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Greaves Cotton announces Q1, FY24 earnings, EBITDA stood at Rs 45 Cr
Industry News- Aug 11,23
Greaves Cotton saw a growth of 63 per cent y-o-y, and improvement in margins by 4 bps to 11.3 per cent. Company’s new acquisition Excel's revenue stands at Rs 39 crores with robust margins.
Greaves Cotton Limited, one of India's leading diversified engineering companies, has reported standalone revenues of Rs 396 crore for the first quarter of fiscal year 2024. The company has reported an improvement in standalone margins with quarterly EBITDA at Rs 45 crores.
Greaves Retail continues to build its network footprint and also the product portfolio. Ampere, the Electric 2-wheeler brand, continued its leadership position, remained within the top 5 players in the e2W segment, and achieved a cumulative secondary sales milestone of 200,000 units till the first quarter of the fiscal year 2024. (Source – Vahan Portal). The B2C businesses contributed 49 per cent to the overall revenues in this quarter, reflecting the success of the diversification strategy. Despite facing headwinds and regulatory challenges, our company remains steadfast in its commitment to finding innovative solutions for sustained growth.
Nagesh Basavanhalli, Non-Executive Vice Chairman of 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 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 3-wheeler market. This also aligns with our strategy of focusing on sustainable margin improvement."
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