Greaves Cotton announces Q2 FY22 results with consolidated revenue growth at 13%
#EngineeringCompanies #Financial Results #GreavesCotton #NageshBasavanhalliNew Business continues to accelerate with more than 40% contribution in overall business.
October 2021: Greaves Cotton Limited, one of India’s leading and diversified engineering companies, announced Q2 FY22 results with revenue growth at 13% at Rs. 374 Crore in Q2 FY22 as against Rs. 330 crore in Q2FY21. Normalized EBIDTA (without one- time costs) is at Rs. 3 crore in Q2FY22. Revenue grew by 63% compared to Q1FY22.
Greaves E-mobility business recorded higher sales in Q2 FY22 when compared with Q2 FY21, with 111% revenue growth. As a result of this progress, the company now has over 100,000 EV consumers & growing month-over-month across India and is one of the fast-growing EV brands in the country. Moreover, October witnessed highest sales numbers for Greaves Electric Mobility standing at 5,000 units as on 25th Oct’21 & exceeded 500 retails in one day.
The company has strengthened its portfolio with the recent acquisition (subscribed to 26% stake) of MLR Auto, adding L5 cargo units and electric auto in the product range. In addition, Greaves Electric Mobility announced 26% per cent balance acquisition of Bestway Agencies Pvt. Ltd. (BAPL), which sells E-Rickshaws under the popular ELE brand. At the same time, with the launch of Multi-brand EV retail store, AutoEVmart, the brand is building a best in class experience for EV buyers. The first AutoEVmart store was launched in Bengaluru and has seen significant traction for its stylish & contemporary e-cycles and e-scooters. In last few years there has been significant transformation from single product, single fuel portfolio to now with diverse high growth segments like electric mobility, Retail with lucrative growth potential in future.
Commenting on the company performance, Nagesh Basavanhalli, Group CEO and Managing Director, Greaves Cotton Limited, said, “The Company has seen progress across key businesses especially Non-Auto, Retail & E-Mobility, segments. Greaves electric mobility is one of the top players in the last-mile electric mobility domain, covering 85% of the mobility segment with a presence in the E2W and E3W. We continue to mobilize India ahead generating gainful employment with our last-mile mobility solutions.
Our diversification strategy has resulted in accelerated growth across all business areas with higher operational efficiencies and surplus cash to drive transformative growth with new agility & resilience in future.” He added.
About Greaves: Greaves Cotton Limited is a diversified engineering conglomerate focused on being pivotal to India’s resurgence as a competitive economy. The company is a leading name in the domain of Engines, Retail, Electric Mobility, Finance & Technology services. Greaves enjoys a rich legacy and customer trust spanning over 162 years. Through its Engines, Retail and E-Mobility businesses the company directly and indirectly impacts a billion lives every day, around the world. The company today manufactures world-class products and sustainable solutions under various business units and is backed by comprehensive support from 500+ Greaves Retail Centers & 7000+ smaller spare parts retail outlets across the country. For more information visit www.greavescotton.com
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