Greaves Cotton, one of India’s leading diversified engineering companies has announced its consolidated revenues of Rs 660 crore for the quarter ended June 30, 2022, a YoY growth of 188% over Q1FY22.
The company reported improved growth in profit with EBITDA at Rs 38 crore and Profit after tax at Rs 16 crore. It says new businesses continue to see strong growth with 56% revenue contribution to the overall business in Q1FY23. The retail sales of e-mobility business stood at 29,577 units for this quarter, up 19 % against Q4FY22. Ampere increased its market share to 15.5% as of end June 2022 and emerged as the No. 2 player in the electric two-wheeler segment.
During the period, it reported a quarter-on-quarter performance growth led by key business milestones such as rolling out 50,000th Ampere electric scooter from the newly set up Ranipet facility, completion of growth capital infusion with Abdul Jameel Latif’s investment under Electric Mobility segment, expansion of the multi-brand EV retail stores and higher earnings from the non-auto engine business.
Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton said, “FY22 has been a year of growth acceleration for us. The results of Q1 FY2023 reflects the successful beginning of translating a future facing business strategy. It is not only reflecting in the market demand for our products but also positioning us as an attractive investment destination to global investors. The recent investment of Rs 1,171 crore by Abdul Latif Jameel into Greaves Electric Mobility adds significant momentum to expanding our capability, our product portfolio and market reach, acquiring new technology and building our leadership. This momentum is also building a new spirit of entrepreneurship, motivating our talent force. Our relentless focus on getting closer to the consumer, entering new markets with innovative products, and establishing a strong brand that is earning consumer loyalty is helping us propel Greaves Cotton as a future-focused diversified company.”