- Diversification strategy bearing fruits for the organization
- New Business continues to accelerate with 30% contribution in overall business
Greaves Cotton Ltd., one of India’s leading and diversified engineering companies, reported continued growth momentum with revenue at 35% at Rs. 520 crore in Q4FY21 as against Rs. 386 crore in Q4FY20. EBIDTA was at Rs. 42 crore in Q4FY21 as against Rs. 24 crore in Q4FY20 while PAT stood at Rs. 14 crore in Q4FY21 as against Rs. 1 crore in Q4FY20.
Greaves is committed to the diversification journey and to capitalize on all the opportunities that can help the group to achieve the vision in the long run. Its new business (E-Mobility and Non-Auto Business) continues to grow and contributes 30% to the overall business of the company. Greaves E-mobility segment has seen higher growth momentum, with Ampere gaining popularity due to rise in demand for its electric two-wheelers (electric scooters) and electric three-wheelers (electric rickshaws). The non-auto business segment has also seen a significant growth and expected to do well in the coming quarter especially agriculture equipment due to the favorable monsoon ahead.
Commenting on the company performance, Nagesh A. Basavanhalli, Group CEO and Managing Director, Greaves Cotton Ltd., said: “Overall we saw growth in Q4 owing to our diversification strategy, new business initiatives like e-mobility, aftermarket solutions, non-automotive engines. We are continuously looking at investing in sustainable growth areas in order to enhance our capabilities, our commitment to invest in Ranipet EV facility is a testament of the same. With the second wave of Covid-19 pandemic, Business Continuity Planning has become critical and we are prioritizing our efforts to safeguard our employees and provide them a safe working environment.”
As India battles with the 2nd wave of Covid-19, the company is trying to take every possible step to safeguard its stakeholders and support notable authorities to curb the situation. The company began the vaccination campaign in early April for the employees, beginning with frontline personnel at different factories and sites. Greaves is sharing health advisories and relevant resources with the employees to keep them updated and aware.