Greaves Cotton has announced its consolidated revenues of Rs 660 crore for the quarter ended June 30, 2022, recording a healthy YoY growth of 188% over Q1 FY2022.
The diversified engineering company reported improved growth in profit with EBITDA at Rs 38 crore and Profit After Tax at Rs 16 crores. The new businesses continue to see strong growth with 56% revenue contribution to the overall business in Q1 FY2023.
The retail sales of the electric mobility business stood at 29,577 units Q1 FY2023, up by 19 % versus Q4 FY2022. Ampere Electric increased its market share to 15.5% as of end-June 2022.
The quarter-on-quarter performance growth is led by the company’s key business milestones such as rolling out the 50,000th Ampere electric scooter from the newly set-up Ranipet facility on June 16, completion of growth capital infusion with Abdul Jameel Latif's investment under the electric mobility segment, expansion of the multi-brand EV retail stores and higher earnings from the non-auto engine business.
Commenting on the company’s performance, Nagesh Basavanhalli, MD and Group CEO, Greaves Cotton, said, “FY2022 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."
He added, "The recent investment of Rs.1,171 crores 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”