New growth levers contribute 17% to the topline
Greaves Cotton Ltd., one of India’s leading engineering companies, reported revenue at Rs. 495 crores in Q3FY20 as against Rs. 506 crores in Q3FY19 despite tougher than usual macro-industry environment. EBIDTA at Rs. 77 crores in Q3FY20 as against Rs. 71 crores in Q3FY19, growth of 9%.
PAT is at Rs. 54 crores in Q3FY20 as against Rs. 43 crores in Q3FY19, growth of 26%.
Commenting on the company performance, Nagesh Basavanhalli, MD and CEO, Greaves Cotton, said: “We are in the midst of an exciting journey to establish Greaves Cotton as a complete ecosystem player. Our initiatives to diversify into newer growth levers such as non-auto engines, industrial engines, retail, multibrand spares, servicing and electric mobility have started contributing to the revenue.”
Initiated in 2015-16, the Greaves strategic plan to diversify the business from just automotive to non-automotive and clean-tech sectors has enabled the company to grow consistently over the last few years. Today, Greaves is spearheading the electric vehicle adoption in the country by building one of the fastest-growing EV product portfolio under Ampere Electric and networks across the country with 18% the market share and 200+ dealerships.
Further, the company recently announced the completion of the stringent BS-VI certification for its small single cylinder Diesel engine. Greaves will now allow 3W OEMs to meet the regulatory deadline of April 01, 2020 for compliance with newer emission standards.