Greaves Cotton, one of India’s leading diversified engineering companies reported its Q2 FY2023 record revenue at Rs 699 crore, which was 87 percent higher compared to the same period last year.
The company says its electric two- and three-wheeler business saw highest ever quarterly revenue of Rs 318 crore and sales of around 33,000 units. The quarterly EBITDA came at Rs 43 crore.
Furthermore, Greaves Retail added over 40 new stores in YTD FY23, retailing more than 15 brand and the B2C businesses contributed 65 percent to the overall revenues in this quarter, which it says reflects success of the diversification strategy. Ampere the E 2-wheeler brand continued its leadership position and remained within top 3 players in e2W segment.
The auto applications business registered YoY growth of 109%. The non-auto applications registered YoY growth of 17%.
In the first half of FY2023, the consolidated revenues came at Rs 1,359 crore with YoY growth of 126%.
Nagesh Basavanhalli, Executive Vice-Chairman, Greaves Cotton said, “We are happy to announce the growth across different business units, resulting in highest ever quarterly revenues, and consistent improvement in profitability. Our focus on accelerating adoption of electric vehicles and transforming last-mile mobility with clean transport solutions, have strengthened our leadership position in this fast-growing market. Led by a strong & passionate leadership team, our group is investing in building competitive advantage in clean technology, product innovation and design”.
