Greaves Cotton, one of India’s leading diversified engineering company has announced its financial result for FY2023.
The company has reported highest-ever consolidated revenue of Rs 827 crore in Q4 FY2023, up 33 percent YoY, the EBITDA came at Rs 49 crore. During the period the electric mobility business recorded the highest-ever quarterly revenues of Rs 383 crore, and sales of around 39,000 units.
Greaves Retail added over 71 new stores in FY202 and now retails 11 brands. The B2C businesses contributed 66 percent to the overall revenues in this quarter, reflecting the results of the diversification strategy.
For FY2023, the consolidated revenue came at Rs 2,700 crore, up 58 percent and EBITDA of Rs 133 crore. The auto and non-auto applications businesses registered a growth of 77 percent and 17 percent respectively.
Nagesh Basavanhalli, Executive Vice-Chairman, Greaves Cotton said, “Greaves Cotton has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units. Our talented leadership team has been instrumental in this success, and we continue to invest heavily in building competitive advantages in clean technology, product innovation, and design. As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence.”
On May 8, 2023, Greaves Cotton completed the acquisition of a 60 percent equity stake in Nagpur-based Excel Controlinkage, which is engaged in manufacturing push pull cables, motion sensors and controls.
