Greaves Cotton Limited, a diversified engineering company, has reported standalone revenues of Rs 443 crore for the third quarter of fiscal year 2024, resulting in an increase of 21% year on year. Q3FY24 Consolidated revenue stood at Rs 665 crore, marking an increase of 30% on a year-on-year basis.
The company has reported an improvement in standalone margins with quarterly EBITDA at Rs 67 crore and profit of Rs 65 crore which is a growth of 74% on a year-on-year basis.
Greaves Engineering’s strategic expansion into the USA and EU markets and its diversification into mechatronics and electronics with a focus on green fuels underscores its commitment to growth and innovation.
Under its evfin electric vehicle ownership platform, Greaves Finance Limited has unveiled a strategic alliance with ElectricPe, a leading player in EV solutions, marking a pivotal moment in reshaping the electric vehicle landscape.
The B2C businesses contributed 58% to the overall revenues in this quarter, reflecting the success of the diversification strategy, the press release noted.
Commenting on the Company’s Q3, FY24 performance, Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton 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,” he added.
Akhila Balachandar, CFO, Greaves Cotton Limited, added, “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.”