New Delhi: Greaves Cotton Limited, a leading diversified engineering company, has reported that its standalone revenues increased by 21% y-o-y to INR 443 crore for the third quarter of fiscal year 2024. Q3FY24 consolidated revenue rose by 30% y-o-y to INR 665 crore. The company has reported an improvement in standalone margins with quarterly EBITDA at INR 67 crore and profit of INR 65crore which is a growth of 74% y-o-y.
The company is making significant strides with a robust and diversified strategy spanning various business sectors. Greaves Engineering has expanded into the US and EU markets and diversified into mechatronics and electronics with a focus on green fuels, the company said in a media release.
Greaves Retail‘s consistent presence among the top three players showcases the company’s commitment to excellence in diverse business domains. Greaves Retail’s latest venture into EV Solutions, covering everything from charging infrastructure to aftermarket components and batteries, demonstrates its ongoing commitment to innovation in the electric vehicle sector. Under its evfin electric vehicle ownership platform, Greaves Finance Limited has unveiled a strategic alliance with ElectricPe, a leading player in EV solutions, the release added.
Greaves Electric Mobility (GEM) maintains its position among the Top Five players in electric two-wheelers (E2W). GEM has expanded its dealer network to over 440, including a partnership in Nepal. Showcasing a robust pipeline with 30+ operators spanning six major cities, ELTRA Cargo 3W has demonstrated significant progress in its B2B trials.
The B2C businesses contributed 58% to the overall revenues in this quarter, reflecting the success of the diversification strategy. .
Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, said, “Our diverse portfolio and strategy, underpinned by a commitment to fuel-agnostic solutions, have played a pivotal role in driving our advancements. Synergistic collaboration with Excel Controlinkage is bringing in new capabilities and opening newer avenues of growth for Greaves Engineering. Greaves Retail fortified our presence in the aftermarket. Our enduring success is rooted in a steadfast focus on modern capabilities, our value propositions and our ability to fulfil the requirements of our diverse customer base.”
Akhila Balachandar, CFO, Greaves Cotton Limited, added, “We are delighted to report that in Q3, our standalone results have once again demonstrated a resilient performance, achieving noteworthy results. We have witnessed commendable 21% year-on-year growth in revenues and an impressive 73% year-on-year surge in EBITDA, underscoring our commitment to sustainable financial success. Our relentless focus on operational efficiency has further contributed to margin improvement. With a solid foundation and a firm dedication to excellence, we are optimistic that our success will endure in the upcoming quarters, positioning us well to capitalise on exciting business prospects.”
