Greaves Cotton, one of India’s leading engineering companies, today reported its financial result for Q1FY2020. The company's revenue at Rs 477 crore grew by 4 percent despite the industry slowdown.
In Q1FY2020 the EBIDTA was Rs 61 crore, PAT at Rs 38 crore, down 4 percent YoY. The company's engines business continued to be the top revenue contributor, followed by genset, agri equipment, trading and aftermarket.
Commenting on the results, Nagesh Basavanhalli, MD and CEO, said “We have continued our growth momentum despite tough market conditions. Our new business growth in CNG, e-mobility solutions, Greaves Retail, Multibrand Spares, non-auto industrial applications business along with existing business has shown positive growth”
The company says in the first quarter, Greaves from its e-mobility subsidiary arm launched its first high-speed two-wheeler electric vehicle, Zeal, which has seen good traction from the marketplace. In terms of contribution from the business, in Q1 FY2020 Ampere Vehicles reported net revenue of Rs 15.3 crore, and a loss of Rs 3.8 crore.
Greaves says in line with its vision to foster innovation and build capabilities as part of Make-in-India commitment, it has invested in technology Centre in Bangalore. The non-automotive, industrial engine business is continuing to grow with newer avenues of usage areas. All these initiatives the company says will help sustain inclusive growth protecting employment opportunities across the value chain.