Greaves Cotton Limited Exhibits Strong Performance in FY24 with 15 Percent YoY Growth in Revenue

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"Our transformation journey from diesel engines to a multifaceted organisation embracing a fuel-agnostic approach, bringing us closer to our customers. The Company's performance underscores the resilience of our diversification strategy. Collaborating with Excel has unlocked new capabilities and growth avenues for Greaves Engineering. Our evolution from a B2B to a B2B+B2C company has been fuelled by the robustness of our strategy, contributing to our growth. This transformation has been pivotal, instilling confidence to deliver sustainable value to customers and shareholders."- Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton Limited

May 2024 : Greaves Cotton Limited, one of India's leading diversified engineering companies, has reported standalone revenues of INR ₹481 crores for the fourth quarter of fiscal year 2024, an increase of 10 percent y-o-y. The Company has reported an improvement in standalone margins with quarterly EBITDA at INR ₹56 crores, a growth of 9 percent Y-o-Y. The Q4FY24 Consolidated revenue stood at INR ₹673 crores.

On a full-year basis, standalone revenues stood at INR ₹1,779 crores, a growth of 15 percent Y-o-Y. On a consolidated basis, the Company reported revenues of INR ₹2,633 crores.

The engineering and retail businesses registered growth of 17 percent and 10 percent, respectively. Greaves Cotton's acquisition of Excel Controlinkage has proven to be value accretive, with first-year revenue reaching INR ₹ 263 crores, a growth of 41 percent year over year.

Commenting on the Company's performance, Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton Limited, said, "Our transformation journey from diesel engines to a multifaceted organization embracing a fuel-agnostic approach, bringing us closer to our customers. The Company's performance underscores the resilience of our diversification strategy. Collaborating with Excel has unlocked new capabilities and growth avenues for Greaves Engineering. Our evolution from a B2B to a B2B+B2C company has been fuelled by the robustness of our strategy, contributing to our growth. This transformation has been pivotal, instilling confidence to deliver sustainable value to customers and shareholders."

Greaves Engineering has been maximizing competitiveness with a versatile product portfolio adaptable to mechatronics and electronics, complemented by cost-efficient strategies, synergistic partnerships, and an expanding global presence in the USA and EU. The collaboration with Excel Controlinkage over the past year has proven to be the epitome of success, marked by profitability and robust growth, solidifying it as our most fruitful partnership yet.

Greaves Retail's consistent top-three presence underscores its commitment to excellence across diverse domains. Their latest venture into EV solutions, spanning charging infrastructure, aftermarket components, and batteries, showcases ongoing innovation in the electric vehicle sector while fortifying operations for future growth. Greaves Retail signed a technology licensing agreement with Tsuyo to manufacture motors and motor controllers at our forthcoming facility in Tamil Nadu. Greaves Retail is investing in digitalising its supply chain, enhancing both mechanics' and retailers' experiences and improving supply chain efficiencies by launching the new Greaves Upahar app, a mechanic loyalty program.

Greaves Electric Mobility Greaves launched the Greaves Eltra City, a passenger L3 vehicle, while broadening the 3W financing network with 16 PAN-India and 16 state-specific partners, fostering the commitment to accessible and convenient mobility solutions. The Company recently announced the appointment of K. Vijaya Kumar as Executive Director and CEO of the Greaves Electric Mobility segment to lead its initiatives in product development, dealer distribution, and market expansion, among other areas.

The B2B businesses contributed 57 percent to the overall revenues in this quarter, reflecting the success of the diversification strategy. These accomplishments showcase the Company's commitment to innovation, market expansion, and sustainable mobility solutions.

Akhila Balachandar, CFO, Greaves Cotton Limited, added, "The financial results highlight the exceptional performance of Greaves Engineering & Excel, along with the impressive expansion of Greaves Retail. The launch of our new EV solutions business vertical has provided a solid foundation, and we're excited about the renewed interest in Greaves 3W on the NAB portal. The momentum we have established reinforces our confidence in our strategy, reaffirming our dedication to delivering sustainable value consistently."

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