Mumbai: Greaves Cotton Limited, one of the leading last-mile mobility companies, said its consolidated revenue grew 33% to INR 827 crore for Q4FY23, compared to Q4FY22. The company reported an improvement in margins with quarterly EBITDA at INR 49 crore.
The electric mobility business of Greaves recorded the highest-ever quarterly revenues of INR 383 crore, and sales of ~39K units. Ampere Electric two-wheelers continued to be ranked among India’s top three electric vehicle manufacturers (Source: Vahan Portal).
On a standalone basis, the company reported revenues of INR 437 crore with a significantly improved EBITDA margin of 12%. Greaves Retail added over 71 new stores in FY23, retailing 11 brands and continuing its growth momentum. B2C businesses contributed 66% to the overall revenues in this quarter, reflecting the results of the diversification strategy.
On a consolidated basis, Company reported revenues of INR 2,700 crore, up 58% and EBITDA at INR 133 crore. The auto and non-auto applications businesses registered a growth of 77% and 17%, respectively.
On May 8, 2023, the company completed acquisition of 60% equity stake in Nagpur-based Excel Controlinkage, a. profitable company engaged in manufacturing Push Pull cables, Motion sensors and Controls.
About the company’s Q4 FY23 performance, Nagesh Basavanhalli, Executive Vice Chairman of Greaves Cotton Limited, said, “Greaves Cotton has achieved its strongest quarterly revenues to date, along with consistent improvement in profitability across various business units. Our talented leadership team has been instrumental in this success, and we continue to invest heavily in building competitive advantages in clean technology, product innovation, and design. As we look ahead and pursue our growth trajectory, the business momentum reinforces our confidence in our strategy of being a full stack mobility ecosystem player with a growing global presence.”
