Greaves Cotton clocks Rs 396 crore in Q1 FY24, registers 63% growth in EBITDA

The Bengaluru-based Greaves Cotton, one of India's diversified engineering companies, has reported standalone revenues of Rs 396 crore for the Q1 FY24. 

The company has reported an improvement in standalone margins, with quarterly EBITDA pegged at Rs 45 crore, registering a 63 percent year-on-year growth, and improving margins by 4 basis points to 11.3 percent.

While the company’s retail arm, Greaves Retail continues to build its network footprint as well as product portfolio, Ampere, its electric two-wheeler brand, continued its leadership position by remaining within the top 5 players in the e2W segment. Ampere has accomplished the sales milestone of 200,000 units until Q1 FY24. Ampere’s first 100,000-unit sales milestone had come up in end-FY23. The company says its B2C businesses contributed 49% to the overall revenues in the last quarter, reflecting the success of its diversification strategy.  Despite facing headwinds and regulatory challenges, the company says it remains steadfast in its commitment to finding innovative solutions for sustained growth.

Nagesh Basavanhalli, Non-Executive Vice Chairman, Greaves Cotton, said, "We have taken significant steps in progressing towards becoming a full-stack ecosystem player focused on democratising sustainable mobility. Our growth stems from our dedicated team and strategic investments in clean technology, product innovation, and design."

"The acquisition with Excel Controlinkage, which clocked Rs 39 crore in revenue in Q1 FY24, has led to growth and enhanced capabilities, and our recent majority stake acquisition in MLR presents a valuable opportunity to strengthen our position in the three-wheeler market. This also aligns with our strategy of focusing on sustainable margin improvement," he added.