New Delhi: Greaves Cotton Limited on Friday reported consolidated revenues of INR 660 crore in Q1 FY23, recording a healthy YoY growth of 188% over Q1 FY22. The Company reported improved growth in profit with EBITDA at INR 38 crores and PAT of INR 16 crores.
The new businesses continue to see strong growth with a 56% revenue contribution to the overall business in Q1 FY23. The retail sales of the E-Mobility business stood at 29,577 units for this quarter, up by 19 % against Q4 FY22. Ampere increased its market share to 15.5% as of the end of June 2022 and emerged as the No.2 player in the e2W segment.
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, 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 Limited, said, “FY22 has been a year of growth acceleration for us. Q1 FY23 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.”
“The recent investment of INR 1171 crores by Abdul Latif Jameel into Greaves Electric Mobility adds significant momentum to expanding our capability, product portfolio and market reach, acquiring new technology and building our leadership. This momentum also builds a new spirit of entrepreneurship, motivating our talent force.”
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The company also announced that its the eighth successive quarter of double-digit EBITDA margin with EBITDA of INR 106.6 crore, owing to higher operational efficiencies and EBITDA margin of 10.6%, a growth of 246% YoY, the company said.
The company reported profit before tax (before exceptional items and one-offs) of INR 196 crore for the quarter and INR 394 crore for Hl 2022. This was mainly driven by better price realizations, capacity utilization, revenue mix, and volumes, the company said.
During the quarter, the company realigned its operations in Bengaluru and Chennai to cater to the increased customer requirements. The company is also adding a new facility in Chennai to support the growth in the region, a company regulatory filing said.