Greaves Cotton, one of India’s leading diversified engineering companies, has reported its financial results for Q3 FY2024. he company reported standalone revenue of Rs 443 crore, up 21 percent YoY, compared to Rs 365 crore a year. The net profit came at Rs 87 crore, up 222 percent compared to Rs 27 crore last year.
Greaves Cotton’s diversifying strategy has helped it to not only derisk itself but also is now brining in smart returns. The company says Greaves Engineering’s strategic expansion into the USA and EU markets and its diversification into mechatronics and electronics with a focus on green fuels is part of its commitment toward growth and innovation.
Greaves Retail’s latest venture into EV Solutions, covering everything from charging infrastructure to aftermarket components and batteries is helping it strengthen its footprint in the electric vehicle sector. Under its evfin electric vehicle ownership platform, Greaves Finance has unveiled a strategic alliance with ElectricPe, a leading player in EV solutions, marking a pivotal moment in reshaping the electric vehicle landscape.
In Q3 Greaves Electric Mobility maintained its position among the top 5 players in electric two-wheelers, while also expanding its dealer network to over 440 touchpoints, including a partnership in Nepal. Its forthcoming Eltra Cargo electric three-wheeler has received positive response in B2B trials and is optimistic about a robust pipeline with more than 30 operators spanning 6 major cities.
Nagesh Basavanhalli, Non-Executive Vice-Chairman, Greaves Cotton, said, “Our diverse portfolio and strategy, underpinned by a commitment to fuel-agnostic solutions, have played a pivotal role in driving our advancements. Synergistic collaboration with Excel Controlinkage is bringing in new capabilities and opening newer avenues of growth for Greaves Engineering. Greaves Retail fortified our presence in the aftermarket. Our enduring success is rooted in a steadfast focus on modern capabilities, our value propositions and our ability to fulfil the requirements of our diverse customer base.”
Akhila Balachandar, CFO, Greaves Cotton said, “We are delighted to report that in Q3, our standalone result have once again demonstrated a resilient performance, achieving noteworthy results. We have witnessed commendable 21% YoY growth in revenues and an impressive 73% YoY surge in EBITDA, underscoring our commitment to sustainable financial success. Our relentless focus on operational efficiency has further contributed to margin improvement. With a solid foundation and a firm dedication to excellence, we are optimistic that our success will endure in the upcoming quarters, positioning us well to capitalise on exciting business prospects.”
