Greaves Cotton, a leading engineering company reported its highest-ever quarterly consolidated revenue of Rs 621 crore for the quarter ended March 31, 2022, which was 19 percent higher compared to same period last year. The Profit Before Tax (PBT) before exceptional items was Rs 33 crore.
For FY 2022, the consolidated revenue was Rs 1,170 crore, a growth of 14 percent over FY2021 and EBITDA of Rs 27 crore. In Q4 FY2022, the company saw strong contribution from its new businesses (e-mobility) in driving revenue growth with 49 percent contribution in FY2022.
Greaves Cotton attributed the YoY growth to the accelerated expansion into the e-mobility business and reorganisation of the two- and three-wheeler e-mobility businesses under Greaves Electric Mobility and higher revenue contribution from the auto engines business.
During the year the company retailed more than 62,000 EVs, which was 128 percent higher albeit a low-year ago base of retailing more than 27,000 vehicles. The performance was attributed to affordable pricing along with credible technology stack, safety track record and on-ground after sales support. The sales growth was helped by the abating Covid infections and rebounding consumer demand across sectors.
Furthermore, betting on the growth momentum, Greaves Cotton has augmented its manufacturing capacity of e-2W by operationalising the Ranipet plant with the current production capacity of up to 250,000 vehicles per year and expanding the product portfolio with the introduction of Ampere Magnus EX. The company has also strengthened its presence across the entire value chain of last-mile mobility by launching AutoEVMart, India’s first set of multi-brand EV retail networks.
Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton said, “The consolidated Q4 results is a clear affirmation of our business strategy to be a leading driver of clean energy solutions in the last mile mobility segment. At Greaves, we have been focused on investing in technology, building capability and capacity, building empowered teams and developing technology enabled processes across all our business value chains to deliver tangible value to both our customers and shareholders. As we look ahead, we will continue to focus on further localising supply chain ecosystem, strong product innovation, powerful brands, enhanced physical and digital distribution network.”