Greaves Cotton Q3 FY24 PBT: INR 112 Crores

Bengaluru, Greaves Cotton Limited, a diversified engineering company in India, has announced standalone revenues of Rs 443 Crores for the third quarter of fiscal year 2024, marking a 21% year-on-year increase. The consolidated revenue for Q3FY24 stands at Rs. 665 Crores, reflecting a substantial 30% year-on-year growth. The company has shown improved standalone margins, reporting a quarterly EBITDA of INR 67 Crores and a profit of Rs. 65 Crores, representing a remarkable 74% year-on-year growth.

Greaves Cotton Limited is advancing significantly with a robust and diversified strategy across various business sectors. The strategic expansion of Greaves Engineering into the USA and EU markets, along with its diversification into mechatronics and electronics with a focus on green fuels, underscores its commitment to growth and innovation.

Greaves Retail continues to maintain a consistent presence among the top three players, emphasizing the company's dedication to excellence in diverse business domains. Greaves Retail's recent venture into EV Solutions, covering everything from charging infrastructure to aftermarket components and batteries, highlights 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, marking a significant moment in reshaping the electric vehicle landscape.

Greaves Electric Mobility retains its position among the Top Five players in electric two-wheelers (E2W)*. The company has expanded its dealer network to over 440, including a partnership in Nepal. ELTRA Cargo 3W, showcasing a robust pipeline with 30+ operators spanning six major cities, has made significant progress in its B2B trials.

In this quarter, B2C businesses contributed 58% to the overall revenues, reflecting the success of the diversification strategy. These achievements highlight the company's commitment to innovation, market expansion, and sustainable mobility solutions.

Commenting on the company's Q3 FY24 performance, Mr. Nagesh Basavanhalli, Non-Executive Vice Chairman of Greaves Cotton Limited, said, Our diverse portfolio and strategy, supported 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 fulfill the requirements of our diverse customer base.

Ms. Akhila Balachandar, CFO, Greaves Cotton Limited, said, 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 capitalize on exciting business prospects.