challenge continues for 3W Passenger sales due to severe impact of COVID on last-mile mobility and increasing fuel prices.